The Financial Aid Office is required by federal statute to recalculate Federal Financial Aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence. The federal Title IV financial aid for which a student is eligible must be recalculated when any of these situations occur prior to the student completing 60% of a payment period or term.
Recalculation is based on the percentage of “earned” aid using the following Federal Return of Title IV funds formula:
Number of days completed up to the withdrawal date ÷ Total days in the term
Any funds not “earned” according to the above formula will be returned to the appropriate federal source (loan funds will be returned before grants). In some cases, the amount required to be returned may be more than what the student owes the CJC according to the CJC Refund Policy, in which case the student will need to make arrangements with the CJC to pay any balances.