For a student who withdraws after the 60 percent point-in-time, there are no unearned funds. However, a school must still complete a return calculation to determine whether the student is eligible for a post-withdrawal disbursement. The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:

Percentage of the payment period or term completed = the number of days completed up to the last date the student attended class or participated in an academically related activity divided by the total days in the term. (Any break of five days or more is not counted as part of the days in the term). This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:

Aid to be returned = (100 percent of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution. If a student earned more aid than was disbursed to them, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student’s withdrawal. The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.

Refunds are allocated in the following order:

• Unsubsidized Federal Stafford Loans
• Subsidized Federal Stafford Loans • Federal Parent (PLUS) Loans
• Federal Pell Grants for which a return of funds is required
• Academic Competitiveness Grants for which a return of funds is required
• National Smart Grants for which a return of funds is required
• Federal Supplemental Opportunity Grants for which a return of funds is required
• Federal TEACH Grants for which a return of funds is required

There may be some Title IV funds that a student was scheduled to receive that cannot be earned once the student withdraws because of other eligibility requirements. For example, a first-time, first-year undergraduate student and who has not completed the first two weeks of their program before withdrawing will not earn any Stafford Loan funds that they would have received had they remained enrolled past the second week. If a student receives (or Lebanon Valley College or their parent receives on their behalf) excess Title IV program funds that must be returned, Lebanon Valley College must return a portion of the excess equal to the lesser of 1) the student’s institutional charges multiplied by the unearned percentage of the student’s funds, or 2) the entire amount of excess funds.

The school must return this amount even if it didn’t keep this amount of the student’s Title IV program funds. If Lebanon Valley College is not required to return all the excess funds, the student must return the remaining amount. Any loan funds that must be returned, the student (or their parent for a PLUS Loan) repays in accordance with the terms of the promissory note. That is, the student makes scheduled payments to the holder of the loan over a period of time.

Any amount of unearned grant funds that must be returned is called an overpayment. The amount of a grant overpayment that must be repaid is half of the unearned amount. The student must arrange with Lebanon Valley College or the Pennsylvania Department of Education to return the unearned grant funds.

NOTE: The federal government requires that all full-time students make satisfactory academic progress toward a degree or certificate. Please visit www.lvc.edu/financial-aid to view the Academic Progress Policy and Requirements.

Lebanon Valley College follows guidelines for Title IV programs (see above) when calculating the amount of institutional and/or state aid and/or private loans/scholarships that a student has earned up to their last date of attendance or participation 11 in an academically related activity. Types of aid covered by this policy include but are not limited to College Scholarships (such as Board, Presidential, Dean’s, Sumner, and Weiss scholarships), LVC Grant-In-Aid, institutional scholarships, PHEAA State Grant, and/or any other state-administered grant funds.

When a student withdraws during their period of enrollment, the amount of non-Title IV assistance that has been earned up to that point is determined by the same specific formula used to calculate Title IV funds earned. If a student receives more assistance than they earned, the excess funds must be returned by Lebanon Valley College and/or to the student.

Once the student has completed more than 60 percent of the period of enrollment, they earn all the assistance that they were scheduled to receive for that period.

Military Education Benefits fall under the Non-Title IV policy; however, some exceptions may apply due to the specific Department of Defense and Veterans Affairs regulations.

Lebanon Valley College follows guidelines for Title IV programs (above) when calculating the amount of unearned institutional charges to be refunded. Charges eligible for a refund are tuition, room, board*, private music lessons, and overload charges. Once a student has completed more than 60 percent of the period of enrollment, they have earned all the charges billed for that period.

*All meal plans for Annville students include flex dollars to be used in LVC dining facilities. If a student withdraws before the semester end, LVC will refund unused flex dollars. In the case of student withdrawal, the flex dollars will be considered separate from the remainder of the board plan for refund purposes.

Full tuition is refunded if withdrawal notification is received before the second day of class. Full tuition is refundable if the course is canceled by the College. See the current refund table as posted on the Business Office website for specific timeframes for partial tuition refunds.  Students receiving federal financial assistance (Title IV) and who are enrolled in traditional term courses will receive a refund according to the federal policy with respect to Title IV aid.

Students enrolled in one or more non-term courses (modules) and courses that do not span the entire semester will receive a refund of institutional charges according to the current refund table. Students receiving federal financial assistance (Title IV) also follow federal policy with respect to Title IV aid with the following clarifications: If a student fails to complete all modules scheduled for a semester, the student is considered a withdrawal at the time the student ceases attendance.

• If a student withdraws from a module but indicates in writing to the College that they will attend a later module during the same semester, the student is not considered a withdrawal. If the student fails to attend the later module, the date of withdrawal reverts to the original withdrawal from the prior module. The later module will be included in the period of enrollment. 12 2019–2020 Catalog
• Without written confirmation of the student’s intent to attend a later module in the same semester, a student who withdraws from a module or has ceased attendance is considered a withdrawal.
• If a student begins but fails to complete the final module(s) in a semester, the student is considered to have withdrawn.
• If a student receives a failing grade for the final module(s) in a semester, the College must determine if the student ceased attending and is therefore considered a withdrawal.
• The Return of Title IV Funds calculation process will begin as soon as possible after it is determined that a student has withdrawn or ceased attendance. The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after determining the student’s last date of attendance or participation in an academically related activity. If the student returns for a late.