Refund policies
I didn't realize these were regulated by the state. I was under the impression that it was federal since it seems to be kickback from over payment due to what they qualified for by completing the FAFSA.
Ronald,
The US Department of Education has their own requirements regarding federal financial aid. If a students does not complete a term, the school is required to process a return to federal funds as well as the state refund policy.
Kimberly Stein
It sounds like the federal government allows the states to be accountable for the federal loans that a student may receive for attending a school in their state.
Trevor,
The state refund rules apply when a student withdraws from school prior to completing their academic program. A refund calculation must be done to determine if refunds of prepaid tuition and fees must be made to financial aid providers and/or the student (if they paid with their own funds).
John Ware
When you say refund, are you meaning that the student received more money from financial aid then the student needed to attend school or being refunded for changing their mind about going to school and want whatever monies that they paid to refunded to them?
I did not realize this either. But I now understand
