Financial Aid Refund Policy (Return of Title IV Funds)
If a student withdraws or is withdrawn or dismissed from OTC, the school or the student may be required to return some of the Federal Student Aid funds awarded to the student. The student may also be eligible for a refund of a portion of the tuition and fees paid to OTC for the semester. If the student received financial assistance other than Federal funds, a portion of the refund may be returned to the program from which the assistance was received.
Refunds to all Title IV recipients (Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, and Federal Stafford Loans) who withdraw during an enrollment period for which they have been charged will be identified and aid reprocessed to comply with Federal regulations.
If a student withdraws (or stops attending classes) from the College at any time during the semester, the student may be required to repay a portion of the grant or loan aid received. The amount of repayment due is calculated based on the student’s last day of attendance. Repayments from students will be returned to the programs from which the student received funds, as specified by the U.S. Department of Education.
If a student wishes to withdraw, the student should contact Student Services and complete a withdrawal form to begin the withdrawal process. This procedure will enable OTC to properly calculate a refund in order to refund the maximum possible institutional charges. The date used when calculating the refund will be the last date of attendance documented by the college.
If required, all items needed for verification should be turned in at the time of withdrawal but no later than fourteen calendar days from the date of the withdrawal. Submitted documents received will be reviewed and eligible student aid awarded.
All students who enroll and are Federal financial aid recipients must attend all classes for which they are originally enrolled. Dropping classes could result in a repayment obligation. If you fail to attend one or more of your classes and do not officially withdraw, you may still be required to repay some or all of your financial aid.
If a student stops attending all classes before completing at least 60% of the semester, they will probably owe money back to the federal financial aid program(s). Repayment is made to Federal programs based on the U.S. Department of Education Return of Title IV funds formula.