Treatment of funds when a student withdraws
When a student drops/withdraws from his/her courses, how long does the University have to return Pell Grant funds?
is 45 days form the las day of attendance.
Angela,
The refund should be received by the lender (in the case of TIV loans) within 45 days of the withdrawal date. Most institutions try to insure that any refunds due as the result of a RT4 calculation are issued within 30 days which would allow the lender approximately 15 days to deposit and update the students total loan indebtness.
Best wishes in your continued online education process.
Thanks, Chyrl
within 30 days of the withdrawal date
The school has 14 days after the last day of attendance to determine that the student is a drop, 45 days after the date of determination to refund Pell or Loans to the Department of Education, and 14 days after the date of determination to refund any credit balance to the student if there is one.
Maria,
Based on your response you and your team have a plan to handle each "type" of refund timely on behalf of your students. Standard Operating Procedures (SOP's) are a great way to keep all involved and in sync when processing.
Sincerely,
Chyrl Ayers
