Refund Policy

Application for withdrawal from all courses must be made to the Dean of Students and any refund will be based on the withdrawal date. Your withdrawal date will be determined by the College as (1) the date you began the College's withdrawal process or the date you officially notified the Registrar of your intent to withdraw; (2) the midpoint of the semester if you withdraw without notifying the College; or (3) your last date of attendance at an academically-related activity as documented by the College. Once you have completed more than 60% of the semester, you may receive a refund on tuition and board charges calculated as follows:

There is no refund on fees, room costs or other incidental charges.

The portion of your tuition and board charges you are entitled to receive a refund on is calculated on a percentage basis by comparing the total number of calendar days in the semester to the number of calendar days you completed before you withdrew. (The total number of calendar days in a semester shall exclude any scheduled breaks of more than five days.) For example, if you complete 30% of the semester, you would receive a refund of 70% of the tuition and board charges you were originally billed.

Return of Federal Title IV Financial Aid Funds Policy

As part of the Higher Education Amendments of 1998, Congress passed new provisions governing what must happen to your Federal financial assistance if you completely withdraw from school in any semester. This change of policy went into effect at Waldorf beginning with the Fall 2000 semester. The policy governs all Federal grant and loan programs, including Federal Pell Grant, Federal Perkins Loan, Federal SEOG, Federal Academic Competitive Grant, Federal SMART Grant, Federal TEACH Grant, and Federal Direct Loans, but doesn't affect Federal Work-Study.

In general, the new law assumes that you earn your Federal financial aid awards directly in proportion to the number of days of the term you attend. If you completely withdraw from school during a term, the school must calculate according to a specific formula the portion of the total scheduled financial assistance you have earned and are therefore entitled to receive up to the time you withdrew. If you receive (or the College receives on your behalf) less assistance than the amount you have earned, you may be able to receive those additional funds.

The portion of your Federal grants and loans you are entitled to receive is calculated on a percentage basis by comparing the total number of calendar days in the semester to the number of calendar days you completed before you withdrew. (The total number of calendar days in a semester shall exclude any scheduled breaks of more than five days.) For example, if you complete 30% of the semester, you earn 30% of the assistance you were originally scheduled to receive. This means that 70% of our scheduled awards remain unearned and must be returned to the Federal government.

Federal aid funds are returned in the following order, both by the College and the student:

  1. Unsubsidized Federal Direct Stafford Loans
  2. Subsidized Federal Direct Stafford Loans
  3. Federal Perkins Loans
  4. Federal Direct PLUS Loans
  5. Federal Pell Grants
  6. Federal ACG Grant
  7. Federal SMART Grant
  8. Federal SEOG Grants
  9. Federal TEACH Grant
  10. Other Federal aid programs

Once you have completed more than 60% of the semester, you can be said to have earned all (100%) of your assistance. If you withdraw from the College (either officially or unofficially) before completing 60% of the semester, you may have to repay any unearned Federal funds that were already disbursed to you. Your withdrawal date will be determined by the College as (1) the date you began the College withdrawal process or the date you officially notified the Registrar of your intent to withdraw; (2) the midpoint of the semester if you withdraw without notifying the College; or (3) your last date of attendance at an academically-related activity as documented by the College.

If you have received excess funds that must be returned to the government, the College shares with you the responsibility of returning those excess funds. The College's portion of the excess funds to be returned is equal to the lesser of the following:

  • The entire amount of the excess funds
  • Your total tuition and fee charges multiplied by the percentage of un-earned funds

If the College is not required to return all of the excess funds, you must return the remaining amount. Any loan funds that you must return must be repaid according to the terms of your promissory note. If you must return any grant funds, the law provides that the amount you must repay is to be reduced by 50%. This means that you only have to return half of any excess funds you receive. If the return of unearned Federal assistance causes any portion of your tuition and fees to become uncovered, you will be billed by the College. In such cases, you will be required to make arrangements with the Business Office to pay the balance. Refunds and adjusted bills will be sent to the student's home address on file in the Office of the Registrar following the withdrawal. Students are responsible for any portion of the institutional charges that are left outstanding after Title IV and other funds are returned.

Any award money you do to return is considered a Federal grant overpayment. You must either repay the amount due in full or make satisfactory arrangements with the Department of Education to repay the amount. You must complete these arrangements within 45 days of the date of the College's notifying you of your overpayment status or risk losing your eligibility for further Federal financial assistance. You may contact the U.S. Department of Education Claims Division at (800) 621-3115.

Return of Institutional Funds Policy

If a student withdraws before the end of a term after receiving institutional financial aid payments, the percentage calculated under the College's formula for return of Title IV funds to the student's account will be used to calculate the institutional return of funds amount. The only institutional funds that are exempt from this policy is Institutional Work-Study.

The portion of your institutional grants you are entitled to receive is calculated on a percentage basis by comparing the total number of calendar days you completed before you withdrew. (The total number of calendar days in a semester shall exclude any scheduled breaks of more than five days.) For example, if you complete 30% of the semester, you earn 30% of the assistance you were originally scheduled to receive. This means that 70% of your scheduled awards remain unearned and must be returned to Waldorf College.

Return of State Iowa Funds Policy

If a student withdraws before the end of a term after receiving state financial aid payments, the percentage calculated under the College's formula for return of institutional funds to the student's account must be used to calculate the state return of funds amount. The only state scholarship or grant program that is exempt from this policy is the State Work-Study Program.