Student Account Refund Policy
Once registered at Loras College, a student assumes the responsibility for the payment of all tuition and fees. If plans change and the student needs to withdraw from the College, the proper paperwork must be completed with the Academic Success Coordinator. The process for officially withdrawing from Loras College is outlined in the current Undergraduate Bulletin and Graduate Bulletin. Students should refer to the bulletin that is appropriate for their status.
An undergraduate or graduate student who withdraws from Loras College may receive a full or partial refund (credit) for tuition, fees, housing, and meal plan. Students who drop a course during the first week of the fall and spring terms will receive a 100% refund of tuition and course fees. Students who drop at any time after week one are subject to the following refund schedule:
Week 2- 75%
Week 3- 50%
Week 4- 25%
Week 5- No Refund
Students who withdraw during the summer term are refunded on the following refund schedule:
Class Day 1- 100%
Class Day 2- 75%
Class Day 3- 50%
Class Day 4- 25%
Class Day 5- No Refund
Students who withdraw during the January term are subject to the j-term policy which can be found at http://www.loras.edu/academics/januaryterm/january-term-details/.
All students should take particular note that tuition charges create a personal debt to the College. Students receiving financial aid should be aware that, although the tuition charges are incurred upon enrollment, a student who withdraws at any point during the year is subject to a reduction in financial aid in accordance with the governing policies of the individual aid program. Thus, a student who withdraws from the College before the financial aid is fully earned may incur personal liability for unpaid tuition and other related charges. In addition, full-time students should be aware that a change to part-time status during the semester after the add/drop period will not result in a reduction of the semester’s tuition and fees. Before adding or dropping a course or registering for fewer than 12 credits, full-time students should consult with the Office of Financial Planning to determine the effect on their financial aid awards, and with the Student Accounts Director to determine the effect on their student account balance. Students who received financial assistance for their enrollment period will have their financial aid revised according to federal, institutional, organizational and/or state regulations and/or policies associated with the funding type received. The withdrawal date recorded on the student’s official Loras College record will be determined by the Registrar’s Office using the date the student provided official notification, in writing, of their intent to withdraw from Loras College. An unofficial withdrawal occurs when a student leaves the College without notice. For unofficial withdrawals, the student’s last date of attendance in a class will be used to determine the official withdrawal date.
Room and Board Adjustments:
Students who move in, but withdraw from school on or before the first day of class, will be charged 5% of the cost of room and board. Students who are still enrolled but are allowed to move off campus or drop a meal plan will have charges adjusted on the same percentage basis as is used for students withdrawing from school. If a student terminates a housing contract after taking residence, the student is responsible for buying out the remainder of the contract at 50% of remaining costs. This does not apply to first year students. Students leasing houses or apartments will be bound by the terms of their lease so the refund schedule is not applicable.
Military Withdrawal and Refund Policy:
Students or their spouse, when either has a dependent child, called to active duty during a current academic term will be withdrawn from all or a portion of the student’s registration and will receive a full refund of tuition and mandatory fees the school has assessed for courses from which the student withdrew. The student must make arrangements with the Registrar’s Office for grades or for incomplete grades that will be completed at a later date. For those courses unable to be continued at a later date, students will have no negative academic or financial consequences as a result of this withdrawal. While military students are enrolled at Loras College they are not assessed monthly service charges for delayed VA payments. The Office of Financial Planning will do all it can within the defined limits of Federal Regulations to benefit the student’s financial aid status. Any textbooks purchased from the Loras College Barnes and Noble bookstore can be returned for a refund as long as they are in sellable condition.
Return of Federal Title IV Funds:
This policy applies to students with federal aid who withdraw or are dismissed prior to completing 60% of the semester. Federal financial aid refunds may not align with the above refund policy. Institutional aid is refunded at the schedule shown above. Federal regulations require a specific refund calculation for all students receiving Federal Title IV Financial Aid Funds. This calculation, called the Return of Title IV Funds, determines how much federal funding the student “earned” up to the time of withdrawal. Title IV financial aid is earned in a prorated manner until 60% of the semester is completed. Title IV aid is considered 100% earned after the 60% point of the semester. If the student withdraws on or before the 60% point of the semester a portion of the Federal Title IV funds awarded to a student (Federal Pell Grant, Federal SEOG, Federal TEACH Grant, Federal Direct Subsidized/Unsubsidized Loans, or Federal Direct PLUS Loans) will be returned, if required, in accordance with federal regulations and within 45 days of the date of determination of the student’s withdrawal. The return of these funds may result in the student owing a balance to Loras College and/or the federal government.
Loras College is required by these regulations to recalculate federal financial aid eligibility for students who withdraw or are dismissed prior to completing 60% of a semester. When a student receives failing, incomplete or missing grades for a semester, he/she may be considered to have unofficially withdrawn without proper notification. If a 0.00 GPA is earned for the semester, the student’s last date of attendance in a class will be used to determine the official withdrawal date and that date will be used for any federal aid return.
The required order for the return of Federal Title IV funds to the federal government is as follows:
- Unsubsidized Direct Loans
- Subsidized Direct Loans
- Direct PLUS Loans
- Federal Pell Grants
- Federal Supplemental Education Opportunity Grants (FSEOG)
- TEACH Grant
If the student earned less aid than was disbursed, the College would be required to return a portion of the funds. Loras College’s responsibilities regarding Return of Title IV Funds include: providing Return of Title IV Funds information to students, identifying students affected by this requirement, completing the Return of Title IV Funds calculation for those students and returning any Title IV funds that are due to the Title IV programs. Students are encouraged to meet with the Office of Financial Planning and/or the Director of Student Accounts prior to withdrawing from the College to learn of their impending financial responsibility.