Refund of Tuition
Refund of Tuition (When there is NO Federal Financial Aid Resources): In the event a student withdraws from a course, the student will receive a refund based on the dates of the courses enrolled. Refunds are calculated on the total tuition and fees paid;. If a student received Federal Financial Aid, please read the next section. (Please refer to the class schedule book for specific dates.)
|Normal/full-length semester classes||8 week classes||Less than 8 weeks|
|First ten class days of semester||First five class days||First Day of Class|
|100% refund||100% refund||100% refund|
|After day 10: No refund||After day 5: no refund||After Day 1: no refund|
ECollege/online courses, Ed2Go/Gatlin Education and other special course schedules differ; beginning dates and refund dates vary. Compressed course drops are cancelled with refund only before second class meeting starts. No partial refunds are granted on compressed courses. A student who registers but later is unable to attend must notify the college before the last date to cancel the course(s) or program to avoid charges and/or grades. Some exceptions may apply.
Refund of Tuition (Federal Financial Aid/Title IV Funds): Refunds of tuition will be calculated based on the refund policy. The student’s account balance may be affected by the financial aid adjustment that occurs after the Return to Title IV calculation. “Return to Title IV Funds” (Federal Financial Aid) formula dictates the amount of Federal Financial Aid that must be returned to the government by the student. This formula is applicable to any student receiving any type of federal aid other than Federal Work Study if that student withdraws before the 60% completion point of the semester. If funds are released to a student or their account, the student may be required to repay some of the federal grants and loans. Generally the law states (section 485 of the Higher Education Amendments of 1998—P.L./105-244) that the amount of assistance the student has received is determined on a prorated basis, in relationship to the specific term and the amount of the term completed. Students can calculate their liability by logging on to www.r2t4.com and selecting the “continue” button. Students need to contact the Financial Aid Office for an exit interview and to verify the accuracy of their calculation.(See “Withdrawing from College” for related information.)
Important: Iowa Lakes Community College reserves the right to change the Refund Schedule at any time.