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Withdrawing
& Financial Aid
The Higher
Education Amendments of 1998 (HEA98) presents a major shift in
the requirements for returning Title IV Federal Financial Aid
when a student withdraws from the university. This policy governs
all Federal grant and loan programs (PELL, SEOG, Stafford Loans,
Perkins and PLUS loans), but does not include the Federal Work
Study programs. The effect of this policy is to separate the Institute's
Tuition Refund Policy and the calculation of earned financial
aid. Because this is a much more complicated process and may leave
the student with an immediate obligation to the U.S. Department
of Education, all students are advised to consult the Student
Finance office before withdrawing.
In general,
the new law assumes that a student "earns" Federal Financial
Aid awards in proportion to the number of days completed in the
term prior to the student's complete withdrawal. If a student
completely withdraws from school during a term, DeVry must calculate,
according to a specific formula, the portion of the scheduled
Title IV financial assistance that the student has earned and
is therefore entitled to retain, until the time that the student
withdrew. If a student receives (or DeVry receives on the student's
behalf) more assistance than he or she earns, the unearned funds
must be returned to the Department of Education or to the Federal
Stafford or parent's Federal PLUS loan lenders. If a student's
charges are less than the amount earned, and a refund is due,
the student may be able to receive those additional funds. Students
who have not completed the verification process are ineligible
to receive any financial aid.
The portion
of the Federal grants and loans that the student is entitled to
receive is calculated on a percentage basis by comparing the total
number of days in the semester to the number of days that the
student completed before he or she withdrew. For example, if the
student completes 30% of the semester, he or she earns 30% of
the approved Federal aid that was originally scheduled for disbursement
in the term. This means that 70% of the student's scheduled or
disbursed aid remains unearned and must be returned to the Federal
Programs. In the past the previous Federal and Pro Rata Withdrawal
Policies determined the amount of federal funds that must be returned,
and DeVry was required to reduce the student's charges by the
same amount. The new policy governs the earned and unearned portions
of the student's Federal Title IV Financial Aid only. It determines
how much, if any, the student and DeVry may need to return. This
policy does not affect the student's charges. In many cases, the
amount of unearned aid will exceed the amount of the tuition refund.
In these cases, the resulting transactions will leave the student
with a balance due to DeVry. The student is responsible for paying
any remaining charges on their DeVry Educard account.
The student's
official withdrawal date will be determined by using the earlier
of 1) the date the student began the official withdrawal process
(the date that the student officially notified the Registrar of
his or her intent to withdraw); or 2) the student's last date
of attendance at an academically-related activity.
Any grant
funds that the student is required to return to the federal programs
are considered an overpayment. The student must either repay the
amount in full or make satisfactory payment arrangements with
the Department of Education to repay the amount. If the student
fails to repay, or make payment arrangements, to repay the overpayment
the student will lose his or her eligibility to receive future
federal financial aid at any institution.
Tuition
Refund Policy
In compliance
with federal and state requirements, DeVry issues refunds to
student who withdraw prior to completing a term. Refund calculations
are based on week of withdrawal and term of attendance, according
to DeVry policy, the policy of the state in which the student's
institute is located and the policy of the student's original
state of residence. Of the amounts calculated, the one most
favorable to the student is the refund issued. In all cases,
policies are applied to tuition charged for the semester. Examples
of refund calculations are available in the Student Finance
Office.
Refunds
are calculated according to the last documented date of attendance
and issued within 30 days of the withdrawal notification date
or the date the institute determines the student is no longer
enrolled, whichever is earlier.
DeVry Policy
At a minimum,
refunds are calculated using the following policy:
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Withdrawal
on the first day of class - 100% refund of institutional
charges less an administrative fee ( the lesser of $100
or 5% of institutional charges).
-
Withdrawal
after the first day of class through the first 10% of the
enrollment period - 90% refund of institutional charges
less the administrative fee.
-
Withdrawal
from after the first 10% of the enrollment period through
the first 25% of the enrollment period - 50% refund of institutional
charges less the administrative fee.
-
Withdrawal
from after the first 25% of the enrollment period through
the first 50% of the enrollment period - 25% refund of institutional
charges less the administrative fee.
-
Withdrawal
after the first 50% of the enrollment period - no refund.
At a minimum,
students who withdraw from their first term of attendance prior
to completing 60% of the term are entitled to a pro rata refund,
less an administrative fee as follows:
| PERCENT
OF ENROLLMENT PERIOD COMPLETED |
PERCENT
REFUND OF TUITION LESS ADMINISTRATIVE FEE |
| 90% |
90% |
| 80% |
80% |
| 70% |
70% |
| 60% |
60% |
| 50% |
50% |
| 40% |
40% |
All students
withdrawing on day one of week one receive a full tuition refund
less an administrative fee. Students enrolled in a standard
period of enrollment (semester) have their refund calculated
based on weeks completed and weeks remaining in the period.
All Other
States Policy
Students
whose original state of residence is Colorado, Delaware, Indiana,
Massachusetts, Mississippi, New Jersey, North Dakota, Oklahoma,
Oregon, Pennsylvania, Tennessee, West Virginia, Wisconsin or
Wyoming should refer to their enrollment agreement addendum
for their state's minimum refund policy. In cases where the
policy of one of these states differs from the refunds shown
in the preceding charts, students receive the most favorable
refund. For students from all other states, the refund is calculated
according to the DeVry policy as well as according to the policy
of the state in which the student's institution is located.
The student will receive the most favorable refund.
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