Financial Aid Disbursement and Refunds
Financial aid will be applied to student accounts after 5 p.m. on tuition due dates designated for each term. The amount of aid disbursed will depend on the number of credit hours you are enrolled and may be different than the awarded amount. Please review the part-time disbursement schedule if you plan to attend less than full time.
Once aid is disbursed, it will officially pay towards tuition,fees and any bookstore charges for the appropriate term. If you received financial aid in excess of tuition and fees, a refund will be issued to you. You will have a selection of direct deposit, or a paper check. New refund options will be available summer term. As funding is ready, they will be deposited according to what you have selected. Disbursements will not be issued on aid that has not been confirmed. If you have any questions regarding any pending financial aid, contact the Financial Aid Office.
Policies to know and understand:
- Return of Title IV Aid Policy
Federal regulation require a school to determine whether a student, which has received financial aid, completed the term of enrollment. If a student withdraws or receives all non-passing grades in all courses for the term, students will be required to return a portion of the financial aid they received. If a student completes at least 60% of the term, the Department of Education states that they have earned 100% of the aid issued. Read more about the Title IV return policy.
- Satisfactory Academic Progress Policy (SAP)
To maintain eligibility for financial aid, a student must comply with the following standard. Failure to meet any of the standard requirements may result in denial of federal financial aid at COCC:
Financial aid applicants must have a cumulative GPA of 2.00 and a cumulative completion rate of 66.67% of their calculated credits at the end of each term. The term 'calculated credits' is defined as credits for which a student has received a financial aid disbursement and/or attempted hours if the student did not receive financial aid. It also includes transfer credit hours that are accepted toward a students educational program. If a student fails to meet these eligibility standards, an automatic WARNING status (see below) is enforced. Grades of A, B, C, D and P only will be evidence of successful completion of course work for purposes of calculating institutional percentage completion rates.
Aid eligibility is limited to 150% of a program's credit length (approximately 135 credits for two-year degree and 75 for one-year certificate) even if a degree is not earned. As soon as it is clear that a student cannot graduate within this period, he/she becomes ineligible for aid. Change of major or program may not be sufficient reason to extend the credit limit. Students pursuing more than one program at COCC will need to submit an appeal and documentation of its necessity if the maximum limit is reached. Read more about the SAP Policy.