2014 - 2015 Tuition Due Dates
Return of Title IV Funds
Student Financial Services is required by Federal statute to recalculate Federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The Federal Title IV financial aid programs must be recalculated in these situations. If a student leaves the institution prior to completing 60% of a payment period or term, the Financial Aid Office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal. The institution must return the amount of Title IV funds for which it is responsible no later than 30 days after the date of the determination of the date of the student’s withdrawal. Refunds are allocated in the following order:
- Unsubsidized Federal Stafford Loans
- Federal Perkins Loans
- Federal Graduate PLUS Loans
Tuition Refund Policy
When a student withdraws from a program, a refund of tuition may be granted based on the official withdrawal date.
RFUMS tuition refund policy:
- Withdrawal before the end of the 1st week of classes - 100% tuition refund
- Withdrawal before the end of the 2nd week of classes - 75% tuition refund
- Withdrawal before the end of the 3rd week of classes - 50% tuition refund
- Withdrawal before the end of the 4th week of classes - 25% tuition refund
- Withdrawal any time after the 4th week of classes - no tuition refund
Institutional Online Refund Policy (Indiana Residents Only)
This policy is applicable only to students who reside in Indiana and are enrolled exclusively in the online program. The effective date of this policy is February 13, 2014. The institution shall cancel a student’s enrollment upon request of the student. The student’s obligation at the time of cancellation will be calculated as follows:
• Within (6) days of signing the Declaration of Intent, no obligation and all monies paid, if any, will be fully refunded.
• After(6) days, but before the 1st day of class, a registration fee of 20% of the total tuition, not to exceed $100.00.
• After the 1st day of class, the registration fee, plus 10% of the tuition until student completes 10% of the assignment.
• After completing 10% of the assignments, but prior to completing 25% of the assignments, the registration fee plus 25% of the total tuition.
• After completing 25% of the assignments, but prior to completing 50% of the assignments, the registration fee plus 50% of the total tuition.
• After completing 50% of the assignments, but prior to completing 75% of the assignments, the registration fee plus 75% of the total tuition.
• After completing 75% of the assignments, the student is responsible for total tuition.
• The contract shall state a length of time for a student to complete his course of student. If a student does not cancel by the end of such time, he is responsible for his total tuition.
• The institution will make a proper refund, within thirty-one (31) days of the student’s request of cancellation.
• If the student has paid tuition extending beyond twelve (12) months all such charges shall be refunded.