Withdrawal Refund Policy
REFUND POLICY FOR FULL WITHDRAWALâ€“ 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.Â This policy pertains to all students who cease attendance in all classes, either through official withdrawal or without notification.Â
Effects of Withdrawal to Financial Aid Package
When a student enrolls, he/she receives an aid package for the entire semester.Â On the date when the semester is 60% complete, the student has earned 100% of this package.Â 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.Â 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.Â 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.Â Â Special mention is needed for the North Carolina Legislative Tuition Grant (NCLTG).Â Full-time students pursuing an undergraduate degree that meet North Carolina residency definitions are eligible for this grant.Â A student does not earn the award until October 1st for the Fall Semester and until the 10th classroom day of the Spring Semester.Â 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.Â
Outside scholarships (those received from non-federal, non-state or non-Pfeiffer agencies or organizations) are also subject to the calculation.Â 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.Â 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.Â No refund is allowed for fees, books or other charges.Â Tuition is earned at the same rate as financial aid.Â 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 = Â Â Â Withdrawal Date â€“ Date Semester Began
- Percentage of Aid Earned = Â Â Â 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:Â 1) Unsubsidized Federal Stafford Loans, 2) Subsidized Federal Stafford Loans, 3) Federal PLUS Program.Â
The student should realize that a balance might be owed to the University after aid is returned.Â The student should contact the Business Office to establish payment arrangements or pay the balance in full.
The Spring Semester began on 1/15/20xx and ended on 5/3/20xx.Â The total number of days in the semester minus scheduled breaks of 5 days or more is 109.Â A student withdrew on 2/3/20xx.Â The number of days completed in the semester was 19.Â 19 days completed divided by 109 total days in the semester yields 17.4% of the semester was completed by the student.Â 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.Â Â The student withdrew in the third week of the semester.Â There are 16 weeks per semester.Â 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.
In unusual and unfortunate circumstances, a student may be suspended or dismissed during the semester for academic or disciplinary problems or nonpayment of account.Â In such cases, a student will not receive a refund for tuition, fees, room or board charges.Â 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.Â
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.Â 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.Â Room and board charges will be pro-rated based upon the withdrawal date.Â 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.Â
Due to the short duration of summer school sessions, summer school charges are non-refundable once the first class has met.Â Recipients of Title IV funds that withdraw from all classes will receive a refund in accordance with the Return of Title IV funds calculation.