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. You should refer to the bulletin that is appropriate for your status.
An undergraduate or graduate student who withdraws from Loras may receive a full or partial refund (credit) for tuition, fees, housing, and meal plan.
Students who drop a semester-long course during the first week of the fall and spring terms will receive a 100 percent refund of tuition and course fees. Students who withdraw from a semester-long course after week one are subject to the semester-long refund schedule.
All students should take particular note that tuition charges create a personal debt to the College. Loras College proudly partners with GradGuard to offer tuition insurance. The Tuition Protection Plan can reimburse up to one hundred percent of your non-refundable tuition and housing costs if you need to leave school for a covered illness, psychological condition, or injury.
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. For students beginning their education at Loras College in the fall of 2022 or after, institutional and state scholarships and grants are not earned until after the fourth week of class. Thus, a student withdrawing before the fourth week will lose one hundred percent of institutional and state scholarships and grants.
For more information about the return of funds, please see the Return of Federal Title IV Funds information below.
Get in Touch
Office of Financial Planning
financial.planning@loras.edu
563.588.7136
Refund Schedule
Semester Course
Students who withdraw from a semester-long course after week one are subject to the following refund schedule:
Week 1 – 100%
Week 2 – 75%
Week 3 – 50%
Week 4 – 25%
Week 5 – No Refund
Seven-Week Course
Students who withdraw from a seven-week course are refunded on the following schedule:
Week 1- 100%
Week 2- 50%
Week 3- No Refund
Summer Term
Students who withdraw during the summer term are refunded on the following schedule:
Class Day 1 – 100%
Class Day 2 – 75%
Class Day 3 – 50%
Class Day 4 – 25%
Class Day 5 – No Refund
Understand Withdrawing from Loras
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 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 percent 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 percent of the 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.
Noncredit-Bearing Programs Refund Policy
Students who withdraw from the Certified Financial Planning Certification Education program will receive a full refund up to five days after the first day of the start of the session. Please note that the confirmation deposit and credit card convenience fees, if applicable, are not refundable. Students who drop out on day six of the session or anytime thereafter will receive no refund and will be financially responsible for the full cost of the program.
Students who withdraw from the Cybersecurity Bootcamp within one week (seven days) of the first day of the bootcamp will receive a full refund. Please note that the confirmation deposit and credit card convenience fees, if applicable, are not refundable. Students who drop out on day eight of the program or anytime thereafter will receive no refund and will be financially responsible for the full cost of the bootcamp.
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.
Return of Funds Policy
Financial aid is a pre-payment to a student’s educational costs at the start of a semester. All financial aid is earned by the successful completion of credits and not simply by being enrolled in course credits. Students who plan to withdraw from a term prior to completing course credits should contact the financial planning office to understand the financial impact and responsibilities of withdrawing once a semester has started. The details below explain how aid from different sources is impacted when a student does not successfully complete course credit in which they are enrolled, but a student should still contact the financial planning office for details specific to their situation. Students may purchase tuition insurance to minimize this impact.
Return of State and Institutional Funds Policy
State and institutional financial assistance supports students earning a degree at Loras College. These funds come from Loras College or the State of Iowa. This aid includes merit scholarships, grants, and loans paid to Loras College by a state or institutional loan fund. To earn the state and institutional financial assistance from these sources for an award period, students must remain enrolled at Loras College until the start of the fifth week of class. Students withdrawing prior to the start of the fifth week of class will forfeit all assistance from these sources. In the instance of a medical withdrawal, the college reserves the right to exercise professional judgment as it relates to state and institutional financial assistance.
Notifications about Return of State and Institutional Funds
Notifications about the return of state and institutional funds will be sent to a student’s official Loras College email address and to a student’s personal email address, should they have one on file at the time the notification is sent.
Return of Federal Title IV Funds Policy
Title IV aid is the federal financial assistance program designed to support individuals in meeting the costs associated with earning a degree at an institution of higher education. These funds are regulated by the Department of Education, and a student earns Title IV financial aid in a prorated manner until 60 percent of the semester is completed. The 60 percent period begins at the first date of attendance for each payment period. Loras College uses a semester payment period policy.
This Return of Title IV funds policy applies to students with federal aid who withdraw or are dismissed prior to completing 60 percent of the semester. It also applies to students who earn all failing grades at the end of a term (payment period). Loras College is required by federal regulation to use a specific refund calculation for each student who received Federal Title IV financial aid funds and is dismissed or withdrew before the end of a payment period(term), as well as for students who earn all failing (F) grades in a payment period (term).
For example, if a student completes 10 percent of a payment period, then the student earns (or keeps) 10 percent of the Title IV aid, and Loras College would return the remaining 90 percent to the Department of Education. If the student withdraws on or before the 60 percent point of a semester, then a portion of the Federal Title IV funds awarded to a student (Federal Pell Grant, Federal SEOG, Federal TEACH Grant, Iraq and Afghanistan Service Grants, Federal Direct Subsidized/Unsubsidized Loans, or Federal Direct PLUS Loans) would be returned, if required. Returned funds are determined by federal regulations and within forty-five days of the official student withdrawal date. Title IV aid is fully applied at the start of the semester and the return of these funds may result in the student owing a balance to Loras College and/or the federal government. Students should consult with the financial planning office before choosing to withdraw from the College prior to the end of a semester. Moreover, student enrollment is determined by active engagement in courses (attending class, taking quizzes, submitting assignments) not simply by being enrolled.
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 at the end of a payment period or semester, the student’s last date of attendance/engagement in a class will be used to determine the official withdrawal date, and that date will be used for any federal aid return. At the end of each payment period, or semester, the registrar notifies the financial aid office of any student who earned all Fs and the student’s last recorded date of attendance. This information is used to determine a student’s unofficial withdrawal date and in turn to calculate the return of Title IV funds.
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
- Iraq and Afghanistan Service Grants
- Federal Supplemental Education Opportunity Grants (FSEOG)
- TEACH Grant
With regard to the return of Title IV funds, Loras College is responsible for providing a return of Title IV funds information to students which identifies the students affected by this requirement. It is also responsible for the completion of the return of Title IV funds calculation for those students and the subsequent return of eligible Title IV funds back to the federal government.
Credits Created from Grants
If a student withdraws, and the date of withdrawal is at a point in the payment period where the student has earned more financial aid from a grant than there are charges to the student account, then this credit will be disbursed within forty-five days.
Credits Created from Loans
If a student withdraws, and they qualify for loans, there will be a notification sent to the student’s personal email within thirty days, and the student has fourteen days to accept these loans. Loras College will not, by default, apply any loans to a withdrawn student’s account. If a return of Title IV calculation results in a credit balance from any loan funds on the student’s account, Loras College will disburse these funds within fourteen days of the return of Title IV funds calculation.
Notifications about Return of Title IV Funds
Notifications about the return of Title IV funds will be sent to a student’s official Loras College email address and to a student’s personal email address, should they have one on file at the time the notification is sent.