Historically, Erskine College has followed the guidelines for refunding Federal (Title IV) funds when refunding tuition and institutional financial aid funds for students withdrawing from school. Beginning with the 2000 fall semester, the Federal guidelines will go to a prorated basis instead of a percentage basis. An example of the refund calculation is available upon request.
Return of Title IV Funds Federal Policy
The Return of Title IV Funds policy assumes that a student earns his or her federal aid based on the period of time he or she remains enrolled. During the first 60% period, a student “earns” Title IV funds in direct proportion to the length of time he or she remains enrolled. Unearned Title IV aid is the amount of disbursed Title IV aid that exceeds the amount of Title IV aid earned under the new formula. Unearned Title IV funds must be returned to the Department of Education according to the new Return of Title IV funds policy. A student who remains enrolled beyond the 60% point earns all aid for the period. No Federal Title IV aid will be returned when a student remains enrolled beyond the 60% period. An example of the new federal refund calculation is available upon request.
Return of Institutional Funds Refund Policy
The Financial Aid Office will follow the Federal policy for the return of institutional funds. The Institutional Policy would assume that a student also earns his or her institutional aid based on the period of time he or she remains enrolled. For example, if a student withdraws from school at the 30% point, the student would have earned 30% of his or her institutional financial aid for the period. Therefore, the student would have unearned institutional aid of 70% and that 70% would be returned to the scholarship and financial aid budget.
Policy for Tuition Refunds
Tuition and board will be refunded on a pro rata basis for the time in attendance up to a maximum of 60%. Money to be returned will be allocated in the following priority: FEEL programs, Direct Loans, Perkins, Pell, SEOG, other Title IV programs, State programs, institutional funds and direct student payments.
No fees are refundable regardless of the cause of withdrawal. No refund will be made for room rent if the room is occupied for one day.
No refund for tuition, room and fees will be made to the student who is asked to withdraw for academic or disciplinary reasons. Board refund will be determined on a pro rata basis for the time in attendance.
Refunds for meals missed as a result of required work, including off-campus internships, teacher education, and other extended time periods, will be at the rate of the refund allowed by ARAMARK Campus Dining Services. Short-term field trips, etc., will not qualify for refund. No refund of room rent will be made.
Title IV refunds will be allocated in the following priority: FEEL programs, Direct Loans, Perkins, Pell, SEOG, other Title IV programs, and to the student. Money to be returned to the institutional programs will be allocated back to each fund on an equal percentage basis.