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Summer Refunds for Drops/Withdrawals

Fee Refunds for Drops for Summer of 2014

Course Length Week of Drop and Percent of Refund 

1 - 8 Weeks
June 16 - June 22: 100%

June 23 - June 29: 50%

June 30 - July 06: 25%

After July 06: None
1 - 4 Weeks
June 16 - June 22: 100%

June 23 - June 29: 25%

After June 29: None
5 - 8 Weeks
July 14 - July 20 100%

July 21 - July 27: 25%

After July 27: None

 

Federal Financial Aid Return Policy for Withdrawals

 

Approximate Percentages

Prior to Term Beginning
Week 1
Week 2
Week 3
After Week 3
100% 100% 50% 25% 0%

 

* The percentages reflect the percent the tuition cost will be reduced as a result of the withdrawal.

 

These schedules do not match; therefore, the student will owe the University the difference between the refund percentage and the return percentage.

 

Example:

A student is enrolled in 4 credits.

The fees are $770.64.

The financial aid disbursed to pay these fees was $1,273.61 in a Stafford Loan.

The student withdraws from the credits at the end of the second week, June 27.

He has attended 12 days or 22% of the semester (12 days attended/54 days in the semester) and therefore has earned 22% of the aid disbursed to him (.22 x $1,273.61 = $280.19).

The total amount of aid to be returned is the amount disbursed less the amount earned, $993.42 ($1,273.61 - $280.19 = 993.42).

The University must calculate the portion of the total unearned aid that it must return from the students account.

Since the student has earned 22%, then 78% is unearned. 78% of the University's fees are therefore unearned and $526.49 must be returned to the loan ($674.99 x .78 = $526.49).

The University's refund policy states that through Week 2 the University will refund 50% of the tuition fees, which in this case is $384.32.

The University is required to refund $526.49 to the loan but the student's account only has $384.32 in available credit.

When the University returns the $526.49, the student will owe the University $142.17.

 

Notes

1. CAUTION: Dropping and adding classes may increase your cost. Dropped courses after the 100% refund periods are included in the total credits used for fee calculation. Course drops and adds after the 100% refund periods do not offset each other for cost purposes; therefore, your semester cost may increase.

2. Three dollars of your assessed charges is a mandatory fee collected for the United Council of UW Student Governments. Students taking only off-campus courses are exempt from this fee. If you wish to receive a refund of this fee, you may request it from: United Council of UW Student Governments, Room 203, 8 W. Mifflin St., Madison, WI 53703. United Council, consisting of representatives from all the UW schools, lobbies on behalf of students and works for the system-wide improvement of student life and services.

3. The University does accept Wisconsin Higher Education Bonds; however, presentation of the bond(s) for redemption does not constitute payment on account. The student may be subject to all fines, penalties and administrative action. Bonds should be presented for redemption at least 45 days prior to the start of classes.

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by metkea79 last modified Jun 17, 2014 08:42 AM
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