Complete Withdrawal and Payback Schedule

Attention All Students

Fall 2007

COMPLETE WITHDRAWAL = PAYBACK OF FEDERAL $$$$$$’S

REFUND POLICY:  Federal Title IV funds (Pell, ACG, SEOG, Perkins, Stafford & PLUS Loans) and State grants (OTAG) that have been awarded will be processed through the Business Office as announced.  When funds are disbursed to the student accounts, all tuition & fees, room & board and/or any other charges due to CASC will be deducted.  If the amount of aid awarded exceeds the total charges, the Business Office will issue a refund check to the student as announced.

WITHDRAWAL PROCESS:  Carl Albert State College will NOT automatically cancel a student’s enrollment for nonpayment of tuition and fees.  Complete withdrawal from the institution is the sole responsibility of each student.  To receive a full refund or a total cancellation of financial liability, students must cancel registration in writing before the end of the officially defined drop/add period for that semester.  Students may cancel registration by filing a Complete Withdrawal Form in the Admissions Office or by submitting a letter to the Admissions Office.  Withdrawals from the institution and changes of enrollment during a defined drop/add period will result in full charges for courses added and full refund or credit for courses dropped.  No refunds of charges will be made if students completely withdraw or drop classes after the defined drop/add period for that semester, and full liability for that semester’s cost will be incurred by students except as stipulated for Title IV recipients.  Administrative Withdrawals (AW) will be assigned by instructors to indicate that a student has been “involuntarily” withdrawn by CASC during the designated semester for inadequate attendance.  Determination of an AW grade will be made at the time the instructor becomes aware that the student ceased attendance. 

RETURN OF TITLE IV FUNDS:  Any student that does a complete withdrawal from classes, and received Title IV funds (Pell Grant, ACG Grant, SEOG Grant, Perkins Loan, Subsidized Stafford Loan, Unsubsidized Stafford Loan or a Parent PLUS Loan) will be required to return a portion of those funds to the Federal Government and/or Carl Albert State College if they drop out of school before 60% of the semester has been completed.  The student will be notified within 30 days of the withdrawal as to the portion of the funds that need to be returned.

CALCULATION OF RETURN OF TITLE IV FUNDS:  The percentage earned by the student is equal to the percentage of the term that the student has completed which is measured in credit hours.  The total amount of unearned Title IV aid is to be returned or the amount equal to the total institutional charges for the student for the term multiplied by the percentage of unearned aid.  The student is responsible for returning 50 percent of the amount of unearned aid subtracted from the amount returned by the school on the student’s behalf.  The order of funds to be returned are first loans, including Unsubsidized and Subsidized Stafford Loans, Perkins Loans, and PLUS Loans, and secondly grants, including Pell, ACG, and SEOG.  These funds must be returned to each Federal program within 45 days of determination of the withdrawal.  Date of withdrawal is the date that the student officially withdrew according to the CASC Admissions Office or the date that a student ceased attendance and received an Administrative Withdrawal (AW).

EXAMPLE:  In essence, the Return of Title IV Funds works like this…If you drop out before the 60% point of the semester, you owe back all the tuition charges covering the balance of the term.  So a student who completely withdraws after 25% of the semester has passed owes 75% of their original tuition charges back to the government immediately!!  You will pay this money to Carl Albert State College Business Office, who sends it to the federal government on your behalf.  (Remember, this applies only to complete withdrawals, not partial withdrawals.)  Students who drop after the 60% of the semester has passed do not owe paybacks at all!!!!

** Withdraw after 60% and NO PAYBACK REQUIRED.

POST-WITHDRAWAL DISBURSEMENT:  In accordance with the school refund policy, if the total amount of Title IV aid that a student earned is greater than the total amount of Title IV aid that was disbursed, then the student is entitled to receive a post-withdrawal disbursement.  CASC will notify the student of the potential for the disbursement within 30 days of determination of the withdrawal, and will require a response within 14 days of notification before making the refund available to the student.

SO REMEMBER, we want you to stay in school the entire year, but if something unexpected were to happen ………timing could mean the difference in having to pay funds back to the Federal Government and/or Carl Albert State College.