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King College > About Us > Right To Know > Refunds

Refunds

When a student moves out of the dorm during a term for which the student has been charged, a pro-rata refund of room and board charges will be made through the first eight weeks, based on the whole number of weeks remaining in the semester.

Refund of Credit Balances

When a cash credit exists on a student account as the result of an overpayment or from financial aid funds, a refund will be issued to the student after the 10th day of classes. However, no part of an external cash grant or loan will be eligible for refund until the grant or loan funds have been received and processed by the Financial Aid Office and the Business Office.

Refunds Upon Withdrawal As A Degree Seeking Student

When a student registers, the College assumes full-year enrollment, provides facilities, and executes contracts to provide for the student for the entire year. The College is obligated to pay these expenses whether the student is on campus or not. There are federally mandated refund calculations that apply when a student withdraws. When a financial aid recipient withdraws, refunds must be returned to various financial aid funds as well as to the student. The actual cash refund to the student is pro-rated by the amount actually paid or owed by the student. If a student with financial aid is subject to a refund upon withdrawal, that student may not be eligible for a cash refund. The student, however, frequently has refunds back to loans, thus reducing indebtedness. Upon withdrawal, if the student has a cash refund due it will be processed as quickly as possible, but will require a minimum of 24 hours. Students who have been granted the privilege of deferred payments of tuition and fees by participating in the payment plan may be subject to obligation to pay the balance of what is owed for the actual enrollment period after the refund policy is applied. Refunds are calculated based only on charges for tuition, fees, room, and board.

No refunds will be made unless the student withdraws from all courses in which registered. For refund purposes, the date of withdrawal shall be the date that the student indicates on the withdrawal card is his last date of attendance (which may be verified by the College), or in the event that a student quits without formally withdrawing, the last date of recorded class attendance. In the event that a student withdraws from all classes or stops attending all classes, and continues to live in the dorm, the refund formula will be applied through the last date of class attendance and room and board will be charged directly to the student for the time he or she remained in the dorm and on the board plan.

The student who changes from full-time to part-time during the drop/add period at the beginning of the semester will have his or her charges and financial aid revised on that basis. Students have the first week of the semester to finalize registered courses without additional fees. Students defined as part-time who withdraw after the drop/add period will be refunded under the same policy as full-time students. No refund is given if a student changes from full-time to part-time status after the first ten (10) days of the semester. Classes dropped after this time will be considered as withdrawn and may impact a student's satisfactory progress evaluation or academic standing (see Satisfactory Progress Policy under Financial Information or Termination of Enrollment under Academics). Students who withdraw within the weeks of the term designated below will be refunded according to one of the policies below. Examples of refund calculations may be reviewed in the Business Office.

Students who withdraw from the college before the end of the term will have charges and refunds calculated on the basis of the percentage of days completed in the term (i.e. payment period). Students who withdraw within the 60% time frame, will have charges and refunds calculated. Students who withdraw after 60% of the payment period is completed will be charged for the entire semester.

The amount of Title IV and other aid which must be returned to a program source will be calculated and charges will be adjusted by the aid earned in order to determine the total amount for which the student is responsible for payment to the College.

A. The Return of Title IV Funds

B. The Return of Institutional, State and Outside Funds
Calculated as a secondary formula for those who have Title IV funds. Calculated as the primary formula for those who do not have Title IV funds.

A. Return of Title IV Funds (34CFR parts 668 and 682)

(A copy of the calculation form may be obtained in the Business Office for review.)

  1. Determine the percentage of aid earned by a Title IV recipient by calculating the percentage of the period that the student completed. Use calendar days and exclude scheduled breaks of at least 5 days in length. Beyond 60%, there will be no recalculation of charges or refunds and the student will be charged for the entire semester.

    Days completed in the period =  % of period completed
      Total days in the period

  2. Determine the amount of earned Title IV aid by applying the earned percentage to the total Title IV aid that was or could have been disbursed to the student.

    (% of period completed) x (Title IV aid that was or could have been disbursed) = Earned Aid

  3. Determine the amount of unearned Title IV aid by subtracting the earned aid from awarded Title IV aid (disbursed or could have been disbursed, excluding Federal Work Study). The difference is the amount of Title IV money that must be returned.

    4. (Awarded Aid)-(Earned Aid) = Amount of Unearned Aid (Title IV $ returned)

  4. Distribute responsibility for returning unearned aid between the school and the student. (Any portion of the student's share that is allocated to a loan program is repaid under the terms and conditions of the loan as specified in the promissory note.)

  5. Allocate unearned aid back to the Title IV programs. Unearned funds are allocated to the Title IV programs from which the student received assistance, in the following order:
    1. Unsubsidized Federal Stafford Loan
    2. Subsidized Federal Stafford Loan
    3. Federal Perkins Loan
    4. Federal Plus Loan
    5. Federal Pell Grant
    6. Federal SEOG Grant
    7. Other Title IV grant or loan assistance if applicable

    The calculated charges, based on the percentage of the period completed, minus the earned Title IV funds, are now submitted to the calculation below which determines how much other assistance must be returned.

B. Return of Institutional, Outside and State Grant Funds

  1. Determine the percentage of the period that the student completed

    2. Days completed in the period =  % of period completed
      Total days in the period

  2. Determine the total charges for the payment period by multiplying the percentage of period completed by the total amount of institutional charges (i.e. tuition, fees, room and board)

    3. (% of period completed) x (institutional charges) = Pro-rata charge for period completed

    This will be the charge used for the remaining calculations if the student had no Title IV aid. If the student had Title IV aid, the amount used for this calculation will be the charge from the calculation above minus the Title IV aid which can be retained as a credit to the student account.

  3. Deduct the administrative fee of $100.00 from the pro-rata charge used in the above calculation.

  4. Determine the amount of earned non-federal aid by applying the earned percentage (step 1 above) to the total amount of Institutional, Outside, and State Grant Funds that were or could have been disbursed to the student.

    5. (% of period completed) x (Non-Federal Aid that was/could have been disbursed) = Earned Non-Financial Aid

  5. Determine the amount of unearned aid by subtracting the earned aid from aid that was already or could have been disbursed.

  6. Allocate unearned aid back to other programs in the following order:
    1. Institutional Grants and Scholarships
    2. Institutional Loans
    3. Outside or Private Loans
    4. Outside or Private Grants or Scholarships
    5. State Grants
  7. Determine the amount the student must pay for the percentage of the payment period completed:

    $ Pro Rata Charge for period completed (less $100 administrative fee)
    minus  $ Earned Title IV aid (if applicable) 
    minus  $ Earned other aid 
    equals $ Owed by the student

  8. Compare the amount owed by the student with the amount actually paid. Either refund to or collect from the student to satisfy charges for the payment period.