SVCC Return of Title IV Funds Policy
Return of Title IV Financial Aid Policy
The purpose of this policy is to ensure that SVCC students who receive federal, state, and local financial assistance understand the requirements of the Higher Education Act of 1998, CFR 668.22. Under this regulation, a SVCC student who stops attending or withdraws completely from all full-term classes within a semester may receive Title IV financial aid equal to the percentage of the payment period or enrollment period completed. Completion of a module course (less than full-term course like PSY100) does not prevent a student from being subject to the Return of Title IV calculation.
For example, a student completes 37 days worth of classes in a fall semester consisting of 115 days. The regulation requires that the student is eligible to receive only the Title IV financial aid earned, or 37 days worth. By dividing the number of days attended by the total number of days in the semester, the student has earned 32% of the awarded Title IV financial aid.
NOTE: This means that a student who withdraws or stops attending classes early in the semester may incur unexpected costs caused by possible overpayment of financial assistance or tuition and fees charges. A portion of the debt incurred that has not been paid within 45 days of notification will be turned into the U.S. Department of Education-Borrower Services Collection Agency. Student will no longer be eligible to receive financial aid until the debt is paid in full. This policy is a Department of Education Title IV financial aid policy only, and does not replace the official Tuition Refund policy of Sauk Valley Community College.
REFUNDS OF EXCESS FINANCIAL AID
PELL/SEOG refunds are made by check to students who are registered, don't have holds on their accounts, and whose disbursed aid exceeds their SVCC charges. Check SOAR for your refund status and also check to be sure you/ve taken all necessary steps for your aid to be disbursed.
PELL/SEOG refunds are disbursed before 60% of the semester has been completed for Fall/Spring/Summer semesters. All checks will be mailed directly to the students. Please keep you current address updated in the Admissions Office to ensure your check being mailed to the correct address.