Refund Policy 07-08

If a student withdraws or is suspended or expelled from Albion College during a semester, then the student may be eligible for a refund of a portion of the tuition, fees, room and board paid to Albion College for that semester. If the student received financial assistance from outside of the family, then a portion of the refund will be returned to the grant, scholarship or loan source from which that assistance was received.

If a student plans to withdraw, then the student should complete the Mid-Semester Withdrawal Notification Form, available from the Student Affairs Office, to begin the withdrawal process. This procedure will enable Albion College to refund the maximum possible institutional charges.

Two formulas exist for determining the amount of the credit: Albion's refund policy and a federal formula (Return of Title IV Aid) derived from the 1998 reauthorization of the Higher Education Act. The federal formula is applicable to any student receiving federal aid other than Federal Work-Study if that student withdraws on or before completing 60 percent of the semester. These students may also receive a refund of non-federal aid through Albion's refund policy. Students not receiving federal aid will have their refund calculated using only Albion's refund policy.

Albion's refund policy is as follows: Students who withdraw from Albion College may receive a pro-rated refund of tuition and board fees, according to the following schedule:

Week

Institutional Refund

Week

Institutional Refund

1 75% tuition/pb* 7-14 Pro-rated board
2-6 40% tuition/pb* 15-16 No refund

*Pb=pro-rated board fees

The federal formula provides for a return of Title IV aid if the student received federal financial assistance in the form of a Pell Grant, Supplemental Educational Opportunity Grant, Perkins Loan, Federal Family Educational Loan Program or PLUS loan and withdrew on or before completing 60 percent of the semester. The percentage of the return is equal to the number of calendar days remaining in the semester divided by the total number of calendar days in the semester. Scheduled vacation periods of more than four days are excluded.

If any refund remains after the return of Title IV aid, the refund will be used to repay Albion College funds, state funds, other private sources and the student in proportion to the amount received from each non-federal source if there was no unpaid balance due at the time of withdrawal. If there was an unpaid balance, then all aid sources will be repaid before any money is paid to the student.

If funds were released to a student because of a credit balance on the student's account, then the student may be required to repay some of the federal grants or loans released to the student.

Students who have questions about the refund policy should contact the Financial Aid Office.