REFUND AND REPAYMENT POLICY
In accordance with College policy and Federal regulations governing Title IV financial aid programs, the Office of Financial Aid will determine whether total or partial refund/repayment of financial aid funds may be due when a student withdraws from the College or when there is a change in the student‘s financial aid eligibility.
This policy does not apply to instances where a student withdraws from some classes but continues to be enrolled at the College.
A refund is defined in relationship to money paid toward College charges. The refund is the amount paid by financial aid or in cash minus any amount that is kept to cover charges for the period of enrollment. The amount that the College retains is calculated according to the College‘s Refund Policy.
The term repayment relates to any cash disbursed directly to the student for payment of non-institution educational costs such as living expenses. The repayment is the amount of cash disbursements determined to be greater than the student‘s expenses while he/she was enrolled and therefore must be returned to federal/state agencies.
Upon official withdrawal, the College refund policy allows for refundable charges to be adjusted, less a $100 administrative fee, according to the following formula up to the time that 60 percent of the semester has passed:
|Pro-rata Refund =||Total number of days completed|
Total number of days in semester
Students are not eligible for refunds after 60 percent of the semester has passed.
Special Note: If a student withdraws prior to the first day of class, a 100% refund will be granted.
The date used to calculate the student‘s refund or repayment is the effective date reflected on the official College withdrawal form. If a student does not officially withdraw from the College, an effort will be made to determine the last date on which he/she had no intention of returning to class. The official withdrawal date will be fixed on the basis of that determination.
A student shall reserve the right to appeal any determination(s) made by the College. The final determination shall be made by the President upon the recommendation of the Vice President for Business and Finance, in collaboration with appropriate officers of the College.
Financial Aid that must be refunded or repaid will be distributed among the various financial aid programs and returned to the programs from which they were received in the following order:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Unsubsidized Federal Direct Stafford Loans
- Subsidized Federal Direct Stafford Loans
- Federal Plus Loans
- Direct Plus Loans
- Federal Direct Loans
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grant Program
- Institutional Aid
- The Student
Lane College has partnered with BankMobile to deliver your financial aid refund. For more information about BankMobile, visit this link: http://bankmobiledisbursements.com/refundchoices/.
To view our institution’s contract with BankMobile, a Division of Customers Bank, click here.