Disbursements, Refunds, and Return of Federal Funds

Disbursement Policy

Day Program

No financial aid will be disbursed (credited to your student account) until the end of the drop-add period each semester.  Within a week after the end of drop-add, your institutional scholarships and Federal Pell Grants, Federal Supplemental Opportunity Grants, and any private educational loans will be credited to your account.  If you are not a first-time student, your Federal Direct Stafford Loans and Federal Direct PLUS loans will be applied to your account.  If you are a first-time student, you will have a 30-day delay of disbursement of federal loan funds.  You must remain enrolled through the 30 days to receive any disbursement.  (That requirement applies only to your first semester.)

If you are enrolled for only the spring semester, your loan funds must be disbursed in two equal payments, the second not to be sooner than halfway through the semester.

After crediting funds to your account, if there is a credit balance, you will be issued a refund check within three days after your account has been credited.

Evening Program

After your attendance has been established in the first module of the semester, your institutional scholarships and Federal Pell Grants, Federal Supplemental Opportunity Grants, and any private educational loans will be credited to your account.  If you are not a first-time student, one-half of your Federal Direct Stafford Loans will be applied to your account.  If you are a first-time student, you will have a 30-day delay of disbursement of federal loan funds (that requirement applies only to your first semester).  You must remain enrolled through the 30 days to receive any disbursement.  Halfway through the Evening Program semester you will receive the second disbursement of your loan funds.  Once you have a credit balance on your account, you will receive a refund check of any credit balance.   Please note that if you do not enroll for the first module in a semester, financial aid will not be disbursed to your account until you have begun attendance in the next module for which you are enrolled.

Online Program

After your attendance has been established in the first module of the semester, your institutional scholarships and Federal Pell Grants, Federal Supplemental Opportunity Grants, and any private educational loans will be credited to your account.  If you are not a first-time student, one-half of your Federal Direct Stafford Loans will be applied to your account.  If you are a first-time student, you will have a 30-day delay of disbursement of federal loan funds (that requirement applies only to your first semester).  You must remain enrolled through the 30 days to receive any disbursement.  Halfway through the Evening Program semester you will receive the second disbursement of your loan funds.  Once you have a credit balance on your account, you will receive a refund check of any credit balance.   Please note that if you do not enroll for the first module in a semester, financial aid will not be disbursed to your account until you have begun attendance in the next module for which you are enrolled.

Refunds

Every student who completes the enrollment process is indebted for the total semester’s charges (e.g., tuition, fees, and room and board, if applicable.   However, those students who withdraw from the college before attending the first day of class will have their student account credited by the policy stated below.  This may result in a refund.  To receive any refund for room and bard, the student must withdraw from college prior to attending the first day of class (e.g., moving off campus in the middle of the semester is not grounds for a refund of room and board).    Students must begin the official withdrawal process at the Registrar’s Office by picking up an official form and securing written approval from the student’s advisor and the student’s instructor(s) of the course(s) from which the student is withdrawing.   The student completes the official withdrawal process by returning the completed form to the Registrar and securing the Registrar’s signature.  The withdrawal does not become official until the Registrar signs the form.

The withdrawal date will be the day the Registrar receives and signs the completed official form from the student, or in the case of an unofficial withdrawal, the date of the student’s last class attendance.  (Note:  The withdrawal date for purpose of Return of Title IV (federal financial aid) funds is always the last date of attendance.)

Refund Policy for the Day Program:

100% if withdrawal occurs on or before the first day of class

75% if withdrawal occurs on or before completion of the first week of class

50% if withdrawal occurs on or before completion of the second week of class

0% if withdrawal occurs after completion of the second week of class

Refund Policy for the Evening Program (8-week classes)

100% if withdrawal occurs on or before the first day of class

75% if withdrawal occurs before the second regularly scheduled class

50% if withdrawal occurs before the third regularly scheduled class

0% if withdrawal occurs before the third regularly scheduled class

Refund Policy for the Evening Program (5-week classes)

100% if withdrawal occurs on or before the first day of class

50% if withdrawal occurs before the second regularly scheduled class

0% if withdrawal occurs after the completion of the second regularly scheduled class.

Refund Policy for the Online Program (8-week classes)

            100% if withdrawal occurs on or before the first day of class

75% if withdrawal occurs within seven calendar days of the start of class.

0% if withdrawal occurs after the first seven calendar days of class.

Return of Title IV (Federal Financial Aid) Funds

The law specifies how a college must determine the amount of Title IV program assistance that a student can earn if he or she withdraws from school.   The Title IV programs participated in by St. Louis Christian College covered by this law include the Federal Pell Grant, Federal Supplemental Opportunity Grant (FSEOG), Federal Direct Stafford Subsidized and Unsubsidized Loans, and Federal PLUS Loans.  The Federal Work Study Program does not come under this law.

When you withdraw during your payment period (the semester), the amount of Title IV program assistance that you have earned up to that point is determined by a specific formula.  If you received (or your school or parent received on your behalf) less assistance than the amount you earned, you may be able to receive those additional funds.  If you received more assistance than you earned, the excess funds must be returned by the school and/or you.

Your withdrawal date for Title IV program purposes is your last date of attendance in a class, as determined by the attendance records of your professors.

The amount of assistance that you have earned is determined on a prorated basis.  For example, if you completed 30% of your payment period of enrollment, you earn 30% of the assistance you were scheduled to receive.  Once you have completed 60% or more of the payment period, you earn all of the assistance that you were scheduled to receive for that period.

If you did not receive all of the funds that you earned, you may be due a post-withdrawal disbursement.  If your post-withdrawal disbursement includes loan funds, your school msut get your permission before it can disburse them.  You may choose to decline some or all of the loan funds so that you do not incur additional debt.  Your school may automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition,, fees, and room and board charges (if applicable).  The school needs your permission to use the post-withdrawal grant disbursement for all other school charges.

There are some federal financial aid funds that you were scheduled to receive that cannot be disbursed to you once you withdraw because of other eligibility requirements.  For example, if you are a first-time student and have not completed the first 30 days of your program before you withdraw, you will not receive any FFEL loan funds that you would have received had you remained enrolled past the 30th day.

If you receive (or your school or parent receives on your behalf) excess Title IV program funds that must be returned, your school must return a portion of the excess funds equal to the lesser of (1) your institutional charges multiplied by the unearned percentage of your funds, or (2) the entire amount of excess funds.  The school must return this amount even if it didn’t keep this amount of your Title IV program funds.

If your school is not required to return all of the excess funds, you must return the remaining amount.  Any loan funds that you must return, you (or your parent for a PLUS Loan) must repay in accordance with the terms of the promissory note (i.e., you must make scheduled payments to the holder of the loan over a period of time).

Any amount of unearned grant funds that you must return is called an overpayment.  The maximum amount of a grant overpayment that you must repay is half of the grant funds you received or were scheduled to receive.  You must make arrangements with your school or the Department of Education to return the unearned grant funds.   The requirements for Title IV program funds when you withdraw are separate from any refund policy that your school may have.  Therefore, you may still owe funds to the school to cover unpaid institutional charges.  For example, if the school has to return funds that it has already disbursed to your account, you are responsible for the resulting balance on your account.

Refund Policy for Dismissal

When a student is dismissed from the college, the student will still owe the college for any unpaid tuition, room, board, and fees that were charged to his account.

Appeal Process

Students and/or parents who feel individual financial circumstances warrant exceptions from published policy may make a written appeal to the Chief Financial Officer, St. Louis Christian College 1360 Grandview Drive, Florissant, MO 63033.

Code of Conduct

The Higher Education Opportunity ACT (HEOA) requires educational institutions to develop and comply with a code of conduct that prohibits conflicts of interest for financial aid personnel. Any SLCC financial aid office employee who has responsibilities with respect to student educational loans must comply with this code of conduct. The following provisions bring SLCC into compliance with the federal law.

Neither SLCC as an institution nor any individual financial aid employee shall enter into any revenue-sharing arrangement with any lender which makes Title IV loans to students attending the institution.

No financial aid employee of SLCC who has responsibilities with respect to education loans, or any of their family members, shall solicit or accept any gift from a lender, guarantor, or servicer of education loans.

For purposes of this prohibition, the term “gift” means any gratuity, favor, discount, entertainment, hospitality, loan or other item having a monetary value of more than a nominal value.

Gifts and favorable terms and benefits does not include: a brochure, workshop or training using standard materials relating to a loan, default aversion, or financial literacy, such as a part of a training session. Entrance and exit counseling as long as the institution’s staff are in control of the counseling and the counseling does not promote the services of a specific lender.

A financial aid office employee at SLCC who has responsibilities with respect to education loans shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans. SLCC shall not:

  1. Assign a lender to a first-time borrower through award packaging or any other method.
  2. Refuse to certify or delay certification of any loan based on the borrower’s selection of a particular lender or guaranty agency.

SLCC shall not accept from any lender any offer of funds to be used for private education loans, including funds for an opportunity pool loan, to students in exchange for the institution providing concessions or promises regarding providing the lender with:

  1. A specific number of loans made, insured, or Guaranteed under Title IV.
  2. A specific volume of such loans.
  3. A preferred lender arrangement for such loans.

An “opportunity pool loan” is defined as a private education loan made by a lender to a student (or the student’s family) that involves a payment by the institution to the lender for extending credit to the student.

SLCC shall not request or accept from any lender any assistance with call center staffing or financial aid office staffing.

Any financial aid office employee who has any responsibilities with respect to education loans or other student financial aid, and who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such an advisory board, commission, or group.