Retention of Federal and NYS Financial Aid

Federal Financial Aid

The U.S. Department of Education regulates the treatment of all federal grants and loans. For those students who withdraw during a semester, the college is required to exercise the Return to Title IV (R2T4) calculation.

The R2T4 is based on the number of days in the semester divided into the number of days attended based on the last date of attendance in an academic activity. This provides the percentage of Title IV aid a student has “earned.”

For example, if the semester is 100 days, and a student’s last date of attendance in an academic activity falls on the 43rd day of the semester, the formula used would be 43/100 or 43 percent. This percentage would then be applied to the Title IV aid disbursed, or potentially disbursed, in order to determine how much and which proceeds need to be returned. Any “earned” percentage greater than 60 yields the student 100% retention of all eligible Title IV aid.

The order in which funds are returned is determined by the U.S. Department of Education. The Attribution Table requires funds to be returned as follows:

NOTE: Federal Work-Study (FWS) is not included in the R2T4 calculation. Funds earned prior to withdrawal may be kept by the student or retained, with student authorization, by the school for a balance owed. Students may not continue working in the FWS program after their withdrawal date.

New York State Tuition Assistance Program (TAP)

New York State requires the college to report tuition liability to the N.Y.S. Higher Education Services Corporation. As TAP is driven by the cost of tuition, the TAP reduction is relative to withdrawal date and liability incurred.

Monroe Grants and Scholarships

Withdrawn students will have their awards prorated based on their percentage of tuition liability. Students whose withdrawal date takes place during or after the ninth week of the semester will retain 100% of their awards.

Balance Due and Over Awards

Students are responsible for open balances resulting from their withdrawal. Students are also responsible for any aid proceeds received in the form of a refund for which they are no longer eligible. Monroe College encourages all students who need to withdraw, to take advantage of one-on-one counseling available during an official on-site withdrawal.

Books, Equipment, and Supplies

Continuing students are fully responsible for the purchase of their books, equipment and supplies as these are not institutional charges.