Alternate Refund Calculation for First Time Federal Aid Recipients

Federal aid recipients who are enrolled at Loyola for the first time (during the initial term of class attendance) and who withdraw before 60 percent of the term has expired, may be entitled to a statutory pro rata refund of charges - a refund based on the ratio of the remaining weeks in the term divided by the total weeks in the term.

This Federal Refund Policy applies to recipients of Title IV financial aid who withdraw from all courses during a term, are suspended, or are dismissed; it does not apply to students who merely reduce enrollment. The Federal Refund Policy applies to all institutional charges for tuition, fees and campus housing, and requires that aid the recipient is entitled to the larger of the institution's traditional refund or the federal alternate refund calculation. The law also provides that the refunded amount be used to reduce federal and other assistance received before being provided to the student.

Additional information on the calculation of refunds (with examples) and the manner in which refunds will be applied against financial assistance received, may be obtained in the Student Finance Office or the Financial Aid Office.

 

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