University Refund Policy

 

Students who withdraw or take a Leave of Absence, who fail to return from an approved Leave of Absence, who are dismissed, or otherwise fail to complete the term for which they were charged, will receive a refund of University charges based on a pro rata calculation. If students withdraw during the first 60% of a term, University charges are prorated based on the percentage of the term that has elapsed. Applicable University charges may consist of tuition, administrative fees, and on campus housing. If a withdrawal takes  place after the 60% point, full University charges remain due. The refund is determined by students' effective dates of separation. For refund information related to the Housing Cancellation Policy, please consult the University website.

 

RETURN OF TITLE IV FINANCIAL AID

In accordance with US Federal Title IV Regulations (34 CFR 668.22), the same pro rata schedule is used to determine the amount of Title IV funds students have earned at the time of withdrawal.

Though aid is posted to a student's account at the start of each period, funds are earned as a student completes the period. If a student withdraws during the payment period or period of enrollment, the amount of Title IV program assistance that has been earned up to that point is determined by a specific formula. If a student received less assistance than the amount earned, a student may be able to receive those additional funds. If a student received more assistance than they earned however, the excess funds must be returned by the school and/or the student.

The amount of assistance that has been earned is determined on a pro rata basis. For example, if a student completed 30% of their payment period or period of enrollment, they earned 30% of the assistance they were originally scheduled to receive. Once 60% or more of the payment period or period of enrollment has been completed, all the assistance that the student was scheduled to receive for that period has been earned.

Refunds made on behalf of financial aid recipients are distributed in the following order:

• Unsubsidized Federal Stafford Loan

• Federal Grad PLUS

• Private or institutional sources of aid

• The student

The requirements for Title IV program funds are separate from the University Refund Policy.  Therefore, a student may still owe funds to the school to cover unpaid institutional charges once the return of Title IV funds has been calculated.

If you did not receive all of the funds that you earned, you may be due a post-withdrawal disbursement. Students who are eligible for a post-withdrawal disbursement will be contacted and permission will need to be given in order to process the disbursement. A student may choose to decline some or all of the loan funds so additional debt is not incurred.

If a student excess Title IV program funds that must be returned, the school must return a portion of the excess equal to the lesser of:

  1. institutional charges multiplied by the unearned percentage of your funds, or
  2. the entire amount of excess funds.

The school must return this amount even if it didn't keep this amount of your Title IV program funds.

If the school is not required to return all of the excess funds, the student must return the remaining amount.

 

For any loan funds that a student is required to return, repayment will be in accordance with the terms of the promissory note. That is, scheduled payments should be made to the holder of the loan over a period of time.

If you have questions about your Title IV program funds, you may contact the Office of Financial Aid directly, or call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available online at studentaid.ed.gov.

Students who take a Leave of Absence during a term may apply for a McCord Scholarship by writing a letter to the Office of Financial Aid requesting consideration for this one-time award. A McCord scholarship is a partial tuition scholarship awarded to students who take a Leave of Absence from a term due to compelling personal circumstances beyond the student's control, causing them to suffer undue financial hardships which affect their ability to pay for their education upon their return. The scholarship is used to help defray all or part of the penalty paid as a result of the withdrawal. The scholarship committee will review the details of the student's circumstances noted in their application letter and may require further documentation before determining eligibility for the scholarship. These awards are grants-in-aid and do not have to be repaid.

 

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