Fordham University            The Jesuit University of New York
 


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Refunding Credit Balances










Refund Policies and Procedures


The University's refund policies and procedures ensure equitable refunds to students who withdraw from all or a portion of their studies or when payment is in excess of the total charges.

Application fees are not refundable. Registration, late payment, student activities, laboratory, maintenance of matriculation, and other special fees are not refundable after classes begin.


Room Deposit Refund Policy
If the withdrawal notification is received   
by the Office of Residential Life:  
 
Due Fordham     Refund
On or before June 1     0% 100%
June 2 through June 30   50%    50%
Thereafter** 100%
     0%
**Notification of withdrawal after August 1st for the Fall and at the beginning of Christmas break for Spring assignments are subject to a $350 Late Withdrawal Fee.  This fee is in addition to the forfeit of any housing deposit paid. 

A student is considered withdrawn from the University only if an official withdrawal form has been submitted to the Office of Academic Records. The effective date of withdrawal will be the date this form is received by the Office of Academic Records, or in the case of withdrawal by mail to the Office of the Dean, the postmark date on the correspondence.

A request for a refund can be submitted to the Office of Student Accounts in writing or orally. Refund checks are mailed to the student's permanent address, unless otherwise specified on the request. Funds from third party (i.e., employers, governmental agencies, payment plan servicers, etc.) must be received and paid to the student account before a refund can be issued.



Institutional Charges

The following refund policies are based on 100% payment of all institutional charges for the enrollment period. The refund period begins on the first day of the enrollment period.

Institutional Refund Policy (Tuition)
Date of Withdrawal Due Fordham     Refund
Prior to commencement of term     0% 100%
Prior to second week of term   15%   85%
Prior to third week of term   30%   70%
Prior to fourth week of term   45%   55%
Prior to fifth week of term   60%   40%
Prior to sixth week of term   75%   25%
Thereafter 100%     0%

Institutional  Refund Policy
(Residence hall charges, other than room deposits):
If date of notification is: Due Fordham Refund
Prior to availability     0% 100%
Prior to second week of availability   20%   80%
Prior to third week of availability   40%   60%
Prior to fourth week of availability   60%   40%
Prior to fifth week of availability   80%   20%
Thereafter 100%     0%



Return of Funds Policies and Procedures

Financial Aid that has been disbursed to your account for a period of enrollment from which you have officially withdrawn is subject to the return of funds policy. Funds from Title IV assistance programs are subject to Return of Title IV Funds policy. Title IV funds include Subsidized and Unsubsidized Stafford Loan, Perkins Loan, PLUS Loan, Pell Grant, and SEOG (this policy does not apply to the Federal Work Study program). Funds from Fordham University are subject to the Institutional Return of Funds policy.

The student is responsible for any unpaid institutional charges.  The student is also responsible for any additional balances created as a result of the Title IV Return of Funds Procedure.



Procedure For Determining the Return of Institutional Funds for Non-Title IV Aid Recipients

Financial Aid that has been disbursed to your account from Fordham University sources will be returned at the same rate that the student is charged. Use the above charts to determine the rate.




Procedure for determining the Federal Return of Title IV Funds

Step 1 - Determine the Withdrawal Date:
If the student officially withdraws:
· The withdrawal date is the date Fordham determines the student either began the withdrawal process, or the date the student provided official notification to Fordham, in writing or orally, of his or her intent to withdraw.

If the student did not officially withdraw:
· If Fordham determines that a student did not provide official notification of his or her intent to withdraw because of illness, accident, grievous personal loss, or other such circumstances beyond the student's control, the withdrawal date will be determined in relation to that circumstance.
· If a student does not return from an approved leave of absence, the withdrawal date is the date that institution determines the student began the leave of absence. If a student takes a leave of absence that does not meet the requirements of an official leave of absence, the withdrawal date is the date that the student began the leave of absence.
· Otherwise the withdrawal date is the student's last date of attendance at an academically-related activity that is documented by Fordham.

Step 2 - Calculate the percentage of enrollment period completed:
· The percentage of enrollment period completed is determined by dividing the total number of calendar days in the enrollment period into the number of calendar days completed in that period as of the withdrawal date. (The total number of calendar days in a payment period includes all days within the period. Scheduled breaks of at least five consecutive days are excluded from the total number of calendar days in the enrollment period and the number of calendar days completed in that period.)

Step 3 - Calculate the Amount of Title IV Assistance the Student Can Keep
· If the withdrawal date is equal to or greater than 60% of the enrollment period (semester), the student can keep 100% of the Title IV aid received for that semester.

If the withdrawal date is less than 60% of the semester;
· The amount of Title IV funds that the student can keep is calculated by determining the percentage of Title IV funds that has been earned by the student for that semester. Then apply this percentage to the total amount of Title IV funds that was disbursable for the semester as of the withdrawal date.
· The amount of Title IV funds that the student can not keep is calculated by subtracting the amount of Title IV funds the student can keep from the total of Title IV aid received.

Step 4 - Determine the Amount to Be Returned or Repaid to the Financial Aid Program:

Fordham is required to return the lesser of :
1.the total amount of Title IV funds the student can not keep, or
2. an amount equal to the charges if the total amount to be returned exceeds the charges incurred by the student. Charges include tuition, fees, room and board (if the student contracts with Fordham for room and board) and can include other educationally-related expenses assessed by Fordham.

The student must return:
· the total amount of Title IV funds the student can not keep minus the amount Fordham is required to return.
· The student (or parent in the case of a PLUS Loan) must return or repay, as appropriate, the amount determined to any Title IV loan program in accordance with the terms of the loan, and any Title IV grant program as an overpayment of the grant. However, a student is not required to return 50 percent of the grant assistance that is the responsibility of the student to repay.

Amounts to be returned by Fordham or the student will be credited to the appropriate programs in the following order:

1. Unsubsidized Federal Stafford loans
2. Subsidized Federal Stafford loans
3. Federal Perkins loans
4. Federal PLUS loans received on behalf of the student

If amounts to be returned remain after repayment of all outstanding loan amounts, the remaining excess must be credited to any amount awarded for the semester for which a return of funds is required in the following order:

1. Federal Pell Grants
2. Federal SEOG Program aid
3. Other grant or loan assistance authorized by Title IV of the Higher Education Act.
4. University Funds



Return of Funds Policy Appeal Process

A student may request an appeal in writing to the Office of the Dean. The request should include all relevant information describing the special circumstance upon which the appeal is based.

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