Tuition Insurance Refund Plan I
Refunds and Repayments I Return_of_Funds
Tuition Insurance Refund Plan
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The Tuition Insurance Refund Plan is designed to alleviate if not eliminate financial loss in the case of an accident or illness that renders a student unable to complete the current term, which may result in both time invested in studies and the costs of tuition. The Tuition Insurance Refund Plan provides coverage for tuition, activity fee, and room and board charges, if applicable.
A.W.G. Dewar, Inc. offers this Plan, underwritten by One Beacon Insurance Company. The 2013-2014 academic year cost is $220 per term ($55 per month) for campus residents and $182 per term ($45.50 per month) for students living off campus.
This plan significantly extends and enhances the College's published refund policy, which is outlined below. The student is assured up to a 100% refund throughout the term, even after the College policy has expired. This is especially beneficial when a student is forced to withdraw and then return for a later term. In effect, the student does not have to pay to repeat lost educational credits. The chart below illustrates how the Tuition Refund Plan complements our refund schedule for tuition costs.
|Withdrawal Occurring During
||St. Norbert College Refunds
||The T.R.P. Refunds
|Note: For psychological withdrawals, the T.R.P. pays up to 60% of costs insured.
Refunds and Repayments
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In the event that a student withdraws from the College prior to completion of a term that has commenced, the student may request a refund of unused expenses. Financial credit for making a full withdrawal from the College will be considered only after the following steps have been completed:
The Office of the Registrar is contacted by the student and ONLY the student.
Mere cessation of attendance or departure from the College does not constitute withdrawal.
Refunds will only be granted to students that absolutely withdraw from the College.
A student will receive no refund by dropping a class after the add/drop period has passed. This includes dropping from 4 classes to 3 classes, from full-time to part-time status, or from 2 classes to 1 class. There is no financial benefit granted to students for dropping one class after the add/drop period.
St. Norbert College calculates refunds based upon the rules and regulations established by the United States Department of Education. Generally, refunds are calculated and distributed within 30 days from the notification of withdrawal. The information below outlines the terminology and process throughout the refund procedures.
||Unearned amount of institutional charges that must be returned to an aid source or the student.
||Unearned amount of a direct disbursement to the student that the student must pay back to the College.
||Required charges for which the College has direct control. Institutional charges include the actual charges for tuition, fees, on-campus room and utilities, and on-campus board plans.
||Educationally related expenses that are not required to be paid directly to the College. Non-institutional charges include off-campus room and board, transportation, and child care which would be prorated based on the budgeted amount and number of weeks enrolled in the term. Book and supply costs are also considered non-institutional charges since a student is not required to purchase his or her books from the College. If a student withdraws in the first week of a term, 25% of the budgeted book and supply amount is considered to be used. If withdrawal is after the first week, then 100% of the budgeted amount is considered used.
||The amount of pre-withdrawal institutional charges not covered by student/parent payments or aid funds that have been applied to the account.
||Funds from the student and/or parent applied to the student's bill. These funds may have been received in the form of cash, check, approved direct credit of the student's employment pay, carry forward of a credit balance for which the student or parent granted permission for the carry forward, or prior unused deposits credited to the student's account.
Credit Balance Distributed to Student
||Any credit balance from aid distributed to a student is from the aid source last credited to the student's account. If more than one type of aid was credited to the student's account on the same day, the aid is considered to be credited in the following order: federal gift aid, federal loans, state gift aid, private aid sources, and then institutional aid sources. This order may be circumvented if an aid fund is specifically designated for tuition purposes. In the case of an overpayment (credit balance), students will be notified as to the overpayment. Students are then asked to clarify as to whether they would like the overpayment refunded or applied to ensuing semesters. Please note that the credit balance must actually exist on the student's account before any such refund will be issued. Additionally, credit balances under $5.00 are nonrefundable.
|Academic Year Tuition
||100% before class begins
90% withdrawal within 0-2 weeks
50% withdrawal within 3-4 weeks
25% withdrawal within 5-8 weeks
0 withdrawal after 8th week
J-Term and 3-Week Summer Session Tuition
||100% withdrawal by close of business on the second class day
50% withdrawal by close of business on the fifth class day
0% withdrawal after close of business on the fifth class day
5-Week Summer Session Tuition
||100% before class begins
75% withdrawal by close of business on the fifth class day
50% withdrawal after close of business on the tenth class day
0% withdrawal after close of business on the tenth class day
Academic Year Room
||90% withdrawal within 1st week
80% withdrawal within 2nd week
60% withdrawal within 3rd week
40% withdrawal within 4th week
20% withdrawal within 5th week
0 withdrawal after 5th week
||Prorated based on number of weeks and amount of flexible meal dollars already used. Students who feel that individual circumstances warrant exceptions from the above policy may contact the Bursar.
Return of Non-Title IV Funds:
Return of Non-Title IV funds is based on the following Academic Year Tuition Refund percentages:
• 100% before class begins
• 90% withdrawal within 0-2 weeks
• 50% withdrawal within 3-4 weeks
• 25% withdrawal within 5-8 weeks
• 0 withdrawal after 8th week
Return of Title IV Funds
According to federal regulations, if a student who receives federal financial aid leaves the College during a semester, those federal Title IV financial aid funds may have to be adjusted and, in some instances, repaid to federal sources. This applies to students who complete 60% or less of a semester for which federal aid has been awarded.
The amount of federal aid that a student earns is determined on a pro-rated basis. For instance, if a student completes 30% of calendar days in the semester, that student earns 30% of the federal aid he or she was awarded for that semester. Once a student has completed more than 60% of the calendar days in the semester, all of the federal aid awarded to the student for that semester has been earned.
If the student, the parent on the student’s behalf, or St. Norbert College received unearned Title IV financial aid that must be returned, the school must repay to federal sources a portion of those funds equal to the lesser of either:
• The institutional charges multiplied by the unearned percentage of the student’s federal financial aid funds
• The entire amount of unearned funds
Unearned Title IV financial aid will be returned in the following order:
• Unsubsidized Federal Direct Stafford Loan
• Subsidized Federal Direct Stafford Loan
• Federal Perkins Loan
• Federal Graduate PLUS Loan
• Federal Parent PLUS Loan
• Federal Pell Grant
• Academic Competitiveness Grant (ACG)
• National SMART Grant
• Federal SEOG
• TEACH Grant
• Iraq Afghanistan Service Grant
St. Norbert College must return the calculated unearned amount of federal Title IV financial aid funds on your behalf whether or not the Title IV funds were used to pay your tuition and fees. The College then charges you for the amount required to be returned.
The Federal Refund Policy is comprehensive; this is intended to be an overview of the policies and procedures that govern regulations pertaining to Title IV Refund. For further guidance on Title IV Refunds (R2T4) policies and procedures please see the reference material found in Volume 5 of the Federal Student Aid Handbook under Withdrawals.