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Tuition Refund Policy

Federal regulations require that the Return of Title IV Funds calculation be performed if any Title IV recipient withdraws from all classes prior to the end of the payment period. If a student has attended up through 60% of the payment period, the calculation will determine the earned amount of aid and any unearned aid must be returned. If a student has attended more than 60% of the payment period, s/he has earned 100% of federal aid scheduled; the Return of Title IV Funds calculation must be completed to determine if the student is eligible for a post-withdrawal disbursement.

Students must complete a formal withdrawal or leave of absence process. The Business Office forwards to the Financial Aid Office the withdrawal date, date of determination and the exact amount of disbursed funds. Any funds awarded but not yet disbursed are detailed in the student’s financial aid file. The Return of Title IV calculation is performed by Financial Aid within 15 days of notification by the Business Office of a student’s withdrawal.

The "Return of Title IV" (R2T4) form is used to perform the calculation, which is based on the payment period. The values of both disbursed aid and aid that could have been disbursed are included on the worksheet. The earned financial aid percentage is determined by taking the days attended in the period by the total days in the period. Subtracting earned aid from aid that was awarded and disbursed determines the amount of unearned aid that must be returned. The responsibility to repay unearned aid is shared by the College and the student in proportion to the aid each is assumed to possess.

The College must return unearned funds, up to the amount disbursed, in the following order:

  1. Unsubsidized Stafford Loan
  2. Subsidized Stafford Loan
  3. PLUS (Graduate)
  4. PLUS (Parent)
  5. Pell Grant
  6. ACG
  7. National SMART Grant 

The Business Office is notified of any funds to be returned. These funds are returned to the fund source within 45 days of the date the College determined the student withdrew.

Any unearned loan funds the student (or parent, in the case of a PLUS loan) is required to return are repaid in accordance with the terms of the promissory note. Unearned grant funds the student must return are classified as an overpayment. Students must repay half of the unearned amount of any grant overpayments. Effective 7/1/2006, as a result of the enactment of the Higher Education Reconciliation Act of 2005 (HERA), the student is not required to return an overpayment amount that is $50 or less.

Students are notified that a Return of Title IV calculation was performed through a letter that provides an overview of the process and any changes to their award. Included with this letter are exit counseling instructions, as necessary. The letter is mailed within 30 days of the date the College determined that the student withdrew.  

Post-Withdrawal Disbursements

Any earned aid that has not been credited to the student’s account qualifies as a special kind of late disbursement, called a post-withdrawal disbursement. The student’s (or parent’s, in the case of a Parent PLUS loan) authorization must be obtained before disbursing any loan funds. Grant funds may be disbursed to the student’s account without permission to cover the cost of current charges. Post-withdrawal grant disbursements which result in a credit balance on the student’s account require the College to notify the student that the funds are available.

Both the authorization to disburse post-withdrawal loan funds and the notification of the availability of a post-withdrawal credit balance are made in writing to the student (or parent, in the case of a Parent PLUS loan). The authorization/notification includes the type and amount of the funds, the right of the student to accept or decline all or a portion of the disbursement. Also included in the authorization to disburse loan funds is an explanation that the student (or parent) is required to repay the funds in accord with the terms of their promissory note. The notification/authorization states a deadline by which the student (or parent) must respond, or the College is not obligated to make the disbursement. Each stage of the post-withdrawal process is documented in the student’s file.

Leave of Absence

Due to the fact that the College's leave of absence policy does not fit 34 CFR 668.22(d), students are considered withdrawn and a Return of Title IV calculation is performed.

Institutional Refund Policy

Separate from the Return of Title IV calculation is the College’s tuition refund policy. Refunds are granted through the Business Office upon written request by the student, through the official withdrawal process. Tuition refunds follow the schedule below:

Time of Withdrawal

Tuition Refund
Prior to the first day of classes 100%
By the first Friday of classes 75%
By the third Friday of classes 50%
By the fifth Friday of classes 25%
After the fifth Friday of classes none

 

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