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refund calculation is based on the number of calendar days attended within the semester or
term, divided by the total number of calendar days in the semester or term, excluding any
break of five days or more. This ratio will produce a percent of attendance and a percent
of non-attendance, and thus, percentages of earned aid and unearned aid. The College
will charge back to the student (by removing financial aid awards posted to the account)
amounts equal to the percent of unearned aid, and return that amount to the government
funding sources and financial aid programs.
For Federal awards, the money will be returned to the U.S. Department of Education
programs in the following order until the required amount of unearned funds have been
returned:
• Unsubsidized Federal Direct Loans
• Subsidized Federal Direct Loans
• Federal Plus (parent) Loans
• Federal Pell Grants
• Federal SEOG
The only federal funds excluded from this process are Federal Work-Study (FWS)
awards. These awards are paid as they are earned through work-study job assignments.
Payments for hours worked are earned and not subject to refund. FWS awards for hours not
worked are considered unearned and fully refundable to the federal program. If the student
received aid in excess of direct costs, and thus received a credit balance refund check from
BC Central, the student is responsible for returning their share of the unearned aid. However,
if the credit balance check received was in the form of federal loan proceeds, the Department
of Education will allow the student to repay in the normal method of loan repayment, which
is through monthly installments. If the credit check received was in the form of a federal
grant, the federal government will expect only 50% of the unearned grant money to be repaid.
The student has 45 days to repay the money or make arrangements with either the College
or the federal government for repayment. If the student does not comply with repayment
requirements, he or she will lose eligibility for future Title IV funds.