Financial Aid Refund Policy

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Refunds must be requested through, and approved by, the Financial Aid Department. Refunds will not be issued until all financial aid has been awarded and received.

Refund Policy for Withdrawals

The following information depicts the amount of tuition refund that a student may be eligible for when withdrawing from one or more classes during a given semester:

  • First Calendar Week 100%
  • Second Calendar Week 75%
  • Third Calendar Week 50%
  • Fourth Calendar Week 25%

If a student withdraws after the fourth calendar week, he or she is not eligible for a refund.

Title IV Return of Funds Calculation

Any student who receives federal Title IV financial aid (Pell Grant or Direct Loans) and completely withdraws from all classes during a given semester is subject to have his or her financial aid money recalculated per Department of Education regulations. This return of funds calculation does not apply to a student who withdraws from one or more classes but remains enrolled in at least one class.

The return of Title IV funds calculation is based on the number of calendar days in the term compared to the number of days elapsed when the withdrawal is completed. Based on the percentage of the term completed, the student is allowed to retain a similar percentage of federal Title IV financial aid. The remainder of the funds is to be returned to the Department of Education. The school will determine how much of the federal funds are to be returned to the government, and how much, if any, are to be returned to the student.

Funds will be returned in the following order if the student received money from the fund:

  • Federal Unsubsidized Direct Loan
  • Federal Subsidized Direct Loan
  • Parent PLUS Loan
  • Pell Grant
  • FSEOG

If the funds a student must repay need to be returned to the federal grant programs, the student will have to repay only 50% of the required grant. The student will be given 45 days to repay any grant monies owed. After 45 days, the student will be placed in a federal grant overpayment status and will be ineligible to receive federal funds for any school until the grant is repaid. Loan monies owed will become subject to the regulations stated on the Master Promissory Note, which the student signs prior to receiving any loan money.

The following is an example of how a recalculation might work. If there are 100 calendar days in a particular term (excluding any breaks of five or more days) and a student withdraws on the 25th day of the term, 25% of the term has elapsed. This means 75% of the federal funds must be returned. If the student received $5,000 in federal Title IV aid, $3,750 of the original $5,000 must be returned. If the school retained all of the funds to pay for school charged expenses, the school will return all of the funds. If some of the funds were disbursed to the student in the form of a refund, the student may have to repay some of the funds also. Once the student has completed 60% of a given term, no Title IV return of funds calculation is necessary.