Loyola University Maryland

Records Office

Refund Policies

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Withdrawal Refund Policy

When students officially withdraw or leave the University for any reason and have no indebtedness to the University, a portion of their tuition fee may be refunded. The percentage varies with the date of formal withdrawal (that date on which all withdrawal forms have been properly completed and returned to the Records Office). There are no refunds of other fees, whether required or optional, after the first day of class. A student dismissed or suspended by the University for disciplinary reasons will not be entitled to any refund.

Refunds for approved withdrawals will be made according to the following schedule:

Fall/Spring Semesters (Full-Time, 12 credits or more)

  • 100% prior to the first day of the semester
  • 80% before two completed weeks
  • 60% before three completed weeks
  • 40% before four completed weeks
  • 20% before five completed weeks

After five weeks of a semester, there will be no refund of tuition.

Fall/Spring Semesters (Part-Time, less than 12 credits)

  • 100% prior to the second week of class
  • 80% during the second week of class
  • 60% during the third week of class
  • 40% during the fourth week of class
  • 20% during the fifth week of class

After the fifth week of class, there will be no refund of tuition.

Summer Sessions

  • 100% prior to second meeting
  • 60% prior to fourth meeting
  • 20% prior to sixth meeting

Subsequently, no refund is made. (Note: Students with approved withdrawals from summer alternate internships will receive a full tuition refund through July 15, 2014.)

Federal Return of Title IV Funds Policy

The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60 percent of a payment period or term. Federal Title IV financial aid programs must be recalculated in these situations.

If a student leaves the institution prior to completing 60 percent of a payment period or term, the Financial Aid Office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula: percentage of payment period or term completed equals the number of days completed up to the withdrawal date, divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: aid to be returned equals 100 percent of the aid that could be disbursed, minus the percentage of earned aid, multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds, and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.

If a student earned more aid than was disbursed, the institution would owe the student a post-withdrawal disbursement which must be paid within 180 days of the student's withdrawal. The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student's withdrawal. Refunds are allocated in the following order:

  • Unsubsidized Direct Stafford Loans;
  • Subsidized Direct Stafford Loans;
  • Federal Perkins Loans;
  • Federal Direct PLUS Loans;
  • Federal Pell Grants for which a return of funds is required;
  • Federal Supplemental Opportunity Grants for which a return of funds is required;
  • Federal TEACH Grants for which a return of funds is required;
  • Iraq and Afghanistan Service Grant for which a return of funds is required.

Academic Scholarship Retention Policy

Students awarded Presidential Scholarships and Claver Scholarships must maintain the minimum scholarship retention requirements indicated in their original award letter. All scholarships are awarded for a four-year period only. Students who have questions concerning their scholarship retention requirements should contact the Financial Aid Office.