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Withdrawal Refund Policy

REFUND POLICY FOR FULL WITHDRAWAL– FULL AND PART TIME STUDENTS

Pfeiffer University has established a fair and equitable refund policy in accordance with the requirements of the University's accrediting agency.  This policy pertains to all students who cease attendance in all classes, either through official withdrawal or without notification. 

Effects of Withdrawal to Financial Aid Package

When a student enrolls, he/she receives an aid package for the entire semester.  On the date when the semester is 60% complete, the student has earned 100% of this package.  If a student withdraws before this date, known as the 60% point, Pfeiffer University is required to determine the amount of federal financial aid the student has earned from the time of enrollment to the point of withdrawing.  The Office of Financial Aid performs a calculation known as Return of Title IV, which was developed by the US Department of Education and is defined below.  Federal aid administered under Title IV of the Higher Education Act of 1965 includes PELL Grants, SEOG, Perkins Loans, Stafford Loans and PLUS loans.

In additional to federal funds, Pfeiffer University also applies this same methodology to calculate the amount of state aid, institutional aid and other scholarship awards that has been earned by the student.   Special mention is needed for the North Carolina Legislative Tuition Grant (NCLTG).  Full-time students pursuing an undergraduate degree that meet North Carolina residency definitions are eligible for this grant.  A student does not earn the award until October 1st for the Fall Semester and until the 10th classroom day of the Spring Semester.  After the grant is earned and before the 60% point, NCLTG funds are subject to being refunded to the State of North Carolina and the award amount is calculated using the Return to Title IV Calculation. 

Outside scholarships (those received from non-federal, non-state or non-Pfeiffer agencies or organizations) are also subject to the calculation.  Any unearned portion of a scholarship will be returned to the granting agency or donor.

Effects of Withdrawal to Charges

Refunds of tuition, room and board charges are based on the date of the official withdrawal.  If the student does not officially withdraw the University will attempt to establish the last date of academic activity; if no clear date is determined, the mid-point of the semester will be the default date.  No refund is allowed for fees, books or other charges.  Tuition is earned at the same rate as financial aid.  Room and board plan charges are pro-rated using the number of weeks that have passed to the number of weeks in the semester.

  • Return to Title IV Calculations
  • Number of Days Completed =     Withdrawal Date – Date Semester Began
  • Percentage of Aid Earned =     Number of Days Completed / Total Days in Semester
  • Aid to be Returned = (100% - Percentage of Aid Earned) X Aid Disbursed to Student for Institutional Charges
  • Percentage of Tuition Earned = Percentage of Aid Earned
  • Tuition to be Refunded = (100% - Percentage of Tuition Earned) X Total Semester Tuition Charges

These calculations determine the amount of financial aid the student has earned during the semester, the unearned aid to be returned, the tuition earned by the University and the amount to be credited back to the student account.

Federal regulations have mandated the amount of unearned aid will be returned in this prescribed order:  1) Unsubsidized Federal Stafford Loans, 2) Subsidized Federal Stafford Loans, 3) Federal PLUS Program. 

The student should realize that a balance might be owed to the University after aid is returned.  The student should contact the Business Office to establish payment arrangements or pay the balance in full.

Example

The Spring Semester began on 1/15/20xx and ended on 5/3/20xx.  The total number of days in the semester minus scheduled breaks of 5 days or more is 109.  A student withdrew on 2/3/20xx.  The number of days completed in the semester was 19.  19 days completed divided by 109 total days in the semester yields 17.4% of the semester was completed by the student.  Therefore, the student has earned 17.4% of federal, state, institutional and all other scholarship aid; the University has earned 17.4% of the tuition. 82.6% of the aid disbursed to the student would need to be returned; 82.6% of the tuition would be credited back to the student account.   The student withdrew in the third week of the semester.  There are 16 weeks per semester.  3 weeks divided by 16 weeks =18.75%; therefore, 18.75% of the room and board fees would be earned and 81.25% of these charges would be credited back to the student account.

Suspension/Dismissal  

In unusual and unfortunate circumstances, a student may be suspended or dismissed during the semester for academic or disciplinary problems or nonpayment of account.  In such cases, a student will not receive a refund for tuition, fees, room or board charges.  If the suspension/dismissal is prior to the 60% point in the semester, all sources of financial aid awards (federal, state, institutional, and any other scholarship) will be adjusted using the Return to Title IV calculation. 

Military Activation

In the event a student is called to active duty, he or she must complete the formal withdrawal process and provide a copy of the deployment orders.  Until the student has done both, special consideration will not be granted under this policy.

The student's account will be credited with 100% of the tuition charges assessed for the semester in which the activation occurred.  Room and board charges will be pro-rated based upon the withdrawal date.  Any other charges, such as vehicle registration, parking fines, citations, etc, will not be adjusted or refunded.

If the activation is prior to the 60% point in the semester, all sources of financial aid awards (federal, state, institutional, and any other scholarship) will be subject using the Return to Title IV calculation. 

Summer School

Due to the short duration of summer school sessions, summer school charges are non-refundable once the first class has met.  Recipients of Title IV funds that withdraw from all classes will receive a refund in accordance with the Return of Title IV funds calculation.

Drop Class Refund Policy

Refund Policy for Partial Withdrawal – Full Time Students Only

If a student does not withdraw from all classes and is enrolled for 12 or more credit hours, this policy applies.

During the specified drop period, if the number of credit hours taken by the student falls below the minimum 12 hours, the status of the student will be changed from full-time to part-time.  Tuition charges will be recalculated using the stated hourly rate.  This change may affect the financial aid package awarded.  Consultation with a financial aid counselor is strongly recommended, if a student is considering this type of change in status.

Classes withdrawn after the drop period are assigned a grade in accordance with the Academic Policies.  Once a grade is assigned, there will be no reduction to the tuition charges.

Refund Policy for Partial Withdrawl – Part Time Students Only

If a student does not withdraw from all classes and is enrolled for less than 12 credit hours, this policy applies.

Tuition charges associated with classes that are dropped during the specified drop period of the semester will be prorated in accordance with the number of weeks that have passed as a percentage of the total number of weeks in the semester. 

Classes withdrawn after the drop period are assigned a grade in accordance with the Academic Policies.  Once a grade is assigned, there will be no reduction to the tuition charges.

Summer School

Due to the short duration of summer school sessions, summer school charges are non-refundable once the first class has met.  The drop must be recorded by the registrar prior to the first class so that no charges will be assessed to the student.

Credit Balance Refund Policy

Credit balances on student accounts are refunded within 10 business days of the creditÂ’'s creation. The Business Office conducts a review of the account. The Director of Financial Aid and the Controller must approve any refund before its release.

An email notification will be sent to the undergraduate student’s Pfeiffer email account to notify them of the availability of the refund check.  Refund checks will be available in the Business Office for two weeks, then mailed to the address on record.  Graduate and Adult Studies refund checks will be mailed to the address on record.


Book Vouchers

For students who have completed all required paperwork for the Office of Financial Aid and who have a credit balance at the time of registration, the Business Office will issue a voucher to the student for the purchase of textbooks at the university bookstore.

Book vouchers cannot be issued to students on the payment plan.

The amount charged against the book voucher will be applied to the student account and reduce the amount of credit available on the account.

The amount of the voucher will be the lesser of $500 or the amount of the credit balance.

The bookstore will accept book vouchers that have been issued by the Business Office from the beginning of the semester through the published “ADD DATE” in the academic calendar. 

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