Title IV funds (Pell Grant and FSEOG) are awarded under the assumption that you will attend school for the entire semester or payment period for which you have been awarded. When you withdraw, you may no longer be eligible for the full amount of aid that you were originally scheduled to receive. IVC is required by regulation to complete a Return to Title IV Calculation for any student who withdraws from all courses counting for federal financial aid during the payment period. The purpose of the calculation is to determine the earned and unearned amounts.
If you withdraw from all courses counting for federal financial aid on or before completing 60% of the payment period, the percentage of Title IV funds earned will equal the percentage of the calendar days completed in the payment period prior to the withdrawal date or the last day of attendance. If you withdraw after completing 60%, you will have earned 100% of the Title IV funds awarded. Any unearned portion will be returned by the college and by the student in accordance with the method prescribed in the regulations. The amount will be returned in the following priority:
If you are required to repay any unearned portion of your award you will receive a letter detailing the amount you owe and the process for repayment. You will have 45 days from the receipt of that letter to repay the amount in full to the college or your overpayment will be reported to the US Department of Education, which will then contact you for repayment. You will be ineligible for any additional Title IV funds until repayment is made in full. To contact the U.S. Department of Education regarding an overpayment, call 1-800-621-3115.
If you are eligible for Title IV funds that are yet to be disbursed at the time of calculation, you will receive a Post Withdrawal Disbursement notification letter informing you of the award eligibility, the amount that you are eligible to receive, the deadline to respond and the instructions on how to accept the disbursement. Payments accepted will be made within 45 days.
If any credit balance is due at the time of the calculation, payment will be made within 14 days.
For the 2023-24 Academic Year, the following dates represent the 60% of point of each payment period:
|October 19, 2023
|April 26, 2024
|July 10, 2024
If you are planning to withdraw from courses counting for federal financial aid or drop out of school, consider discussing the decision with an academic counselor. There are programs or services to assist students in staying on track with their educational goals. However, if you must leave, contact the Admissions and Records office for the process to be followed. Click here to see a video related to dropping courses and/or withdrawing.
Refund of State Funds
State funds include any source of funding received from the California Student Aid Commission (CSAC). This includes Cal Grant A, Cal Grant B, Cal Grant C, and CHAFEE Grant. If you withdraw from courses prior to completing more than 60% of the semester, any pending disbursements will be canceled and adjusted in the CSAC WebGrants system. If you withdraw after 60% of the semester will not be required to return any funds to state programs. In the event of an over-award, funds are adjusted in the CSAC WebGrants system and IVC will return funds to CSAC. If you owe a balance to IVC, a hold will remain on your account until the debt is repaid in full.