The Return of Title IV Funds policy applies only if the student completely terminates enrollment (i.e., cancels his/her registration, withdraws, or is dismissed) or stops attending classes before completing more than 60 percent of the enrollment period. The Return of Title IV Funds policy applies to federal student financial aid programs. The Office of the Treasurer will calculate the amount of a refund of fees for students who withdraw. Contact the Office of the Treasurer for specifics (843) 953-5572.
The amount of Title IV aid that a student must repay is determined via the Federal Formula for Return of Title IV Funds as specified in Section 484B of the Higher Education Act. This law also specifies the order of return of the Title IV funds to the program from which they were awarded. The amount of Title IV aid earned is determined by multiplying the total Title IV aid (other than Federal Work Study) for which the student is qualified by the percentage of time during the term that the student was enrolled. A repayment may be required when aid has been credited to a student's account from financial aid funds in excess of the amount of aid the student earned during the term.
If less aid was disbursed than was earned, the student may receive a late disbursement for the difference. If more aid was disbursed than was earned, the amount of Title IV aid that must be returned (i.e., that was unearned) is determined by subtracting the earned amount from the amount actually disbursed.
The responsibility for returning unearned aid is allocated between the College of Charleston and the student according to the portion of disbursed aid that could have been used to cover College of Charleston charges and the portion that could have been disbursed directly to the student once College of Charleston charges were covered. The College will distribute the unearned aid back to the Title IV programs as specified by law. The student will be billed for the amount the student owes to the Title IV programs and any amount due to the College resulting from the return of Title IV funds used to cover charges.