Billing Policy for Withdrawn Students
If you withdraw prior to the start of a semester, or before the end of the first week of a semester, you are eligible for a 100% tuition and fee refund.
If you withdraw after the start of the second week of a semester, you are eligible for a refund of tuition and fees based on the following schedule (assuming a 16-week semester):
- If you withdraw before the end of week two, you will receive an 80% refund.
- If you withdraw before the end of week three, you will receive a 60% refund.
- If you withdraw before the end of week four, you will receive a 50% refund.
- If you withdraw from a class after week four, there will be no refund.
Board charges are refundable based on the number of weeks that food service has been provided. Room charges are refundable as follows:
- 100 percent refundable up to two weeks prior to the start of the semester
- 100 percent refundable (minus the residence deposit) after the two week deadline, but prior to the start of the semester.
- 80 percent refundable after the start of the semester but before the end of the second week of the semester
- No refund after the end of the second week of the semester
Financial Aid Policy for Withdrawn Students
If you receive any Federal Financial Aid* and withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a semester, you will have your financial aid recalculated based on the "Return of Title IV Aid" formula derived from the 1998 Reauthorization of Higher Education Act. There are no refunds for any withdrawals after the 60% point in a semester.
Federal Financial Aid is returned to the federal government based on the percent of unearned aid using the following formula:
Percent earned = Number of completed days up to the withdrawal date** divided by the total days in the semester
Aid to be returned = (100%-percent earned) x (the amount of aid to be disbursed).
When aid is returned, you may owe an outstanding balance to the university. You should contact Student Administrative Services at (773) 244-5560 or (773) 244-5605 to make payment arrangements.
* Federal Financial Aid includes and is returned in the following order: Unsubsidized Stafford Loan, Subsidized Stafford Loan, Perkins Loan, PLUS Loans, Pell, SEOG.
** Withdrawal date is defined as the actual date that you began the institution's withdrawal process, your last date of recorded attendance, or the midpoint of the semester if you leave without notifying the institution.
Dropping Quad Classes
Effective July 1, 2011, the US Department of Education instituted new regulations that govern the Return of Title IV Funds (R2T4) calculation for students enrolled in modular courses. Modular courses are courses that do not span the entire semester. For example, any course in Quad A or Quad B is considered a modular course. Title IV aid includes federal Stafford Loans, (and Pell for undergraduate students in the School of Adult Learning). Many students use these awards to help fund their education. The new regulation only affects students who drop or withdraw from courses they were scheduled to complete.
The return of funds is based upon the premise that students earn their financial aid in proportion to the amount of time they are enrolled. A pro-rated schedule is used to determine the amount of federal student aid funds a student has earned at the time of the withdrawal. Thus, a student who withdraws in the second week of classes has earned less of his/her financial aid than a student who withdraws in the fifth week. Once 60% of the semester is completed, a student is considered to have earned all of his/her financial aid and will not be required to return any funds. If you drop courses prior to the 60% mark of the semester, you are subject to the R2T4 calculation and, if loans or Pell were disbursed for the semester, and you withdraw from classes it is possible that you have not “earned” the amount of funds you have received, and we will need to return those funds.
Because each student’s situation is unique, we urge you to contact Annette Miley in the financial aid office if you (a) access Stafford loans and/or Pell grants and (b) are considering dropping a course(s) prior to the 60% mark of the semester.