Return of Financial Aid
Refund 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Financial Aid that has been disbursed to your account for a period of enrollment from which you have officially withdrawn is subject to the return of funds policy.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:
- the total amount of Title IV funds the student can not keep, or
- 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:
- Unsubsidized Federal Stafford loans
- Subsidized Federal Stafford loans
- Federal Perkins loans
- 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:
- Federal Pell Grants
- Federal SEOG Program aid
- Other grant or loan assistance authorized by Title IV of the Higher Education Act.
- 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.