Friday, April 25, 2014
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Student Financial Aid

Tuition Refund for Withdrawal From All Courses Schedule

To view the refund schedule for dropping a course or withdrawing from all courses, click on the link below and then select the applicable term.
http://www.testudo.umd.edu/acad_deadlines/calendarlinks.html

Notes

  1. Students who have made no payment on their account at the time of withdrawal will be billed according to the above schedule.
  2. Students receiving Title IV funds will have their refunds calculated in accordance with Federal Regulations.
  3. In computing refunds to students who have scholarships and loans from University funds, the computation will be made in such a way as to return the maximum amount to the scholarship and loan accounts without loss to the University.
  4. Only amounts in excess of the non-refundable enrollment deposit will be refunded.
  5. Refund rates are based upon withdrawals confirmed by Records and Registration.


Return of Title IV Funds Policy

The Office of Student Financial Aid is required by federal regulations to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term.

The federal Title IV funds below must be recalculated in these situations. Refunds are allocated in the following order:

  • Unsubsidized Federal Direct Loan
  • Subsidized Federal Direct Loan
  • Federal Perkins Loan
  • Direct Federal PLUS Loan
  • Federal Pell grant, if applicable
  • Federal ACG grant, if applicable
  • Federal SMART grant, if applicable
  • Federal SEOG grant, if applicable

Recalculation is based on the percentage of earned aid using the following formula:

Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:

Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.

If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal. The institution must return the amount of Title IV funds for which it is responsible no later than 30 days after the date of the determination of the date of the student's withdrawal.


Loan Exit Counseling Requirement

Federal regulations require that you complete an exit counseling session for your Federal Stafford Loan (subsidized or unsubsidized), Direct Subsidized and Unsubsidized Loans, and Perkins Loans before you:

  • withdraw
  • graduate
  • drop below half-time attendance
  • transfer to another school

Exit counseling session will provide information about how to manage your student loans after college.

For your Federal Stafford Loan (subsidized or unsubsidized) and Direct Subsidized and Unsubsidized Loans

For your Perkins Loan