Federal Student Aid - Ifap: Home Disbursement of financialaid funds begins following the drop/add period each quarter. The following information is important to the disbursement of financialaid, is ...
FINANCIAL AID RULES for 2012/2013 Treatment of Title IV Aid When a Student Withdraws from Allan Hancock College Disbursement/Overpayment student receiving the Pell Grant at Allan Hancock College will nor-mally receive two disbursements per semester.The first disbursement complete.
The second disbursement will be mid-semester, also indicat-
number of units the student is enrolled in when the disbursement is weekly disbursement process based on unit load. No adjustments to the award will be made based upon unit load after the following dates:
Summer 2012: July 23, 2012 Fall 2012:
September 4, 2012 Spring 2013:
February 4, 2013
Retroactive disbursements for completed periods for students who are eligible will have their units adjusted at the end of that semester based on the hours completed.
General Overpayment Information:
If the student receives financial aid and never attends classes, full repay-ment will be required.If the student made an error on the financial aid application that decreases eligibility, repayment will be required.The National Student Loan Data System (NSLDS) will be notified and the student will not be eligible to receive additional payments at any postsecondary institution until payment arrangements are made, the student may contact the Financial Aid Office to repay the amount due.
Federal aid overpayments not paid by the end of the school year will be referred to the Collection Department of the U.S.Department of Edu-cation.The student may then make payment arrangements with the Department of Education to regain financial aid eligibility.
State aid overpayments shall be paid to Allan Hancock College.
DROPPING TO LESS THAN 6 UNITS MAY RESULT IN AN OVERPAYMENT.
on unit load until dates above.
At that time, if it is determined that the student already received more funds than s/he is eligible for, then s/he has been overpaid and will owe money back to the Title IV Program.
Example: If a full-time student received a Pell grant payment of $1388 and dropped to less than 6 units prior to September 4, 2012, the Pell award would decrease to $469 and the student would owe $919 back to the Pell Grant Program
Return of Title IV Funds Policy IMPORTANT INFORMATION PLEASE READ
Contact the Financial Aid Office BEFORE you withdraw from classes.
Allan Hancock College Financial Aid Office: (805) 922-6966
Federal Regulations, 34 CFR, Parts 668, 682, and 685 require that students who receive Federal Title IV Student Financial Aid and withdraw from all classes prior to completing 60% of the semester, may be required to repay all or a portion of financial assistance received.At Allan Hancock College, the Federal Pell Grant Program, the Federal Supplemental Educational Oppor-tunity Grant, the Academic Competitiveness Grant and Stafford Loans are subject to these repayment provisions effective August 1, 2000.
Students who receive Federal Financial Aid and withdraw prior to the following dates may be billed for a portion of their finan-cial aid:
Summer 2012 July 19, 2012
Fall 2012 October 27, 2012
Spring 2013 April 6, 2013
Students who fail all courses attempted will also be subject to repayment provisions.We will assume that students who fail all classes only attended 50% of the semester.
A calculation for repayment will be made based on that assumption.
If such a student was actually in attendance past the 50% point, s/he must submit written documentation from an instructor within 45 days of the repayment notification letter.
Students who owe repayment of Federal Title IV Aid will NOT be eligible to receive any additional financial aid payments at any postsecondary institution until the following conditions are met:
Repayment has been made in full.(You may repay the full amount to Allan Hancock College within 45 days.) OR
Satisfactory payment arrangements are made with the U.S.
De-partment of Education.(The account will be referred to Depart-ment of Education after 45 days.)
Monitoring Mid-Year Transfers When awarding a student within the academic year, sometimes the Financial Aid Office determines that the student was not enrolled at Allan Hancock College during the previous semester, (i.e.awarding for spring and the student was not enrolled in fall).In this case, Allan Hancock College checks the National Student Loan Data System (NSLDS) to calculate what the student was paid in Title IV aid, hanged.
Award adjustments are made manually to ensure that the student does not fall into an over-award status.During this time, a hold may .
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