Withdrawing From the University
If you withdraw from the University of Mary, your outstanding loans will immediately go into repayment or the countdown on your grace period will begin. You may be required to repay a portion of the financial aid already disbursed to you. The amount of aid that you are eligible to keep or receive will be determined by federal regulations. A copy of the University of Mary’s policy regarding financial aid for withdrawing students can be obtained in the Financial Assistance Office.
Return of Title IV Assistance
A student who has received financial assistance funds and who withdraws, is dismissed, or expelled, may need to repay some or all of the award funds that they have received. The amount of Title IV assistance earned is calculated based on the number of days completed in the enrollment period. The percentage is then applied to the assistance received to determine the amount of aid earned. The amount is then subtracted from the total amount of Title IV assistance received and the difference must be returned to the appropriate financial programs. A student who withdraws after the 60 percent point in the semester is considered to have earned 100 percent of their Title IV assistance and no return of funds is required.
Treatment of Aid and Refunds When a Student Withdraws
Federal regulation specifies how the University of Mary must determine the amount of federal aid that a student earns if they withdraw from school. Both federal and state programs apply to these regulations.
When a student withdraws during a payment period, the amount of assistance they earn is determined by a specific formula. If a student receives (or the parent or university receives on the student’s behalf) less assistance than the amount earned, a post-withdrawal disbursement might be due to the student. If more assistance is received than what the formula determines is earned, then the excess funds must be returned by the student.
The amount of assistance that a student earns is determined on a pro-rata basis. Once a student has completed at least 60 percent of the payment period, then all the assistance received is considered earned and no return of funds is required. All institutional assistance is also prorated on the same basis.
If a student does not receive all of the funds that they earned, they may be due a post-withdrawal disbursement. If the post-withdrawal disbursement includes loan funds, the student may choose to decline the loan funds so that they don’t incur additional debt. The University of Mary will use all or a portion of the student’s post-withdrawal disbursement to cover tuition, fees, room, board or other charges.
If a student receives excess funds that must be returned, the University of Mary will return the entire amount of the excess funds. Regardless of the determination of the Return of Title IV calculations, the student may still have an unpaid account balance for institutional charges for which they will be responsible. The Student Account Office policy reflects the requirements for the federal and state programs. All tuition, fees and other charges will be prorated in the same manner.
Any questions regarding the University of Mary’s refund policy or federal requirements can be directed to the Financial Assistance Office at 701-255-7500.
