Refund Schedule and Policies

Students are responsible for familiarizing themselves with university policies regarding adding or dropping courses and refund of tuition and fees.

In the event of early drop or withdrawal, a percentage of tuition may be refundable. Refunds are granted only after the official withdrawal procedure has been completed or the university determines you are no longer enrolled.

In processing tuition refunds for degree students who drop or withdraw from fall or spring classes, the refund schedule can be found in the back of this catalog and on the Financial Aid website. Please note that fees, including tuition deposits for new students, are non-refundable. Also non-refundable are any convenience fees assessed on credit card payments. Housing fees are subject to the terms stated in the housing contract.

Student financial aid may be affected if a student withdraws or drops credits. Failure to complete payment before withdrawal does not relieve a student of financial liability. Students should contact the Office of Financial Aid with any questions regarding their accounts. Students receiving federal financial aid who (officially or unofficially) withdraw from or stop attending all courses may be required to return a portion of financial aid received. The student is allowed to retain only the amount of Federal Title IV (including Federal Direct Loans, Federal Pell Grants, FSEOG) financial aid that was earned. If a student withdraws or stops participating in classes, a portion of the aid received is considered to be unearned and must be returned to the Title IV programs from which it was received.

Students receiving federal financial aid who withdraw officially or unofficially from all classes once the semester has begun are subject to a Title IV recalculation of aid. Federal aid eligibility is re-determined based on the student's last date of attendance in class, using a proportional calculation through 60 percent of the payment period. Title IV recalculations may result in the loss of all or some federal loans and federal grants. Students subject to recalculations will be sent a revised award letter indicating any change in federal aid. Such recalculations of aid eligibility have no bearing on a student’s institutional charges. The amount of tuition, fees, housing, and meal plan charges assessed will be based on the institutional refund policy as listed above.

Refund Policy, Requirements for Withdrawal, and Return of Title IV Financial Aid

Title IV Federal Financial Aid Withdrawal Policy

Per federal regulations, a student who receives Title IV federal financial aid and who fully withdraws from The New School is entitled to keep only the portion of the Title IV federal student aid that he or she has earned to that point. Students who withdraw after the 60 percent point of the term, will be considered to have earned all of their federal student aid for that semester. These regulations apply when a student officially or unofficially withdraws. Official withdrawals include medical withdrawals and any student who has been administratively withdrawn or expelled. The requirements for Title IV program funds when a student withdraws are separate from the New School refund policy. The Return of Title IV Fund policy is available on the Financial Aid website.

In circumstances where the Return to Title IV refund calculation requires that the University to return unearned funds to the federal government, the student may owe a balance to the University. The Return of Title IV Funds calculation is independent of the institution’s refund policy.

Unofficial Withdrawal

A student who stops attending classes without officially withdrawing is considered to be ‘walking -away.’ The federal aid received during the semester will be subject to the federal return calculation based on the effective date of withdrawal, which is determined by the last recorded date of attendance or academically related activity.

Post-Withdrawal Disbursement

Students who withdraw prior to Title IV funds being disbursed may be eligible for a portion of their available aid. Students eligible for Federal Direct Loans will be notified of the percentage of their loans for which they are eligible and will be given 14 days to accept the loan(s) and have it applied to their balance. Loans will not be applied without confirmation. The student has the right to decline some or all of the loan funds so as not to incur additional debt. The University will use all or a portion of the student’s post-withdrawal disbursement of grant funds for tuition, fees and room and board charges as contracted with the school. The University needs the student’s permission to use the post-withdrawal grant disbursement for all other school charges.

Calculation of Title IV Earned by the Student

The percentage of Title IV assistance earned is equal to the percentage of the payment period completed (number of days attended divided by total number of days in term) as of the withdrawal date. If the withdrawal date occurs after the 60% point, then the percentage of Title IV assistance earned is 100 percent.

This percentage is then applied to the total amount of Title IV grant and loan assistance that was disbursed (and that could have been disbursed) to the student or on the student’s behalf in the case of a parent PLUS loan, for the payment period for which it was awarded.

Funds are returned first to Stafford Loans, then to PLUS loans. Once loans are satisfied, remaining unearned funds are distributed to the Pell Grant, then FSEOG, then to other Title IV funds that require a refund (Federal Work-Study funds earned prior to withdrawal can be kept by the student).

Refunds to the student and/or to the federal government will be made within 30 days of the date that the University determines the student has withdrawn. When a Title IV refund is calculated, Financial Aid notifies the student in writing.

Tuition and Aid Percentage Chart for Students Withdrawing*

	% Refund	Title IV % earned EOW*
Before semester begins	100%
Within first week of semester	100%	4%
Within second week of semester	100%	10.50%
Within third week of semester	75%	16%
Wtihin fourth week of semester	50%	22%
Within fifth week of semester	25%	28%
Week 6	0%	35%
Week 7	0%	41%
Week 8	0%	47%
Week 9	0%	53%
Weeks 10-15	0%	60%

*for full-term courses

These percentages are weekly guidelines; actual Title IV refunds are based on calendar days. Final eligibility will be determined by the Office of Financial Aid within 30 days of the student withdrawing from classes.These dates are updated for every academic year. The most recent year’s refund schedule can be found on the Student Accounts website.

Students who officially or unofficially withdraw from the university who receive Title IV funding will have their aid recalculated based on the number of days they have attended for the semester. If a student has attended for more than 60% of the semester, their Title IV aid will not be refunded and their tuition charged will become a liability.

Federal Title IV aid will be returned in the order noted below as dictated by federal regulation:

Federal Direct Unsubsidized Stafford Loans
Federal Direct Subsidized Stafford Loans
Federal Direct Graduate PLUS loans
Federal Direct Parent PLUS loans
Federal Pell Grant
FSEOG- Federal Supplemental Opportunity Grant

Example of Title IV Recalculation (please note all amounts are for demonstrative purposes)

An undergraduate student withdrew on February 28, 2022 and was charged $8000 for the spring semester. Federal loans and grants awarded and applied to the student for the spring semester totaled $3722, including:

$990 Federal Unsubsidized Loan
$1,732 Federal Subsidized Loan
$1,000 Pell Grant
$3,722 Total Awarded

Title IV Recalculation determination:

The student attended 35 days divided by a total of 108 days in the spring term = 32.4%
The student earned 32.4% of $3,722 = $1205.93
67.6% of the $3,722 will be returned. This is equal to $2,516.07, which must be returned in the order mentioned above. This results in a return of:
Federal Unsubsidized Loan, $990
Federal Subsidized Loan, $1526.07

The amount the student earned (and keeps) from the Federal Subsidized loan is $205.93. Of the Federal Pell Grant, $1000 (100%) will remain applied to the student’s account.

State Grant Refund Policy

State grants will be refunded according to the regulations of the individual state programs.

Institutional Funding Refund Policy

Institutional funds from The New School, including merit and need-based scholarships will be prorated on the same basis as tuition charges. For example, if a student withdraws during the third week of the semester, they would be charged 25% percent of tuition. The University will allow the student to keep 25% of their institutional funds to be used toward those charges.

In some cases, institutional funding may exceed the total charges. When that occurs, the Institutional fund will be decreased to equal the amount of the charges that the student will incur.

Veterans

Veteran benefits have specific eligibility criteria that apply when a student who is a veteran withdraws from college. We encourage any student receiving veterans benefits to meet with the Assistant Director of Student Veteran Services r before withdrawing from the University. Additional information can be found on the University’s Student Veteran Services pages.

Billing, Payment, Withdrawal, Refunds, and Appeals

Billing, Payment, Withdrawal, Refunds, and Appeals