Return of Title IV Funds Policy
The Palmetto College Campuses of the University of South Carolina recalculate Federal financial aid eligibility for students who withdraw from the University prior to completing 60% of the term in accordance with the Return of Title IV Federal Funds regulations. The recalculation is based on the percent of earned aid for the term. The percent earned is determined by the number of calendar days completed divided by the number of calendar days in the term.
The unearned federal aid is returned to the Federal government based on the following formula: 100% - (minus) percent of aid earned x (times) the amount of aid disbursed toward institutional charges. When Federal aid is unearned, students may owe an additional debit balance beyond what has been captured during the refund process. If an additional debit balance is owed, students will be billed by the Bursar's Office. Additionally, a student may need to repay Title IV funds that they receive over direct costs. If so, another invoice along with an Agreement to Repay will be mailed, and students will be given approximately 10 days to respond. Students may either pay the balance in full or make arrangements to pay the balance. Should students fail to respond, repay, or enter into an agreement to repay, the amount owed will be referred to the Department of Education for collection.
Federal financial aid includes Federal Pell Grant, Federal Supplemental Education Opportunity Grant, Federal Perkins Loan, Federal Direct Loans, and Federal PLUS Loans.
The student's withdrawal date is defined as the actual date the student began the withdrawal process, the student's last date of recorded attendance, or the midpoint of the semester for a student who leaves without notifying the university.
The institutional refund policy will be applied to all other non-Federal aid received by the student unless instructed to do otherwise by the donor or sponsor of the funds.