Refund Policy for Credit Classes

Fall 2008

[View Summer 2008 Policy]

Regular Full Term
15 Week Session: Part of Term 1 (110 days)
August 25 - December 12, 2008

Drop Dates	Refund %
8/25/08 to 9/9/08	100%
After 9/9/08	No refund

First 7.5 Week Session: Part of Term 2 (54 days)
August 25 - October 17, 2008

Drop Dates	Refund %
8/25/08 to 9/2/08	100%
After 9/2/08	No refund

Second 7.5 Week Session: Part of Term 3 (56 days)
October 18 - December 12, 2008

Drop Dates	Refund %
10/18/08 to 10/27/08	100%
After 10/27/08	No refund

First 5-Week Session: Part of Term 4 (37 days)
August 25 - September 30, 2008

Drop Dates	Refund %
8/25/08 to 8/30/08	100%
After 8/30/08	No refund

Second 5-Week Session: Part of Term 5 (35 days)
October 1 - November 4, 2008

Drop Dates	Refund %
10/1/08 to 10/6/08	100%
After 10/6/08	No refund

Third 5-Week Session: Part of Term 6 (38 days)
November 5 - December 12, 2008

Drop Dates	Refund %
11/5/08 to 11/10/08	100%
After 11/10/08	No refund

First 10-Week Session: Part of Term 7 (72 days)
August 25 - November 4, 2008

Drop Dates	Refund %
8/25/08 to 9/4/08	100%
After 9/4/08	No refund

Second 10-Week Session: Part of Term 8 (73 days)
October 1 - December 12, 2008

Drop Dates	Refund %
10/1/08 to 10/13/08	100%
After 10/13/08	No refund

Part of Term Z
Z Term courses do not typically fit in the above sessions. These courses vary in length. The refund calculation is based on the number of calendar days from the first class meeting to the date of official drop divided by the total number of calendar days from the first class meeting to the last day of class. The refund schedule for these courses is as follows:

• 0-15% of term (100% refund)
• After 15% of term (0% refund)

Financial Aid Recipients

If any amount of tuition is paid by a Title IV Program and the student withdraws during the established return period, the Title IV program funds will be returned in the following order; Loans: Federal Unsubsidized, Federal Subsidized and Federal Plus. Grants (& other): Federal Pell, Federal Supplemental Educational Opportunity Grant and Other Title IV funds. The institution must return the funds as soon as possible, but no later than 30 days after the institution determines the withdrawal date.

New Return of Title IV Aid (Replaces Previous Refund Policy)

The law (section 485 of the Higher Education Amendments of 1998-P.L. 105-244) now specifies how DMACC must determine the amount of student financial aid program assistance that you earn if you withdraw. DMACC will apply this new regulation beginning Fall semester 2000. The new law requires that when you withdraw during a payment period the amount of Student Financial Aid program assistance that you have earned up to that point is determined by a specific formula. If you received (or DMACC received on your behalf) less assistance than the amount that you earned, you will be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned.  The amount of assistance that you have earned is determined on a pro-rated basis. That is, if you complete 10 percent of the payment period, you earn 10 percent of the assistance you were originally scheduled to receive. Once you have completed more than 60 percent of the payment period, you earn all of your assistance. If a student has earned more than 60%, no return of funds is necessary.  If you received excess funds that must be returned, DMACC must return a portion of the excess equal to the lesser of. Your institution charges multiplied by the unearned percentage of your funds, or the entire amount of the excess funds.

As prescribed by the changes in the law DMACC is required to return all of the excess funds; you must return the remaining amount. Any loan funds that you must return, you (or your parent for a PLUS Loan) repay in accordance with the terms of the promissory note. That is, you make scheduled payments to the holder of the loan over a period of time.  If you are responsible for returning grant funds the law provides that you are required to return 50 percent of the grant assistance that you receive. Any amount that you do have to return is a grant overpayment, and you must make arrangements with DMACC or the Department of Education to return the funds.Example:Penny Allowance is a resident returning student from Des Moines who was very disappointed to have to withdraw during the semester from DMACC, particularly since she is doing very well in the twelve credit hours she is taking. Penny has to withdraw for personal reasons. Penny had been awarded and credited to her student account, a Pell Grant for $998.00, a Supplemental Education Opportunity Grant (FSEOG) for $250.00 and a Subsidized Student Loan for $1,261.00. Penny had completed only 11 days of the semester or 10 percent of the payment period. Penny was assessed $951.00 in tuition and fees.

Amount and Order of Return

The school must return the lesser of: . The unearned amount of the financial aid; or. An amount equal to the student's total institutional charges for the period multiplied by the unearned percentage (Example: $951.00 x 90% = $855.90)

Amount the student returns:

The student must return the unearned amount of Title IV assistance minus any funds the school returned (Example: $1,261.00 - $855.90 = $405.10). In effect, a student whose financial aid exceeded institutional charges will have to return funds. However, if the amount the student is required to repay is to a grant program the student is required to only pay half of the amount.In this example, both DMACC and Penny will return loan proceeds. After initiating the withdrawal process it was determined that $855.90 of the loan proceeds were to be returned by DMACC and $405.10 of the loan proceeds returned to the Direct Loan program by Penny, in accordance with the terms of the promissory note. Based upon the calculation, the Pell Grant amount to be returned was $997.10, however, because the Pell is to be repaid by the student, only 50% or $498.55 must be repaid. (Example: $997.10 X 50% = 498.55) In this case no FSEOG funds are returned as the loan and Pell repayments cover the excess award. Penny is now in a Pell Grant overpayment situation.

Title IV Grant Overpayment

If you have a grant overpayment, you will remain eligible for Title IV aid up to 45 days after you have been notified of the overpayment. You may correct the overpayment situation by repaying the overpayment in full to the institution or arranging to make satisfactory repayments to the institution or with the U.S. Department of Education.

Post Withdrawal Disbursement

DMACC may credit student accounts for institutional charges but DMACC must seek the student's permission (in writing) within 30 days of the withdrawal to do so.

Leave of Absence

A leave may be granted to a student who leaves the college for military reasons or for jury duty. Only one leave per academic year will be allowed. The student must return by the end of the leave of absence or the student is treated as a withdrawal.

Contact the Financial Aid Office for additional information concerning the Return of Title IV Aid or check our website. Regulations governing Return of Title IV aid are subject to change, please refer to DMACC's financial aid website for updated information.