From: Anne Gross (AGross@nacubo.org)
Date: Thu Apr 06 2000 - 08:43:46 EDT
Yes, you can now set your own refund policy. The federal government policy
only addresses Title IV aid and operates independently of the institutional
refund policy. Institutional policies do not have to be approved by ED.
However, be aware of the effects of the return of Title IV funds policy on
student account balances if your institutional policy is less generous (few
institutions, given the choice, offer pro rata refunds through 60% of the
semester). Students whose accounts were paid in full may end up owing a
balance to the institution for institutional charges after Title IV funds
are returned. Institutions should think about how they will handle these
situations. Conversely, if the institutional policy is more generous, the
institution will return funds to the student.
Also, while the institution's refund policy does not affect the return of
Title IV funds, the institution's withdrawal policy--including what action
constitutes beginning the withdrawal process--is important and should be
clearly communicated to students.
For more info, see NACUBO Advisory Report 2000-02 which is available at
http://www.nacubo.org/website/members/issues/index.html#4
Anne C. Gross
Director, Policy Research and Analysis
NACUBO
202-861-2544 agross@nacubo.org
http://www.nacubo.org
-----Original Message-----
From: Gorton, Karen [mailto:kgorton@admin.rochester.edu]
Sent: Wednesday, April 05, 2000 6:25 PM
To: bursar-l@virginia.edu
Subject: Withdrawing Students
In regard to Withdrawal Calculations for First Time Students and the Return
of Title IV Funds, the new policy states:
The new requirements do not prescribe the use of any refund policy.
Instead. a statutory schedule is used to determine the amount of SFA Program
funds a student has earned when he or she ceases attendance based on the
period the student was in attendance.
Up through the 60% point in each payment period, a pro rata schedule is used
to determine how much SFA Program funds the student has earned at the time
of withdrawal.
We have two Refund Policies, one for First Time Students and one for
students beyond their first term.
My question:
1. Can College's now use one Refund Policy for both first time and
continuing students? Does this refund policy have to be approved by the DOE?
Thanks for your help.
Karen Gorton [kgorton@admin.rochester.edu]
Karen V. Gorton, Bursar
University of Rochester
PO Box 270037
Rochester, NY 14627
(716) 275-5817
kgorton@admin.rochester.edu
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