Refund Policy for Students Withdrawing from the University
Withdrawal from MVNU may affect the student’s eligibility for future financial aid. Once a student has completed the withdrawal process, the portion of student charges eligible to be refunded is based on a ratio of the number of days remaining in the term to the total number of days in the term. The withdrawal date is considered to be the earliest of [1] the last day of class attendance, [2] the last day of documented academically related activity, or [3] the date the student began the withdrawal process. A pro-rated refund is made if the student has not attended class beyond the 60% point of the term. After that, no refund is made.
The refund policy applies to tuition and the student fee. Course fees are refundable only through the first 10 business days of the semester for fall and spring semesters. Any course expenses already expended are not included in the refund.
Housing deposits, housing refunds, and meal plan refunds will be handled as follows:
- If a student moves out of campus housing through the 60% point in the semester, the housing deposit will be forfeited, the housing refund will be prorated, and the meal plan refund will be prorated.
- If a student moves out of campus housing after the 60% point, the housing refund will be limited to the housing deposit, and the meal plan refund will be prorated based on the end of the week in which the student moves from campus housing.
Return of Title IV Funds
If a student receives financial aid funds from any aid program and subsequently withdraws from MVNU before 60% of the term has elapsed, then a percentage of those funds must be returned to the appropriate federal, state, and/or institutional program(s). The calculation used to determine the return of funds is a ratio of the number of days remaining in the term to the total number of days in the term. The student who remains enrolled and attends class through the 60% point in the term is eligible to retain 100% of federal grant and loan funds. The return of state and MVNU funds follows a similar schedule. If the return of Title IV funds exceeds the schools portion and results in an amount to be returned by the student, the University will return those funds on the student's behalf and notify the student in writing of the balance they then owe the University.
If a student receives Title IV program funds and a student in attendance earns more funds than disbursed, the school will include aid actually disbursed and aid that could have been disbursed in the R2T4 calculation. The school will then determine the amount of post withdraw disbursement funds earned by the student at the time of withdraw. The school then provides notification to the student or parent borrower before making a disbursement of post withdraw loan funds, allowing them 14 days to respond.
The school will return the Title IV funds as soon as possible after the determination date, but no later than 45 days.
The order in which the Title IV program funds will be returned is as follows:
- Unsubsidized Direct Loans (other then Direct PLUS Loans)
- Subsidized Direct Loans
- Direct PLUS Loans (parent or graduate)
- Federal Pell Grants for which a return of Title IV funds is required
- FSEOG for which a return of Title IV funds is required
- TEACH Grants for which a return of Title IV funds is required
- Iraq and Afghanistan Service Grant, for which a return of Title IV funds is required
MVNU is a credit hour school and the percentage of the period completed is determined by dividing the number of calendar days completed in the payment period or period of enrollment, as of the day the student withdrew, by the total number of calendar days in the same period.