Institutional Refund Policy

Institutional Refund Policy, Requirements for Withdrawal, and Return of Federal Financial Aid

Refund Policy

When students have been accepted by Arkansas Baptist College and are duly registered, they have explicitly entered into a contract with the institution for the semester in which they are enrolled.  Therefore, all fees applicable for that semester will be charged. The College recognizes that from time-to-time there may be extenuating circumstances that affect the registration status of a student.  However, the Financial Aid Office is required to administer a return of federal funds that complies with the Higher Education Act of 2008 should a student withdraw before the completion of the semester.

Title IV funds are awarded to students under the assumption that the student will attend school for the entire period for which the federal assistance is awarded.  The Financial Aid Office must recalculate federal financial aid eligibility for students who fail to attend, drop out, resign (officially or unofficially), or are dismissed prior to completing greater than 60% of the enrollment period.  

Requirements for Withdrawal

Official withdrawals occur when students complete and submit an official notice that they will no longer attend college or make it known to a college official of their intent to withdraw from the institution.  Unofficial withdrawals occur when students fail to attend class. It is the students’ responsibility to officially “drop” a class or resign from the college. If students fail to do so, then an “F”, “W”, or “WF” grade will be entered.  Student attendance will be reviewed at the end to each semester to determine if the Return to Title IV Funds must be applied.

2016 – 2018 Refund Schedule

15 Week Semester
1st – 7th day 100%
8th – 14th day 75%
15th – 21st day 50%
22nd – 28th day 25%
29th day and after No Refund

 

Summer Sessions
Withdrawal prior to the first week and during the first week of the session 100%
Withdrawal after the first week of the session 0%

 

Room and Board Refunds

Board costs are refundable only for the number of weeks remaining in the semester.  Refunds for housing will be given on a pro-rated basis after students officially withdraw from the institution.  Students who do not file the appropriate paperwork with the housing department will be responsible for paying the full semester charge. The housing application fee is non-refundable except when the college’s housing department is unable to assign housing.

Return of Federal Student Aid (Withdrawal = Payback)

The date used in the calculation is defined as the date last attended.  The college must return any unearned aid that was applied to eligible institutional charges.  Students then owe the college the amounts returned to the federal aid programs. If a repayment results from a withdrawal, students will be notified within 30 days.  The college will bill the students the amount owed to the Title IV programs, as well as, any amount due to the college, as a result of the Title IV funds that were returned that would have been used to cover student charges.

Students also may be required to return/pay some portion of the federal aid received as a result of credit balance refunds.  For example, if a student was enrolled for 30% of the enrollment period, the student is entitled to 30% of the aid received; thus 70% of the aid must be returned.  Students who stop attending after 60% of the enrollment period do not have payback requirements. Students must have attended at least one class after 60% of the enrollment period to earn 100% of the Title IV aid received.  

While this return of Title IV funds policy applies solely to students who receive federal aid, it must be understood that the College’s refund policy may also be applied to financial assistance received from other federal sources.  Students may owe a refund to the college on the basis of ABC’s refund policy.

Requests for refunds of fees and/or tuition should be made through the Business Office at the time of withdrawal.  To be eligible for tuition refunds, students must officially withdraw from Arkansas Baptist College. Transcripts will not be issued to students who have unpaid balances.  After the refund is calculated for financial aid recipients, the amounts to be returned to each of the financial aid programs will be computed according to current federal regulations.  Any student withdrawing prior to completion of 60% of the term may be required to repay a portion of federal funds received.  

Refund Distribution Policy  

All refunds are made in the following priority order:

  1. William D. Ford Federal Unsubsidized Loan
  2. William D. Ford Federal Subsidized Loan
  3. William D. Ford Federal Perkins Loan
  4. William D. Ford Federal PLUS Loan
  5. Federal Pell Grant
  6. Federal Supplemental Educational Opportunity Grant (FSEOG)
  7. Other sources of funds

Comments are closed.

© 2019 Sofarider Inc. All rights reserved. WordPress theme by Dameer DJ.

Menu