Withdrawal and Refund Policies

Institutional Refund Policy

           

Refunds to institutional charges (i.e tuition, fees, room and board) are calculated based on the class drop date as recorded in the Registrar's Office.  Students are responsible for notifying the Registrar's Office when they intend to drop a class.  Lack of attendance does not constitute a drop.  Students must complete the official withdrawal process.


The amount of the refund will be determined by the University of Sioux Falls Institutional Refund Policies. Click on the link below to find which policy applies to you. 



Federal Return of Title IV Funds Policy


Federal Financial Aid (Title IV Funds) is awarded to a student under the assumption that the student will attend for the entire period of enrollment for which the aid is awarded.  If a recipient of Title IV funds withdraws or stops attending all courses after beginning attendance for any reason he or she may no longer be eligible for the full amount of Title IV Funds.  A calculation is used to determine the percentage of Title IV aid earned by the student and the unearned portion that must be returned to the appropriate aid program.  If a student completes more than 60% of the semester he or she is considered to have earned all of his or her federal aid and will not be required to return any funds.  The student will be notified by mail of any returns the University is required to make to Federal Title IV programs.  A school must return unearned funds for which it is responsible as soon as possible but no later than 45 days of the date it was determined the student withdrew.

Withdrawal Date
In order for the return of Title IV Funds to be calculated accurately a student must complete the official withdrawal process.  The official withdrawal date is the date a student initiates the withdrawal.  For undergraduate students, the withdrawal process begins with the Office of the Registrar.  For the Degree Completion Program, Accelerated Nursing and all graduate programs, official withdrawal notice must be given to the director of the respective program.  Failure to withdraw officially will result in grades of “F.”  For a student who does not officially withdraw the last date of attendance as recorded by faculty will be used as the withdrawal date.  If no date of withdrawal can be determined, USF will use the midpoint of the semester as the date of withdrawal.

How the Earned Financial Aid is Calculated

The amount which must be returned is determined by the Federal Formula for Return of Title IV funds.  This calculation divides the number of calendar days completed in the term by the total number of days in the term.  Weekends and holidays are included in the number of days, but breaks of five or more consecutive days are excluded.  If a student completes more than 60% of the semester he or she is considered to have earned all of his or her federal aid and will not be required to return any funds.

In accordance with the mandated Federal Return of Title IV Funds Policy, refund amounts calculated for Federal Title IV programs will be returned to the aid programs in the following order: 
1.      
Federal Direct Unsubsidized Loan

2.      
Federal Direct Subsidized Loan

3.      
Federal Perkins Loan
4.       Federal Direct PLUS Loan
5.      
Federal Pell Grant
6.       Federal SEOG Grant
7.      
Federal TEACH Grant

8.      
Other Title IV assistance for which a return is required

In some situations, the Return of Title IV Funds calculation may result in an amount that must be repaid by the student.  Federal regulation mandates that the student repay the Title IV programs in the same order as the refund made by the institution on behalf of the student.  If the repayment is to a Direct Lending program it can be made in accordance with Direct Lending regulations.

Post Withdrawal Disbursements
If the amount of Title IV aid disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.  USF must offer any post-withdrawal disbursement of loan funds within 30 days of the date it was determined the student withdrew.  USF must obtain confirmation from a student, or parent for a Direct Parent PLUS Loan, before making any disbursement of these loan funds.  USF must disburse any loan funds the student accepts within 180 days of the date it was determined the student withdrew.  Without obtaining a student’s permission, Title IV grant funds from a post-withdrawal disbursement are credited to a student’s account to pay for tuition, fees, and room and board.  USF must disburse any Title IV grants funds a student is due within 45 days of the date it was determined the student withdrew.  If a post-withdrawal disbursement is due to the student, the student will be notified by mail.