Policy 4.08

Financial Aid

Part 1. Provisions

Minneapolis College provides financial aid counseling to prospective and enrolled students. Financial Aid provides assistance to eligible students whose personal and family resources are insufficient to meet the minimum expense of attending Minneapolis College. Financial Aid is available in the form of grants (funding that does not have to be repaid), workstudy (programs that enable students to work, generally on-campus), and student loans (funding that has to be repaid.)

Part 2. Satisfactory Academic Progress

Please refer to Policy 4.13.

Part 3. Return Policies

Return to Title IV Policy (34 CFR 668.22):

The Return of Title IV Funds Policy applies to any student who receives Title IV funding and ceases to be enrolled prior to the end of a period of enrollment (e.g. Fall, Spring or Summer Semester). A student is considered to have withdrawn if the student does not complete all the days in a period of enrollment that the student was scheduled to complete.

Title IV funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive.

Regardless of whether or when the student begins the official withdrawal process, or whether the student gives oral, written, or electronic notification to the college of his or her intent to withdraw, if a student ceases attendance from all his or her Title IV eligible courses in a given period of enrollment, the student is considered a withdrawal for Title IV purposes. The last date of attendance/participation in the course is used to determine the withdrawal date, whether the withdrawal is official (student withdraws themselves) or unofficial (instructor records a last date of attendance which results in a withdrawal).  The U.S. Department of Education Return of Title IV Funds formula determines the amount of Title IV Funds a student has earned as of the date the student ceased attendance, based on the amount of time the student spent in attendance.

The amount of Title IV funds a student earns is a proportional calculation based on the amount of days the student attends school through 60% of the term. If a student ceases to attend school after the 60% point, a student has earned 100% of the Title IV funds he or she was scheduled to receive during the period. (Note: this may differ if a student is enrolled in short-term courses, and thus the period of enrollment differs from the standard term.)

If the amount of Title IV funds disbursed is greater than the amount a student earned, the unearned funds must be returned within 45 days of determining the withdrawal date.

Order of Return of Title IV Funds:

The college returns Title IV Funds in the following order, up to the net amount disbursed from each:

  1. Unsubsidized Federal Stafford loans
  2. Subsidized Federal Stafford loans
  3. Federal PLUS loans
  4. Federal Pell Grant
  5. Federal SEOG (grant)
  6. Other Title IV grant or loan assistance

If the amount of Title IV funds disbursed (if any) is less than the amount the student earned, the student is eligible for a post-withdrawal disbursement.  If a student is eligible for a post-withdrawal disbursement of a Direct Loan, the student will be sent a notice and must notify the College that they want the loan applied to their account.  A post-withdrawal disbursement of the Pell Grant will automatically be applied to tuition and fees.

Non-Federal Refund Policy:

Refunds for state aid programs and non-state aid programs are calculated on a proportional basis using the state-mandated or institutional refund policy. To calculate the minimum refund due to the Minnesota State Grant Program, the SELF Loan program, and other state aid programs (with the exception of the Minnesota State Work Study program), the Minnesota Office of Higher Education Refund Calculation Worksheet is used.

Date of Adoption: 7/1/1999

Date of Implementation (if different from from adoption date):

Date of Last Review: 2/26/2016

Date and Subject of Revisions: