Calculation of Return
Federal aid is earned on a daily prorated basis up to and including the 60% point in the semester. After the 60% point, all aid is considered earned, and no refunds/repayments are required.
Your Return of Title IV funds will be calculated accordingly:
- The earned percentage is calculated by dividing the number of calendar days completed by the number of calendar days in the semester.
- The earned percentage received in federal assistance is the amount you are permitted to keep. The unearned percentage (remaining amount) must be returned to the federal government by both the College and the student. This may cause the student to owe both the College and the federal government.
- The percentage that Del Mar College must return on the student’s behalf, will be returned to the appropriate federal fund program. The Del Mar College Business Office will bill you for the amount owed to the College. Outstanding balances at the end of the term will be referred to a collection agency by the Del Mar College Business Office.
- The funds will be refunded to the Federal Funds Program in the following order, if applicable:
- Unsubsidized Federal Direct Student Loan
- Subsidized Federal Direct Student Loan
- Pell Grant Program
- Federal SEOG
- The student must repay the amount owed to the appropriate federal program within 45 days. After the 45th day and if payment is not received, student’s overpayment will be referred to the ED for collections and to the National Student Loan Database.
- The student must then make repayment arrangements with the ED to maintain future eligibility for federal funds.