A refund is the amount of money that the college will credit to a student account and/or to a financial aid program account when the student leaves school before completing a period of enrollment. No refund of tuition is made to a student who simply drops a course. Refunds may or may not result in a student account credit that would lead to an eventual disbursement of cash to a student. Students who withdraw from the college are subject to adjustments in their financial aid. Students are cautioned that withdrawal from the college may result in a larger balance due from the student and that such balance will be due and payable at the time of withdrawal.
Once a student has withdrawn from the college, refunds will be computed and credited by the College Business Office within thirty days of notification of withdrawal. No separate refund request is necessary. All refunds will be by check and mailed to the address on record. No refund will be made for amounts less than $5.00.
Student loans, scholarships, and grants will first be reviewed and attributed to the appropriate academic session. For example, the Federal Direct Program loans (Stafford, PLUS, etc.) are considered to be made in proportionate amounts corresponding to the number of academic sessions covered by the loan (typically two semesters). Any portion of such loans attributable to a session that the student did not attend must be returned to the appropriate program account. The student’s account will be adjusted accordingly.
The Withdrawal Policy dictates the official withdrawal date used to determine refunds of assistance and cancellations of charges.
Return of Title IV (Federal) Financial Aid
When a student withdraws during a semester, the amount of federal financial aid earned by the student is determined on a pro-rata basis. Once a student has completed 60% of the semester, he/she is considered to have earned all of his/her federal financial aid. If the student has completed less than 60% of the semester, he/she is considered to have earned an equal percentage of the aid originally scheduled to be received. (Federal Work Study funds are excluded from the return of Title IV funds requirements.)
If a student has received excess funds, the College must return a portion of the excess equal to the lesser of:
- the student's institutional charges multiplied by the unearned percentage of funds, or
- the entire amount of the excess funds.
If the aid to be returned is in the form of a loan that has been released to the student (or parent) borrower, the student (or parent) can repay the loan in accordance with the terms of the promissory note over a period of time.
If the aid to be returned is in the form of grant funds, the law provides that the student may repay 50 percent of the grant rather than 100 percent.
The Title IV funds must be credited to outstanding loan balances or to any amount awarded for the semester in which a return of funds is required in the following order:
- Unsubsidized Direct Stafford Loans
- Subsidized Direct Stafford Loans
- Federal Perkins Loans
- Federal Parent PLUS Loans received on behalf of the student
- Federal Pell Grants
- Federal SEOG Grants
- Federal TEACH Grants
- Iraq and Afghanistan Service Grant
Refund of Charges
A student who withdraws prior to completing 60% of the semester is entitled to a pro-rata cancellation of that semester's direct costs for tuition, room and board. Indirect costs such as parking permits, insurance, books, class fees, etc., will not be pro-rated. After completion of 60% of the semester, there is no refund of charges.
A student who withdraws prior to the last day to add or drop a course without a fee of any semester, is not considered to have been enrolled for that semester and is therefore entitled to a 100% cancellation of charges. If a student remains on campus beyond his/her withdrawal date, he/she will be assessed room and meal costs based on actual period of residency on campus.
Program fees, housing fees and all other fees assessed to a student's account to cover additional charges by a host institution for an off-campus program will be refunded in accordance with refunds made by the host institution.
Any special travel arrangements or incidental costs due to a program cancellation will be at the student's own expense. Monmouth College may require students to return from an off-campus program at any time, regardless of whether its sponsor or host institution has officially cancelled a program.
Refund of Funds from the Illinois Student Assistance Commission Monetary Award Program (MAP)
Per the rules of the Illinois Student Assistance Commission, if a MAP recipient withdraws after the end of the second week of the semester, the student may receive MAP grant payment for costs incurred up to the semester award provided the college's tuition refund policy indicates that the student has incurred charges in the amount of the claim.
Refund of Institutional Financial Aid
Institutional financial aid may consist of Monmouth Grant, Monmouth Scholarships and Monmouth Loans. The refund/cancellation of institutional financial aid follows the pro-rata policy for the cancellation of institutional charges. When a student withdraws prior to completing 60% of a semester, a pro-rated portion of his/her institutional financial aid will be returned to the program(s) from which the student received funds. After completing 60% of the semester, there is no cancellation of financial aid.
A student who withdraws prior to the last day to add or drop a course without a fee of any semester is not considered to have been enrolled for that semester and therefore 100% of the student's assistance for the semester will be cancelled.
Refund of Private Scholarships, Grants and Loans
Unless otherwise requested by the donor or a private scholarship or grant award, the funds will be retained to cover the costs incurred by the student. Excess funds will be returned to the donor. Private/alternative loans will be the last item retained to cover the costs incurred by the student. Excess loans proceeds will be returned to the lender.
In summary, the financial assistance a student is entitled to retain from each source (federal, state, institutional & private) will be calculated and kept in the order described below up to the total costs incurred by the student. When the total assistance a student is entitled to retain is less than the costs incurred, the student will be billed for the difference.
- Private grants/scholarships/loan
- Iraq and Afghanistan Service Grant
- Federal TEACH Grant
- Federal SEOG grant
- Federal Pell Grants
- Illinois MAP Grants
- Illinois Scholarships
- Monmouth College Grants/Scholarships
- Illinois Teacher Scholarships with service requirements
- Federal PLUS Loan
- Federal Perkins Loan
- Federal Direct Subsidized Stafford Loan
- Federal Direct Unsubsidized Stafford Loan
Loan Exit Interview Required
Perkins Loan and Stafford Loan borrowers are required to have an exit interview with the Office of Financial Aid before leaving campus to ensure that they fully understand their commitments and obligations under this federally-funded program.
An appeal process exists for students or parents who believe that individual circumstances warrant exception from published College charges and refund policies. Persons wishing to appeal for special consideration should address such an appeal in writing to the Vice President for Finance and Business at Monmouth College.