When the Financial Aid Office (FAO) of Excelsior College awards federal student financial aid to a student the assumption is that the student will attend the College for the entire period for which the aid was awarded. When the student withdraws, they may no longer be eligible for the full amount of the federal student financial aid funds they were scheduled to receive.
Federal student financial aid recipients who withdraw from Excelsior College are subject to the return of federal student financial aid funds regulations. The calculation for return of federal student financial aid funds will determine the amount of grant and loan assistance a student “earned” for the period of the student’s enrollment at the College. This calculation will be done by the Financial Aid Office using U.S. Department of Education return of federal student financial aid software.
Up through the 60 percent point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of Federal funds the student has earned at the time of withdrawal. AFTER the 60 percent point in the payment period or period of enrollment, the student has earned 100 percent of the federal student financial aid funds they are scheduled to receive during the period. The “unearned” portion of the aid will be returned to the appropriate federal student financial aid programs. The Refunds section outlines the order in which funds will be returned by the Bursar’s Office. The College will invoice the student for the amount of tuition that was returned that exceeds the College’s institutional refund policy.
The “unearned” portion of the aid that was disbursed directly to the student will also be calculated. If applicable, the student will owe a repayment to the federal student financial aid programs. The student will be sent an overpayment letter by the Bursar’s Office and will be given 45 days to make the repayment. The student will be ineligible for further federal student financial aid until the funds are repaid or satisfactory payment arrangements have been made with the U.S. Department of Education.
Repayment of a State Need Grant is also calculated for any student completing 60 percent or less of the hours in a given payment period.
For a student who withdraws after the 60 percent point-in-time, there are no unearned funds. However, Excelsior College will still complete a Return calculation in order to determine whether the student is eligible for a post withdrawal disbursement.
Refunds for Financial Aid Recipients Who Do Not Receive Title IV Aid
Refunds will be issued in accordance with the college’s institutional refund policy, as outlined on the Excelsior College Fee Refunds policy page.
Distribution of Refunds, Repayments, and Return of Title IV Funds by the Bursars Office will be done in the following order:
- Unsubsidized Direct Stafford Loans
- Subsidized Direct Stafford Loans
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants (FSEOG)
- State Need Grants
- Other programs providing aid
Student Account Adjustments
The calculation of federal student financial aid funds earned by the student is separate from and has no relationship to institutional charges incurred by the student. Any over/under payment of institutional charges will be handled in accordance with the College’s institutional refund policies. Please refer to the following for detailed refund policies: