Credit Balance Refunds
Refunds from student accounts will be made only upon the student's request, and all charges and payments have been received and posted to the account.
If you have budgeted for a refund to cover books and/or other expenses, refunds will be available as soon as there is an actual overpayment on your account.
Students may request refunds either by coming to the Accounting Office or sending an e-mail request to . E-mails should include your name, student ID number and a simple statement requesting a refund.
The quickest way to receive your refund is to set up an eRefund profile on the eBill system. Step-by-step instructions are located here: http://www.albion.edu/finadmin/accounting/ebill/e-refund. Once set-up, your refund request when processed will be automatically transferred to your bank account within 48 hours. (Please note that it can initially take 3-5 days to verify your bank account information so it is important to have your profile set up in advance of your request).
If you do not have an eRefund profile set up, a hard copy check will be available for you to pick up. Requests must be made by Tuesday at 4 p.m. in order to receive a check on Friday of that week. You must pick up checks in person at the Accounting Office after 10 a.m. and you will need to present your student ID.
Keep in mind that if you contract with SallieMae Tuition Payment Plan and you have a credit balance on your account, you are not eligible for a refund until the SallieMae contract is complete. (Please see the section on SallieMae for further information.)
Please do not attempt to use Albion College as a bank and make periodic "withdrawals" against credit balances throughout the semester. When refunds are requested the total amount of the credit balance will be refunded (unless amounts are to be applied to future charges).
General Deposit Refunds
General deposit refunds are made net of deductions for unpaid College charges (including any withdrawal fees) within 45 days of the end of the semester.
An "intent to withdraw" notification form (available in the Student Affairs Office) should be submitted to the Student Affairs Office on the second floor of the Ferguson Student, Technology and Administrative Services Building. Submission of the form will constitute a student's notification of his/her intent to withdraw from the College at end of the semester in session. There is a $100.00 fee associated with withdrawing provided the "intent to withdraw" notification is submitted by October 15 in the first semester or March 15 in the second semester. Submissions after these dates will be charged a $150.00 withdrawal fee. If a student's plans change and he/she wants to return to the College after submitting the "intent to withdraw" notification, it may be necessary for the student to apply for readmission at that time.
A student who completes his/her degree will receive a refund of the general deposit less any remaining College charges (e.g., room damages, loss of keys, health services charges, parking fines, non-return of library books or althetics equipment).
Refunds to Students Transferring/Withdrawing
Students who withdraw from Albion College (either before, during or after a semester) are subject to the terms of the Albion College refund policy. Depending on the date and circumstances of a student's withdrawal from the College, a refund may be in the form of pro-rated charges and credits, rather than a cash payment to the student. Appeals by those students who feel that individual circumstances warrant exceptions from the established policy should be made in writing to the vice president for student affairs. Both voluntary and involuntary withdrawals are subject to the refund policy.
It should be noted that students who have enrolled under a deferred payment agreement are bound to fulfill the terms of that agreement even though they may withdraw from the College prior to the close or at the end of a semester.
The refund policy is described below:
If a student withdraws, is suspended, or is expelled from Albion College, then the student may be eligible for a refund of a portion of the amounts 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 will be withdrawing, then the student should visit the Student Affairs Office and complete a form entitled "Student Withdrawal Form" 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 refund: Albion's Refund Policy and the federal "Return of Title IV Aid" formula derived from the 10/7/98 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 the 60% point in the semester. These students may also receive a refund of non-federal sources 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 will receive a pro-rated refund of educational fees and board fees, according to the following schedule: (These rates were changed effective July 1, 2014.)
|During 1st week 90% Tuition/Pro-rated board
||During 9th week Pro-rated board
|During 2nd week 75% Tuition/Pro-rated board
||During 10th week Pro-rated board
|During 3rd week 60% Tuition/Pro-rated board
||During 11th week Pro-rated board
|During 4th week 40% Tuition/Pro-rated board
||During 12th week Pro-rated board
|During 5th week 40% Tuition/Pro-rated board
||During 13th week Pro-rated board
|During 6th week 40% Tuition/Pro-rated board
||During 14th week Pro-rated board
|During 7th week Pro-rated board
||During 15th week No Refund
|During 8th week Pro-rated board
||During 16th week No Refund
The federal formula provides 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% of the semester. The percentage of the return is equal to the number of calendar days remaining in the semester divided by the 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 fund 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.
Worksheets used to determine the amount of refund or Return of Title IV aid are available upon request from the Financial Aid Office.
Frequently Asked Questions
Where do I locate my 1098T form?
Students can access their 1098T forms through ACIS. They will need their Student ID number and PIN to Log In. Once you have logged in you will click on Student Information, click on Student Records, click on Tax Notification, enter Tax Year, click Submit. You should then be able to print the 1098T for your records.
Why are my Stafford Loan funds not showing as a credit on my bill?
Stafford Loans will appear on the bill when the funds are received from your lender provided you have submitted your green Student Loan Acceptance Form. If you are a freshman, you will receive a pre-printed Stafford Loan Master Promissory Note in the mail that will need to be filled out and returned to your lender before funds will be disbursed to your account. You should deduct approximately three percent (3%) for the loan fees that the government will withhold and the difference should show as a credit on your account when the semester begins. PLEASE NOTE: Loan funds cannot be disbursed to your account prior to ten days before the start of school.
Why are my Perkins Loan funds not showing as a credit on my bill?
If you have received a financial aid award letter which confirms your eligibility for a Perkins Loan, you will be sent a Promissory Note in the mail. Once you have signed the note and returned it to the Financial Aid Office, the full amount will then be applied to your balance due.
Why are my Federal Work Study Funds not showing as a credit on my bill?
Work Study earnings are intended to provide you with a resource to help with your everyday living expenses while you are on campus. As a result, the Work Study funds will not show as a credit on your account. You will receive a monthly paycheck for the hours that you work. This amount may be used to make payments on a deferred agreement.
Why are the scholarships that I am receiving from local agencies in my hometown not showing as a credit on my bill?
External Scholarships will credit to your account when the funds are received from the agency that administers the award. It is our policy to credit one half of the annual amount to each semester to avoid creating problems with the federal or state aid.
Why is my Michigan Competitive Scholarship/Tuition Grant not showing as a credit on my bill?
The grants from the State of Michigan will appear as a credit when the college receives notification from the State that the student's award has been approved for Albion College. If you have recently made arrangements to transfer an award from another college, or if you were a late applicant, you will receive a revised bill when we receive approval for your award from the State. Questions regarding your grants from the State of Michigan can be answered by calling the Office of Scholarships and Grants in Lansing at 1-888-4GRANTS (1-888-447-2687)
Why are my Albion College Grants not showing as a credit on my bill?
Albion College Grants should appear as a credit if a student's financial aid file is complete. If these grants are not showing as a credit, please contact the Office of Financial Aid for assistance.
Why is my Michigan Education Trust (MET) contract not showing as a credit on my bill?
The amount you specify or the amount set by financial aid will appear as a credit when the funds are received from the State. Albion College receives a roster from the State outlining those students that indicated Albion College as their school of choice. Provided that the appropriate steps were taken to indicate that Albion is the school of choice, the student will appear on the roster. Albion College will invoice the MET for the specified amount. Please note that a final roster isn't received until mid-August. Please visit the MET Web site for the specifics on what to do to have Albion College receive your funds.
How is my HigherOne Monthly Payament Plan (Formerly SallieMae) contract applied to my bill?
When you contract with HigherOne you contract with them for the year. Since the College is only billing for one semester, we will split your HigherOne contract in half and apply that as a direct credit to the account. For example, if you contracted with HigherOne for $10,000 for the year, you will see a credit on this semester's bill for $5,000. You would then expect the same credit for the second semester bill.
e-Bill is Albion College's official method for sending student account notifications, replacing paper statements (or bills). Periodically, the Accounting Office will post new account activity to the student's secure online account. When new balances are due, students and their designated authorized users receive email notification and can go online to view the current activity and make payment.
e-Bill offers a number of exciting features for students and their authorized account users, including:
Online Term Detail
Students and the users they authorize are able to login to e-Bill and view current and previous student account detail. Users are able to review current charges, fees, payments and any applicable credits on their student account.
Albion College's e-Bill system allows students and authorized users to make payments using e-Check. e-Check allows users to pay online without using a bank or credit card. Instead, users using their checking account to make payments online - eliminating the need for stamps and envelopes
Students can enroll online to receive their student refunds directly deposited into their bank checking or savings account. No need to wait in lines to deposit a paper check. Students will receive email notification when their e-Refund has been processed and will know when their e-Refund will be deposited into their account.