Schools are required to determine the earned and unearned portion of Title IV aid when a student withdraws before the course completion date. Federal Law determines how a school calculates the amount of Title IV funding that a student has earned prior to withdrawal from a clock hour program. This is done by dividing the clock hours scheduled to have been completed as of the withdrawal date in the period by the total clock hours in the period. If the amount is greater than 60% then 100% of Title IV assistance has been earned. If the amount is less than or equal to 60%, the percentage of Title IV aid earned is multiplied by the amount of aid disbursed and that could have been disbursed. LWT considers the withdrawal date as the last date of attendance.
If a student has received less Title IV aid than the amount earned LWT will complete a Post-Withdrawal Disbursement. The school will notify the student or parent (for a Direct Parent Plus) prior to making a post-withdrawal disbursement of loan funds within 30 days of the withdrawal date determination by the school.
If a student received more Title IV funds than were earned, the student, the school, or both must return the funds to the Department of Education. If funds are returned to the Department of Education by the school the student may owe outstanding fees or tuition to the school. A school returns Title IV funds to the programs from which the student received aid up to the net amount disbursed from each source. LWT is able to accept Title IV funds from the Direct Loan program and the Direct PLUS Loan program only. The Department of Education specifies that a school return funds is a specific order, up to the net amount disbursed from each source and for LWT the order is Unsubsidized Direct Loan, Subsidized Direct Loan, and the Direct PLUS Loan.
Lynnes Welding Training withdrawal policies are as follows:
A student must notify the Financial Aid office in writing of their intention to withdraw from the program they are enrolled in and the reasons for the withdrawal. For purposes of determining the earned and unearned portion of Title IV aid the school will consider the last date attended as the withdrawal date.
The student does not notify the school of their intention to withdraw and just stops attending. The school considers the withdrawal complete when the student has reached their maximum number of absences and has had no further contact with the school. For purposes of determining the earned and unearned portion of Title IV aid the school will consider the last date attended as the withdrawal date.
Any return of Title IV aid is to be returned within 45 days of the withdrawal date.