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Title: Approved Refund Schedule
Subject: Bursar
Policy No: FIN: 2016:07
Applies: University-Wide
Issuing Authority: President
Responsible Officer: Senior Vice President for Finance and CFO
Adopted: 04/25/2016
Last Revision: 10/31/16
Last Reviewed: 10/31/16

 

I.  PURPOSE

The purpose of this policy is to set forth the proper accounting for and control of the University Refund Schedule.

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  1. The University Bursar and Assistant Bursar are responsible for setting up, testing, and managing the University's Fee Assessment process, which drives the assessment of all charges on the student account.
      
  2. The proration of fees for meal plans are handled manually by the Meal Plan Program Assistant in the Bursar's Office.
      
  3. The proration of fees for room assignments are handled manually by the Director of Housing Administrative Services and Assignments under the Assistant VP for Residential Learning and University Housing.
      
  4. REFUND SCHEDULERefund Schedule
    1. Part-Time students
      1. Refunds will be processed only for drops occurring on or before the last day of Drop/Add Registration.
      2. No refunds will be processed for withdrawals beyond that date.
    2. Full-Time students
      1. Refunds will be processed only for students who officially withdrawals from all courses on or before the last day of Drop/Add Registration.
      2. No refunds will be processed for withdrawals beyond that date.
    3. Financial Aid students
      1. Refunds of Federal Financial Aid are processed in accordance with federal guidelines:
        • Withdrawal before end of Drop/Add Registration = 100% Refund
        • Withdrawal after Drop/Add Registration = No Refund
    4. Room and Board
      1. Refunds for residence halls and for meal plans will be calculated immediately following the date of the student's official withdrawal.
        • Refunds for rooms shall be pro-rated on a weekly basis until the end of the fifth week of the semester, at which point there will be no refund for the remaining weeks of the term.
        • Refunds for Board shall be pro-rated on a weekly basis until the end of the third week of the semester, at which point there will be no refund for the remaining weeks of the term.

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