For students who initiate and complete the financial aid application process in a timely manner, loan funds will generally be posted to their student account by the beginning of the semester. Refund checks for those students are processed by the end of the first week of the semester. Students who have not paid their tuition and fees by the due date will be subject to a $100 late fee and interest at the rate of one percent (1%) per month on any unpaid balances.
Because of this tuition-payment policy, it is very important for all students to begin the financial aid application process as early as possible each year.
In accordance with the Higher Education Technical Amendments of 1992, students receive a refund if they withdraw or take a leave of absence within 60 percent of the length of the semester. The refund is the unearned portion of tuition and fees for that portion of the semester that remains from the last recorded date of the student’s attendance.
Refund AllocationThe regulations require that all refunds be allocated in the following order:
(i) Unsubsidized Stafford loans(ii) Subsidized Stafford loans(iii) Federal Perkins loans(iv) Other Title IV programs (i.e. Grad Plus loans)(v) Other federal, state, private, or institutional assistance(vi) Student
Examples of the refund calculation are available on request from the Business Office.