If a student receiving financial aid withdraws from school on or afterthe first day of the quarter, Student Financial Services is required tocalculate the amount of aid the student was eligible for but did notearn. That amount must be returned to its originalsource(s). Such refunds are calculated and coordinated on the basis ofthis policy.
This Financial Aid Refund and Repayment Policy is fair and equitable,reflects the standards of Walla Walla College's accrediting agency (theNorthwest Association of Schools and Colleges), and complies with the requirementsof federal and state law.
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.
DETERMINING STUDENT'S WITHDRAWAL DATES
To calculate a financial aid refund or repayment, Student FinancialServices establishes a student's withdrawal date as indicated in the Refundssection of this bulletin.
If Student Financial Services finds that a student did not beginthe withdrawal process or otherwise notify Walla Walla College of theintent to withdraw due to illness, accident, grievous personal loss, orother circumstances beyond the student's control, Walla Walla Collegewill stipulate the withdrawal date.
DETERMINING THE PERCENTAGE OF THE QUARTER COMPLETED
To determine what percentage of the quarter was comleted as ofthe student's withdrawal date, Student Financial Services divides thenumber of calendar days completed by the total number of calendar daysin the quarter.
If the result is 60% or less, the student is considered to have withdrawn on or before the 60% point.
DETERMINING THE AMOUNT OF FINANCIAL AID EARNED
Sutdent Financial Services must determine how much of astudent'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, thestudent's financial aid awars is pro rated. The percentage of thequarter the student completed is used as the percentage of financialaid 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, StudentFinancial Services multiplies the percentage of aid earned by the totalamount 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 amountthe student received, Student Financial Services must comply with theprocedures for late disbursement specified by Department of Educationregulations.
If the amount of financial aid earned is less than the amountthe student received, Walla Walla College, the student, or both mustreturn th unearned aid.
Student Financial Services must return the lesser of:
- The amount of federal aid the studetn 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) mustreturn to the federal loan programs any unearned loan funds (funds thestudent drew off the account), in accordance with the terms of theloan. The student must also returnunearned grant funds. However, thestudent is not required to refund 50% of the grant funds received.
The overpayment is the difference between the amount of cashdisbursements the student received and the amount of non-institutionalexpenses the student incurred during the portionof the payment periodfor which the student was actually enrolled. (Wages -- including thoseearned through the Work-Study Program -- and Federal Stafford and PLUSLoan program funds are not counted as cash disbursements.)
Walla Walla College recovers overpayments by charging them tothe student's account, leaving no outstanding overpayments on federalaid.
REFUND DISBURSEMENT SCHEDULE
Funs are to be credited to outstanding loan balances in the following order:
- Unsubsidized Federal Stafford Loan Program
- Subsidized Federal Stafford Loan Program
- Federal Perkins Loan Program
- Federal PLUS Program
- Federal Pell Grant Program
- Federal Supplemental Educational Opportunity Grant Program
- 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.
DEADLINES FOR DISTRIBUTING FINANCIAL AID REFUNDS
Federal regulations require Walla Walla College to process refunds within 30 days of the student's withdrawal date.
STATE FINANCIAL AID REFUNDS
State Grant recipients, who withdraw from the institution, are expelled, or otherwise complete zero credits in any given term must repay state grants and College Bound Scholarships on a prorated basis. for the purposes of this policy, "Award" is the amount of State Grant or College Bound Scholarship for which the student was eligible during the enrollment period, after the school made any required adjustments for need and enrollment level. All monies, whether disbursed to the student account or directly to the student, shall be included in the repayment calculation. (See Need grant (WAC 250.20.051(4))
Known Last Date of Attendance
If a student's last date of attendance can be verified and is prior to or on 50% of the term, the state grant repayment will be based on the percent of the term not completed. If the last date of attendance occurs after 50% of the term, the state grant is considered 100% earned and no state grant repayment is due.
State grant repayment formula: Known last date of attendance, prior to or on 50% of the term:
1. The percent of state grant earned is calculated by dividing days in attendance by calendar days in term. Scheduled breaks of five or more days should be excluded from the calculation.
2. Subtract the percent of state grant earned from 100%; this equals the percent of unearned state grant.
3. Multiply the percent of unearned state grant by the grant amount.
4. Multiply the amount from step 3 by 50% to determine the state grant repayment due.
Example: Known last date of attendance, prior to or on 50% of the term:
A student is awarded $400 for a state grant and completed 20% of the term prior to withdrawal. The sate grant repayment is calculated as follows:
1. The unearned percentage equals 80% (100% less 20% completed).
2. Unearned aid equals $320 (80% of $400 state grant award).
The repayment equals $160 (320 X 59% reduction.)
Unknown Last Date of Attendance
If a student attends a portion of a term and withdrawls with no verified last date of attendance, the sate grant repayment will be 50% of the grant amount with no additional adjustments.
If a state grant recipient never attends courses in the term fro which they received a state grant award, the state grant repayment is 100% of the award.If a school is unable to distinguish between a no-show and an unofficial withdrawal, the no-show policy
General Repayment Policies
1. Repayments are based on the state grant award amount, including enrollment, and packaging adjustments.
2. Verified withdrawl dates after 50% of the term equate to 100% earned state grant.
3. Unofficial withdrawals/no known last date of attendance equate to repayment of 50% of the state grant award.
4. No shows are 0% earned and equate to repayment of 100% of the state grant.
5. Official withdrawals or verified last date of attendance repayment calculation:
6. State grant award amount multiplied by the percent of uneared state grant multiplied by the 50% reduction equals the state grant repayment due
7. The 50% reduction applied at the end of the repayment computation addresses un-reimbursable state up education costs and reduces the barrier for the students intending to return to school.
8. Repayment of less than $50 should not be referred to the Council.
9. Institution repayment refund policy:
Private institutions should return state grant repayments directly to the Council and collect from all students.
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 tot eh amount of their credit balance, using the federal aid refund policy as a guide.