Refund Schedule for Tuition, Room and Board

Refund Schedule for Tuition, Room and Board

A refund schedule has been established for those students who withdraw from the College. The date used by the Business Office in the withdrawal refund/adjustment calculation is the official date of withdrawal as determined by the Registrar's Office. Application fees, laboratory fees, tuition deposit, applied music fees, and other similar charges are not refundable. The basic refund schedule for Autumn, Winter and Spring quarters is:

Withdrawal received in writing or in person by 7 p.m. 100% offees due or paid on the Monday following the first week ofthe quarter

Withdrawal received in writing or in person by 7 p.m. 70% offees due or paid on the Monday following the second week ofthe quarter

Withdrawal received in writing or in person by 7 p.m. 60% offees due or paid on the Monday following the third week ofthe quarter

Withdrawal received in writing or in person by 7 p.m. 40% offees due or paid on the Monday following the fourth week ofthe quarter

Withdrawal received in writing or in person by 7 p.m. 20% offees due or paid on the Monday following the fifth week ofthe quarter

Withdrawal received in writing or in person on the 10% offees due or paid

Monday following the sixth week ofthe quarter

Withdrawal after the sixth week ofclass No refund

All financial aid recipients who receive a refund as a result of withdrawal may be subject to a Title N refund calculation. The allocation offunds must follow those outlined by federal regulations. Anyone who has received a federal Stafford or Per

kins Loan must complete an Exit Interview.

The official refund schedule for Summer Session, interterm classes and workshops will be published in the appropriate schedule of classes.

Adjustments to full-time charges are made only during the add/drop period if a student adjusts his/her schedule. No adjustments to full-time charges are made after the add/drop period unless a student withdraws from the College entirely.

If a student withdraws or is expelled from Otterbein Colege, then the school or the student may be required to return some of the federal funds awarded to the student.

If a student will be withdrawing, the student must notify the Otterbein

Registrar's Office and complete a withdrawal form. This procedure will allow a refund of the maximum possible charges.

Otterbein 's Refund Policy exists for calculating the refund of institutional charoes and assistance. Students who withdraw from the College will receive a pro-rated ref;nd

of educational and room/board fees due or paid, according to the Refund Schedule on page 278. The date used by the Business Office in the withdrawal refund/adjustment calculation is the official date of withdrawal as determined by the Registrar's Office.The refund calculation for state assistance also follows this refund schedule, unless otherwise specified. The federal "Return of Title IV Funds" formula dictates the amount of Federal Title IV aid that must be returned to the federal government by the school and the student.

RETURN OF TITLE IV FUNDS-A statutory schedule is used to determine the amount of Title IV funds a student has earned as of the date he or she ceases attendance. The amount of Title IV program assistance earned is based on the amount of time the student spent in academic attendance and has no relationship to the student's incurred institutional charges. Up through the 60% point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the Title IV funds.

Ifa recipient of Title IV grant or loan funds withdraws from the College after beginning attendance, the amount of grant or loan assistance earned by the student must be determined. Ifthe amount disbursed to the student is greater than the amount the students earned, unearned funds must be returned. If the amount disbursed to the student is less than the amount earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.

Title IV funds are awarded to a student under the assumption the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount ofTitle IV funds that the student was originally scheduled to receive.

Title IV funds generally include Pell Grant, Supplemental Educational Opportunity Grant, Perkins Loan, Stafford Student Loan and Parent Loan for Undergraduate Students.

EXAMPLE:

The percentage of financial aid that is due to the student ("earned financial aid") is equal to the period of enrollment that the student completed as of the student's date of withdrawal from Otterbein College, if this date occurs on or before completion of 60% of the period of enrollment. Ifthe student's withdrawal date occurs after the completion of 60% of the period of enrollment, the aid due to the student ("earned financial aid") is calculated at 100%.

For example; A student enrolls at Otterbein College for the Fall 2003 quarter. The student decides to withdraw completely from Otterbein College on September 30, 2003. The total calendar days during Fall 2003 equal 73. The student withdrew on day 15 of 73. ( 15 divided by 73 = 20.5) Therefore, the student is able to keep 20.5% of the federal financial aid to help pay the charges for Fall 2003. The remaining 79.5% of the federal financial aid must be returned to the appropriate source in the order listed below: