James A. Rhodes State College
Withdrawals and Return of Federal Financial Aid
As part of the Higher Education Amendments of 1998, Congress passed provisions governing what must happen to Federal financial assistance if students completely withdraw from school in any quarter. The law assumes that students "earn" Federal Financial aid award directly in proportion to the number of days of the quarter attended.
For example, if a student completes 30% of the term, he/she earns 30% of the assistance he/she was originally schedule to receive. This means that 70% of the scheduled awards remain unearned and must be returned to the Federal government.
Once a student completes more than 60% of the term, he/she can be said to have earned all 100% of the assistance. If he/she withdraws from the College (either officially or unofficially) before completing 60% of the term, he/she may have to repay any unearned Federal monies that were already disbursed.
Any award money students have to return is considered a Federal grant overpayment. They must either repay that amount in full or make satisfactory arrangements with either the College or the Department of Education to repay the amount. Students must complete these arrangements within 45 days of the date of the College's notification of overpayment status or risk losing eligibility for further Federal financial assistance. In addition, students may owe the College money for tuition that was originally covered by financial aid funds.
Schell Foundation
The Charles E. Schell Foundation Grant Program is an interest-free loan that is made available through the generosity of the Charles E Schell Foundation as administered by the Fifth Third Bank.
This loan is non-interest bearing and carries a moral obligation repayment clause.
The trust is to be used for the educational benefits of citizens of Ohio, Kentucky, and West Virginia.
To apply, dependent students need to meet specific requirements. Contact the Financial Aid Office.
The grant program is a part of the James A. Rhodes State College Foundation.