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If the student or parent does not respond within the 30-day timeframe, InterCoast will accept requests at a later date, The student/parent will be notified in writing of the outcome of the late request. All post -withdrawal disbursements are applied to the student's account first. If a credit balance is created, the credit balance is handled accordingly and paid to the student/parent as soon as possible but no later than 14 days from when the credit balance was created. Post -withdrawal disbursements cannot be made after 180 days from the date of determination that a student withdrew and no later than 45 days for PWD grant funds disbursed directly to the student. A post -withdrawal disbursement would be made from available grant funds before available loan funds. Sample Summary of the Requirements of 34 CFR 668.22 Treatment of Title IV Aid When a Student Withdraws (Sample taken from page 5-121 in the 20-21 FSA Handbook) The law specifies how your school must determine the amount of Title IV program assistance that you earn if you withdraw from school. The Title IV programs that are covered by this law are Federal Pell Grants, Iraq and Afghanistan Service Grants, TEACH Grants, Federal Supplemental Educational Opportunity Grants (FSEOGs), Direct Loans, and Direct PLUS Loans. Though your aid is posted to your account at the start of each period, you earn the funds as you complete the period. If you withdraw during your payment period or period of enrollment (your school can define these terms for you and tell you which one applies to you), 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 that you earned, you may be able to receive those additional funds in the form of a post -withdrawal disbursement. If you received more assistance than you earned, the excess funds must be returned by the school and/or you. The amount of assistance that you have earned is determined on a pro rata basis. For example, if you completed 30% of your payment period or period of enrollment, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the payment period or period of enrollment, you earn all the assistance that you were scheduled to receive forthat 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 must get your permission before it can disburse them. You may choose to decline some orall of the loan funds so that you don't 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 (as contracted with the school). The school needs your permission to use the post -withdrawal grant disbursement for all other institutional charges. If you do not give your permission (some schools ask for this when you enroll), you will be offered the funds. However, it may be in your best interest to allow the school to keep the funds to reduce your debt at the school. There are some Title IV 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, first -year undergraduate student and you have not completed the first 30 days of your program before you withdraw, you will not receive any Direct Loan funds that you would have received had you remained enrolled past the 30th day. If you receive (or your school or parent receive 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 may be required to return the remaining amount. For any loan funds that you must return, you (or your parent for a Direct PLUS Loan) will repay the loan funds in accordance with the terms of the promissory note. That is, you will not be required to repay any loan funds immediately, but instead, you will make scheduled payments to the holder of the loan over a period of time. 211 Page Inla f (,a4 (. ol"e, school Cmnlug