Refunds on a credit balance of an active student's account
The College refunds student account credit balances in the following manner:
- When a credit balance is the result of an overpayment that is not student loan or other financial aid disbursement-related, the College automatically processes a refund check if the credit balance is $100 or more. This refund check will be payable to the student only and mailed to the campus mailbox. The College will not apply credit balances to other department charges not on student accounts, e.g. fraternity charges or Deans’ Loans. Students may request to have the refund check mailed to another address by making a request at the Student Information Window.
- When a credit balance is the result of applying student loan or other financial aid disbursements to the student’s account, the refund check will be payable to the student and mailed to the campus mailbox.
- Students may come to the Cashier’s window to receive cash if the credit balance on their student account is less than $100.
- When a credit balance results from applying proceeds from a Parent PLUS Loan to the student’s account, the refund check will be payable to the parent borrower and mailed to the parent borrower’s address on record.
- When a credit balance results from applying proceeds from a 529 plan to a student’s account, a refund will be payable to the student only and deposited directly if the student has signed up for e-Refund or mailed to the student’s campus mailbox. The College is unable to refund the 529 plan directly. Please refer to IRS Publication 970 and consult your tax advisor or 529 plan administrator regarding re-contribution of the refunded amount.
Any questions about this refund policy for credit balances on student accounts should be directed to email@example.com. Students may review their student account detail by logging on to Banner Self-Service.
Potential refunds if a student withdraws from the College.
Students who withdraw because of illness must submit a written statement signed by a physician for approval by the College physician. In cases of illness or other situations which, in the judgment of the Dean of the College, require special consideration, the College will provide a partial refund of tuition and fees according to the following terms:
Tuition, Student Activity, and Room Fees
Withdrawal on or before the first day of classes, 100 percent. No refund is provided after class day 50. The refund for withdrawal within class days 2-50 is calculated on a pro-rata basis and is based on the number of days remaining in the semester divided by the total number of days in the semester. For purposes of this calculation, weekend days are included, but the five-day Thanksgiving break and spring break are excluded.
A student required to withdraw for disciplinary reasons is not eligible for a refund of tuition fee, student activity fee, technology fee, or the room fee.
While a student is residing in College property, the College assumes no responsibility for loss of or damage to personal property. Students should verify that coverage is provided under their families’ homeowners policies or contact an insurance agent concerning protection against such losses.
Board (Dining) Fees
Either during the designated meal-plan change week or if a student withdraws from the College for non-disciplinary reasons, students may apply for a refund of the board plan fee, based on the number of unused weeks for that semester. In addition, non-mandatory Pard Card Dollars may be refunded to a withdrawn student to the extent that those dollars have not been used. Before any refund of Pard Card dollars will be processed, they will be applied to any outstanding balance on the student account. If there are no balances due on your student account or if there is a refundable amount in excess of the amount due, a refund may be applicable. Refunds will be made in the following ways:
- In cash, if the amount is greater than $1 but less than $100 and the cardholder requests the refund in person at the Controller’s Office on the designated refund day(s);
- By check to the cardholder’s last known address if the refundable amount is greater than $20; and
- By donating unused funds to the College’s Annual Fund.
Cardholders with a refundable balance of $20 or greater who prefer to receive a check should submit a request to the Controller’s Office via e-mail at firstname.lastname@example.org. Please note that the request should include the cardholder’s name, L number and mailing address and whether the funds should be refunded via check or donated to the Lafayette College Annual Fund.
No refunds will be granted except as described above.
The Financial Aid Office 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 percent 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 percent 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 percent 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 what 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. The student must be offered any post-withdrawal disbursement of loan funds within 30 days of the date the institution determined the student withdrew.
The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date the institution determined the student withdrew.
Refunds are allocated in the following order:
- Direct Unsubsidized Loans
- Direct Subsidized Loans
- Federal Perkins Loans
- Direct PLUS Loans
- Federal Pell Grants for which a Return of funds is required
- Federal Supplemental Opportunity Grants for which a return of funds is required
- Other assistance under this Title for which a Return of funds is required (e.g., LEAP)