REGULATION OF FEDERAL FUNDS
REFUND FORMULA FOR TITLE IV FUNDS
(FSEOG AND PELL GRANT)
The Title IV refund formula will be implemented for those students attending Coahoma Community College and receiving Title IV funds (FSEOG, and Pell Grant). The refund formula will only allow a student to receive a percentage of the Title IV funds awarded if the student withdraws from school before completing 60% of the payment period (semester). The student, the institution, or both will return the unearned federal funds to the appropriate program. The student is responsible for paying the institution for any outstanding charges. The student is eligible to receive 100% of the Title IV funds awarded if the withdrawal occurs after the 60% payment period.
ORDER OF RETURN OF TITLE IV FUNDS
The school must return Title IV funds to the programs from which the student received aid during the payment period as applicable in the following order up to the net amount disbursed from each source.
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants (FSEOG)
Treatment of Overpayments
The receipt of Federal funds in excess of a student's eligibility is called an overpayment. If a student's error caused the overpayment, the student is responsible for repaying the overpayment. If the overpayment cannot be eliminated by adjusting later disbursements in the award year, the student cannot receive additional student financial aid assistance funds until he/she repays the overpayment in full or makes repayment arrangements that are satisfactory to the school. Unresolved overpayments will be referred to the Department of Education's Borrower Services- Collections.