83-500 BOT 12-21-02 and 2-26-03, 07-10-11 RETURN OF TITLE IV FUNDS (POLICY) Return of Title IV Funds occurs when a student withdraws from all classes without completing 60% of the semester. If Oglala Lakota College finds that the studentís living expenses incurred up to the time of withdrawal exceed the amount of funds disbursed, the student does not owe a repayment. However, if the disbursement was greater than the studentís living expenses up to the withdrawal date, the student must repay the excess amount to Oglala Lakota College. It is the policy of Oglala Lakota College to reimburse the Federal Student Aid Program and collect repayment from the student. Thus, the student will be in repayment situation with OLC rather than the Department of Education. OLC will attempt to collect the funds from students. In the event that we are unable to collect the funds, OLC will then report an overpayment to the Department of Education or through submission to the National Student Loan Data System (NDSLS). The student will be ineligible for further SFA funds until the overpayment is resolved. Remember, as with refunds, FWS wages are excluded because they have been earned. Oglala Lakota College is responsible for notifying the student of the amount owed, for billing the student, and for collecting the repayment. The percentage used in calculating a repayment will be the date the student has totally withdrawn from classes. Refund Distribution --Prescribed by Law and Regulations: 1. Title IV 2. FSEOG 3. Other Title IV Programs 4. Other Federal, Private, or Institutional Aid 5. The Student. The Director of Financial Aid will use the R2T4 Federal Software for determining both the studentís and institutionís refunds.
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