Calculating the Return of Funds
Financial Aid and Student Employment will calculate the student's liability for return of funds using the formula provided by the U.S. Department of Education. Students are advised to obtain an accounting of their return of funds liability from the Financial Aid and Student Employment Office before withdrawing from all classes.
Student and School Responsibility for Return of Funds
Within 30 days of notification of the date of the student's complete withdrawal from classes, SWIC will:
- Send the student notice of liability and repayment options
- Repay the school portion of return of funds liability. The student will be billed for this liability.
Within 45 days of the date on the notice of liability, the student will:
- Repay in full his/her return of funds liability to Southwestern Illinois College
After 45 days of the Notice Of Liability, if the student has failed to repay the return of funds liability, it will result in the student being referred to the U.S. Department of Education and loss of federal Title IV aid eligibility.