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Toggle Collapse Book Voucher Policy with Terms and Conditions
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Toggle Collapse Comment Code 399 Policy

Starting with the 2017-2018 FAFSA application there has been a change to the income and tax information that is reported on the FAFSA.  As we transition to this new federal methodology, for one year only both the 2016-2017 AND 2017-2018 FAFSA applications will collect and use 2015 income and tax information. 

As a result of this, there may be conflicting or discrepant income and tax information between the two years by FAFSA filers.  If this happens, a student's FAFSA will be flagged by the U.S. Department of Education with a Code 399. 

The Office of Financial Aid will attempt to resolve all Code 399's before contacting the student.  If we are unable to resolve discrepant tax or income, the student will be notified via COSC email.  It is urgent that students comply with our request for additional information because there are serious consequences if conflicting income and tax data cannot be resolved.  This includes suspension or cancellation of aid, as well as being flagged in the federal system as having a Title IV overpayment.

If you are a student who has received a Code 399, we ask that you carefully read the College's Comment Code 399 Policy and comply with our requests for additional information. 

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Toggle Collapse Withdrawal - Return of Title IV Policy

Understanding your responsibilities as a financial aid student is an important factor in achieving your educational goals at Charter Oak State College.  It will ensure that funding is available to assist you now and in future semesters.

Since financial aid is awarded on the understanding that you will complete all of the classes that you are registered for, changes in enrollment may affect your financial aid at any point in time during the semester.    The basic funding principle is that you “earn” financial aid through attendance in your semester classes.

Dropping, withdrawing, or simply not attending classes may result in negative adjustments to your current financial aid award.  It may also result in you owing  money to the college.   Even if you have received a financial aid refund check, as a result of excess financial aid dollars, you may be required to return all or a portion of the refund if more aid was disbursed than was “earned” by you. 

It is especially important to understand the College’s Title IV Refund Policy (R2T4) if you are thinking of dropping, withdrawing, or have stopped attending classes. As always, we encourage you to contact the Office of Financial Aid before you drop or withdraw from a course. 

 

 

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