2. Second Formula
The second formula applies if you have received financial aid and the refund is as mandated by the Higher Education Act Reauthorization of 1998.
The formula provides a Return of Title IV aid if you received Federal Financial Aid in the form of a Pell Grant, Supplemental Educational Opportunity Grant (FSEOG) or Direct Student Loan.
The amendment states that if you withdraw before completing at least 60% of the semester or earn all non-passing grades, you may have to pay back a portion of your federal funds. The percentage of the refund is equal to the number of days attended divided by the number of days in the semester.
The first class day is defined as the "day classes start at Del Mar College and not as the first day a student attends classes." The first class day is based on the Texas College and University System Common Calendar as determined by the state. Refer to the current semester credit class schedule for applicable first class date. A 100 percent refund is made for courses dropped prior to the first class day.
If any portion of the refund amount is left after satisfying the federal Return of Title IV Aid, the remaining balance will be applied to Del Mar College funds, state programs and any other sources of financial assistance.
Worksheets used to calculate the Return of Title IV funds are available at Financial Aid Services. For a detailed discussion, see the Financial Aid section of the Catalog.