Refund Policy
Financing a college education is an important investment that requires many resources. The Financial Aid office offers assistance to students by outlining various financial resources available and guiding students through the application process. Office staff is available throughout the year to assist students with their needs.
Financial Aid consists of:
- Scholarships based on merit (academic, talent, special skill).
- Grants based on need, as determined by a student's aid application.
- Employment that allows students to work and earn money to help pay for school.
- Loan money that is often repaid after school at a low interest rate.
The Financial Aid Refund policy was developed in accordance with the 1998 Reauthorization of the Higher Education Amendments. This is a separate policy from the tuition refund policy and schedule of the Business office.
If a student withdraws from school on or before 60% of the semester is completed, a percentage of federal financial aid funds received by the student shall be returned by Edgewood, and possibly the student. The following formula will be used in determining the amount to be returned:
Total Title IV aid disbursed
(including aid that could have been disbursed)
- Earned Aid*
-----------------------------------------------------------
= Aid that must be returned
[*Title IV Aid Received (excluding Work-Study) X % of Semester Attended = Earned Aid]
At the time of withdrawal, the college returns the financial aid funds it is required to return. In certain situations, a student may be asked to repay financial aid funds they received that semester as a result of a previous credit balance. A copy of the college’s Return of Title IV Funds policy is available from the Financial Aid office.
If a student unofficially withdraws, simply stops attending class or earns no credits, the return-of-funds rules apply and aid is sent back to the appropriate program. Often the semester midpoint will be used as the last day of attendance unless otherwise documented.
