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The Seminary has a fair and equitable refund policy. As required by federal law, when a student withdraws from school while a semester is in progress, the Business Office will calculate, and provide a refund of at least the larger amount provided under the Federal Return of Title IV funds calculation or the schools refund policy. Refunds for students who do not receive Federal Title IV aid will be calculated using the schools refund policy.
For the purpose of calculating refunds and repayments, the school considers financial aid to be any assistance that a student has been or will be awarded, including Federal PLUS loans received on the students behalf, and from federal, state, institutional, or other scholarship, grant, or loan programs. The portion of the refund that the school returns to any Title IV program will never exceed the amount of assistance the student received under that program for the period of enrollment for which the student was charged.
Upon request, the student is entitled to see examples of the application of either refund policy in the Business Office. To obtain a refund, a student must first complete an official withdrawal or add/drop slip and submit it to the Registrar. When the Business Office receives notification from the Registrar that a student has withdrawn, a refund calculation will be made.
Federal Refund Policy
In regard to institutional charges (tuition and registration) the Business Office will allocate the refund back to the student aid programs according to statutory and regulatory requirements in the following order:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Federal PLUS Program
- Unsubsidized Federal Direct Stafford Loan
- Subsidized Federal Direct Stafford Loan
- Federal Direct PLUS Program
- Federal Perkins Loan
- Federal Pell Grant Program
- Federal SEOG Program
- Other Title IV Programs
- Other federal, state, private, or institutional assistance
- The student
Repayment
When a Title IV recipient who has received a cash disbursement for noninstitutional costs ceases attendance, the Business Office will determine whether the student was entitled to all of the cash he/she has received. For the purpose of calculating repayments, the school defines housing costs as noninstitutional charges. Repayments will be allocated back to the student aid programs according to statutory and regulatory requirements in the following order:
- Federal Perkins Loan Program
- Federal Pell grant Program
- Federal SEOG Program
- Any other non-loan Title IV Program
- Other state, private, or institutional student financial assistance programs.
No amount of an overpayment will be allocated to the Federal Work-Study Program or to the Federal Family Education Loan (Stafford) Program.
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