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General Information for Liberal Arts and Sciences
48
Finances and Financial Aid on a daily basis. For example, if a student is receiving $1,500 in financial aid for the fall semester and withdraws on the 15th day of a semester that is 100 days in length, the student is eligible to keep $225.00 of their financial aid (15/100 = .15 x $1,500 = $225.00). There is no correlation between the amount of financial aid a student can retain and the amount the student is charged for tuition, fees, room and board.
Because financial aid is disbursed after the add/drop period, most refunds are not available until mid-October for the fall semester and late February for the spring semester.
Tuition Insurance
After the add/drop period, you are liable for the cost of courses from which the student withdraws.
Emmanuel College offers tuition insurance through Sallie Mae Insurance Services to help protect your investment if the student is unable to complete classes for the academic term due to physical or mental illness, injury or death. Students have the option of purchasing varying amounts of tuition insurance based on the needs of the student and family. Participation in the tuition insurance is optional and is not administered by Emmanuel College. The College’s withdrawal policy (please see page 47 for more information) is applicable whether or not you enroll in the tuition insurance plan. If you have questions regarding the plan or would like to apply, please contact Sallie Mae Insurance Services at (877) 445-0264 or visit www.salliemaeinsurance.com/schools.
Refund Process If students have a credit on their account after paying their bill, they may: • Reduce their loan by the amount of the credit • Leave the credit on the account and have it applied toward the next semester’s balance • Request a refund in the OSFS, on the Emmanuel website, or through MySaints. Students who request their refund through MySaints may request to have the funds directly deposited into their bank account Emmanuel College
Students who borrowed loan funds to pay for books or housing should be prepared to purchase books and pay rent for September and October in the fall semester and January and February in the spring semester.
Delinquent Accounts The payment of tuition and fees is the student’s responsibility. Accounts may be charged a $100 late fee if the balance is not resolved by the bill due date. In addition to being charged a late fee, if payment is not received in a timely manner: • The account will become delinquent and a financial hold will be placed on the student’s account • The student will be unable to participate in course registration, room selection or graduation • The College will withhold student’s diploma and academic transcript • The account will be referred to a collection agency and the student will be responsible for the costs incurred with the collection effort. Once an account is referred to an outside agency, all inquiries and payments are made to the collection agency. All charges are subject to change at the discretion of the College whenever it is deemed necessary. The College reserves the right to withhold all or part of its services to students whose accounts are not paid in full or whose deferred payment plan is in a past due or delinquent status.