Financial Aid Refund Policy
If a student receiving financial aid withdraws from school on or after the first day of the quarter, Student Financial Services is required to calculate the amount of aid the student was eligible for but did not earn. That amount must be returned to its original source(s). Such refunds are calculated and coordinated on the basis of this policy. The student's withdrawal date and other individual circumstances are factored into the refund calculation.
This policy is fair and equitable, reflects the standards of Walla Walla University's accrediting agency (the Northwest Association of Schools and Colleges), and complies with the requirements of federal and state law.
FEDERAL/STATE FINANCIAL AID REFUNDS
Student Financial Services calculates federal and state financial aid refunds according to the Federal Financial Aid Refund Policy. Those policies appear in the Federal Student Aid Handbook or the State Student Aid Handbook on file at Student Financial Services. Copies of the policy are available online.
DETERMINING STUDENT'S WITHDRAWAL DATES
To calculate a financial aid refund, Student Financial Services establishes a student's withdrawal date as indicated in the Refunds section of this website. If a student did not begin the withdrawal process or otherwise notify Walla Walla University of the intent to withdraw due to illness, accident, grievous personal loss, or other circumstances beyond the student's control, Walla Walla University will stipulate the withdrawal date.
DETERMINING THE PERCENTAGE OF THE QUARTER COMPLETED
To determine what percentage of the quarter was completed as of the student's withdrawal date, Student Financial Services divides the number of calendar days completed by the total number of calendar days in the quarter.
If the result is 60% or less, the student is considered to have withdrawn on or before the 60% point. Conversely, a result in excess of 60% indicates the student withdrew after the 60% point.
DETERMINING THE AMOUNT OF FINANCIAL AID EARNED
Student Financial Services must determine how much of a student's financial aid award for the quarter was used, or "earned," before the student withdrew.
If the student withdraws on or before the 60% point, the student's financial aid award is pro rated. The percentage of the quarter the student completed is used as the percentage of financial aid the student is said to have earned. (The remaining percentage is considered "unearned" and must be refunded.) To convert the percentage earned into the amount earned, the percentage of aid earned is multiplied by the total amount of aid available for disbursement that quarter.
A student who withdraws after the 60% point is considered to have earned 100% of the financial aid award, and no refund is due.
DISPOSITION OF DIFFERENCE BETWEEN AMOUNT EARNED AND AMOUNT RECEIVED
If the amount of financial aid earned is greater than the amount the student received, Student Financial Services must comply with the procedures for late disbursement specified by Department of Education regulations.
If the amount of financial aid earned is less than the amount the student received, Walla Walla University, the student, or both must return the unearned aid.
Student Financial Services must return the lesser of:
- The amount of federal aid the student did not earn, OR
- The amount of costs (room rent, cafeteria charges, etc.) the student incurred during the quarter multiplied by the percentage that was not earned.
The student (or parent in the case of a Federal PLUS Loan) must return to the federal loan programs any unearned loan funds (funds the student drew off the account), in accordance with the terms of the loan. The student must also return unearned grant funds. However, the student is not required to refund 50% of the grant funds received.
The overpayment is the difference between the amount of cash disbursements the student received and the amount of non-institutional expenses the student incurred during the portion of the payment period for which the student was actually enrolled. (Wages -- including those earned through the Work-Study Program -- and Federal Direct and PLUS Loan program funds are not counted as cash disbursements.)
Walla Walla University recovers overpayments by charging them to the student's account, leaving no outstanding overpayments on federal aid.
REFUND DISBURSEMENT SCHEDULE
Funds are to be credited to outstanding loan balances in the following order:
- Unsubsidized Federal Direct Loan
- Federal Direct Loan
- Federal Perkins Loan
- Federal PLUS Loan
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Other federal, state, private, or institutional assistance
The financial aid refund disbursed must not exceed the amount of financial aid the student received from that source.
Work-Study programs are not due refunds.
PROCEDURE FOR WITHDRAWING FROM SCHOOL
Students withdrawing from all classes must submit an official University Withdrawal Form to the Academic Records Office.
Students withdrawing from individual courses must submit a Change of Registration Voucher to the Academic Records Office. That form is to be signed by the course instructor and the student's adviser.
Each quarter's final date for dropping a course is listed in the Academic Calendar.
DEADLINES FOR DISTRIBUTING FINANCIAL AID REFUNDS
Federal regulations require Walla Walla University to process refunds within 30 days of the student's withdrawal date.
INSTITUTIONAL FINANCIAL AID REFUNDS
Students who have a balance owing will not have their Walla Walla University aid reversed. However students who have a credit balance will have their institutional aid reversed, up to the amount of their credit balance, using the federal aid refund policy as a guide.
Last update on August 28, 2011