Federal Title IV Refund Policy
All students receiving federal student financial aid are subject to the Federal Title IV funds refund policy. Richard Bland College of William & Mary is required by federal law to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of the term. This includes all unofficial withdrawals from the College. An unofficial withdrawal occurs when students receives a failing mark in all of the classes they attempt and did not attend after the 60% date in a given semester. In all cases of withdrawals, the Federal Title IV Financial Aid must be recalculated. The recalculation of Title IV funds is based on the following formula: Percentage of the term completed = the number of days completed before the withdrawal date divided by the total number of days in the semester. (Any break of 5 or more days is not considered part of the term.) This percentage is multiplied by the total disbursement for the semester. This yields the amount of aid that is earned for the semester. Any funds that are not earned are returned to the appropriate federal program.
The order in which funds are returned are allocated as follows:
- Unsubsidized Federal Stafford Loans
- Subsidized Federal Stafford Loans
- Federal Parent (PLUS) Loans
- Federal Pell
- Federal Supplemental Opportunity Grants (FSEOG)
Students who owe a repayment of Title IV aid must repay those funds before becoming eligible again for federal aid. Any amount of Federal Title IV funds that Richard Bland College is required to pay back on behalf of the student will be billed to the student in full and must be repaid in order to be in good standing with the College.