Financial Aid General Info
finaid@gatewaycc.edu
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Financial Aid & Scholarships
Return of Funds
If you need to withdraw from school at any time after you have received
financial aid, please keep the following financial aid refund, overpayment
and repayment terms and conditions in mind.
Who has to return funds?
Students must return funds if they receive financial aid
and completely withdraw from all credits before completing
60% of the semester (referred to as Title IV funds).
How do I know if I have to repay funds?
Students will be notified if they must repay federal money as a result of
withdrawing. Students are referred to the Maricopa Community Colleges'
withdrawal policy concerning procedures for withdrawal.
Total Withdrawal Criteria
- Calculations are based upon the % of aid earned, based upon the
number of days completed during the semester for students that
officially withdraw.
- The mid-point of the semester is used to calculate the % for
students who unofficially withdraw from school.
- Amount of aid earned by the student is determined by taking the aid
disbursed (plus aid that could have been disbursed) and multiplying by
the % of aid earned.
- Amount of Title IV aid to be returned is the difference between the
total aid disbursed and the amount of aid earned.
- Amount of unearned Title IV aid due from the school is calculated by
taking the total institutional costs multiplied by the percentage of
unearned Title IV aid. If loan funds were included in the disbursement,
unearned Title IV Aid due from the school would first be returned to the
loan program.
Amount of unearned Title IV aid due from the student
is calculated by taking the previously calculated Title IV aid to be
returned and subtracting the amount of unearned aid returned by the
school. Title IV loans are reimbursed first. Since loan repayment is
subject to the terms of the promissory note, the student is not required
to make immediate repayment.
Partial Withdrawal Criteria
If you withdraw from a class within the 100% refund timeframe or are
rostered out of a class at anytime after you receive financial aid you may
owe an overpayment and need to recalculate your award.
Repayment of Funds
The school will bill the student for amounts requiring immediate
repayment. Student may pay in full or make satisfactory repayment
arrangements. Failure by the student to repay or make satisfactory repayment
arrangements will result in the referral of the debt to the U.S. Department
of Education, and the student will be ineligible for further Title IV
assistance.
School Return of Funds
Funds must be returned to the source from which they were paid in the
following order:
- Unsubsidized FFEL or Direct Stafford Loan
- Subsidized FFEL or Direct Stafford Loan
- Federal Perkins Loan
- FFEL or Direct PLUS Loan
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Other Federal Aid Programs
- Other State, private, or institutional sources of aid
Student Return of Funds
Funds must be returned to the source from which they were paid in the
following order:
- Unsubsidized FFEL or Direct Stafford Loan*
- Subsidized FFEL or Direct Stafford Loan*
- Federal Perkins Loan*
- FFEL or Direct PLUS Loan*
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Other Federal Aid Programs \Other State, private, or institutional
sources of aid
*Loan amounts are returned in accordance with the terms of the promissory
note.
