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.
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.