TUITION AND FEES 185
from the college may result in a larger balance due from the student and that such balance will be due and payable at the time of withdrawal. Once a student has withdrawn from the college, refunds will be computed and credited by the College Business Office within thirty days of notification of withdrawal. No separate refund request is necessary. All refunds will be by check and mailed to the address on record. No refund will be made for amounts less than $5.00.
Attribution Student loans, scholarships, and grants will first be reviewed and attributed to the appropriate academic session. For example, the Federal Direct Program loans (Stafford, PLUS, etc.) are considered to be made in proportionate amounts corresponding to the number of academic sessions covered by the loan (typically two semesters). Any portion of such loans attributable to a session that the student did not attend must be returned to the appropriate program account. The student’s account will be adjusted accordingly. Refund Policy When a student withdraws from all classes during a semester, it is the College’s responsibility to determine the student’s withdrawal date for the purposes of the return of Title IV (federal) financial aid and the refund/cancellation of charges and non-federal financial assistance. Official Withdrawal For a student to be considered officially withdrawn, he/she must notify the college in writing or orally of his/her intent to withdraw by contacting the Office of Student Affairs. The withdrawal date is the date that the student notifies the Office of Student Affairs of his/her intent to withdraw and/or begins the withdrawal process by completing a withdrawal form. Unofficial Withdrawal If a student ceases attendance without providing official notification to the College, the withdrawal date will be the mid-point of the semester, except that the College may use as the withdrawal date the student’s last date of attendance at an academically-related activity, as documented by the College. Special Circumstances If the College determines that a student did not provide official notification because of illness, accident, grievous personal loss, or other such circumstances beyond the student’s control, the Dean of Students may determine a withdrawal date related to that circumstance. Return of Title IV (Federal) Financial Aid When a student withdraws during a semester, the amount of federal financial aid earned by the student is determined on a pro-rata basis. Once a student has completed 60% of the semester, he/she is considered to have earned all of his/her federal financial aid. If the student has completed less than 60% of the semester, he/she is considered to have earned an equal percentage of the aid originally scheduled to be received. (Federal Work Study funds are excluded from the return of Title IV funds requirements.) If a student has received excess funds, the College must return a portion of the excess equal to the lesser of: (A) the student’s institutional charges multiplied by the unearned percentage of funds, or (B) the entire amount of the excess funds. If the aid to be returned is in the form of a loan that has been released to the student (or parent) borrower, the student (or parent) can repay the loan in accordance with the terms of the promissory note over a period of time. If the aid to be returned is in the form of grant funds, the law provides that the student may repay 50 percent of the grant rather than 100 percent.
MONMOUTH COLLEGE ACADEMIC CATALOG
2014–2015