Students receiving federal financial aid, who withdraw from the College or stop attending all classes during a term before more than 60% of the term has elapsed, are subject to specific federal regulations.
The amount of Title IV aid that you must repay is determined by the federal formula for return of Title IV funds as specified in Section 484B of the Higher Education Act.
The amount of Title IV aid that you earned during the term before you withdrew is calculated by multiplying the total aid for which you qualified by the percentage of time in the term that you were enrolled (college work-study not included).
Your disbursement or repayment owed:
- If less aid was disbursed to you than you earned, you may receive a late disbursement for the difference.
- If more aid was disbursed to you than you earned, you will be billed for the amount you owe to the Title IV programs and any amount due to the College resulting from the return of Title IV funds used to cover College charges.
Cambridge College will return the unearned aid to the Title IV programs as specified by law:
- Unsubsidized federal loans
- Subsidized federal loans
- Federal Perkins loans
- Federal PLUS loans
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grants (SEOG)
In accordance with federal regulations, excess funds from federal financial aid, over and above current charges, cannot be held without written authorization from the student.