University of Virginia Library

ADOPTION OF THE RETURN OF TITLE IV FUNDS SCHEDULE AND REVISION OF THE POLICY ON REFUND OF TUITION, FEES AND ROOM AND BOARD CHARGES

The following resolution was adopted:

WHEREAS, the Higher Education Amendments of 1998, which substantially revised Section 484B of the Federal Higher Education Act of 1965, require adoption of the Return of Title IV Funds Schedule; and

WHEREAS, the Higher Education Amendments of 1998 eliminate the Pro Rata Refund Schedule; and

WHEREAS, the federal government has mandated compliance with the Higher Education Amendments of October 1998;

RESOLVED that the University adopts the Return of Title IV Funds Schedule as it appears below, effective the first day of the Fall 2000 semester; and

RESOLVED FURTHER that the University modifies the language of the Policy on Refund of Tuition, Fees and Room and Board Charges to eliminate the Pro Rata Refund Schedule.

POLICY ON REFUND TUITION, FEES, ROOM AND BOARD CHARGES

In the event a student withdraws from the University and that individual has not received Title IV Aid, the Institutional Refund Schedule will apply.

Institutional Refund Schedule: Tuition and fees will be charged on a percentage basis, based on the school week during which the student withdraws. A school week is defined as the period beginning on Monday and ending on the succeeding Sunday. The first school week of a semester (term) is defined as the week during which the general University Final Registration ends. Application of the Institutional Refund Schedule pertains only to tuition and fees. Room and board refunds are calculated separately, since the student signs a detailed contract for each.

               

School Week	Percentage Retained	Percentage Refunded
1	20	80
2	20	80
3	30	70
4	40	60
5	50	50
6	60	40
After 6	100	0

In the event a student withdraws from the University and the student has received Title IV Aid, the Return of Title IV Funds Schedule will apply.

Return of Title IV Funds Schedule: Under this schedule, room and board are considered institutional charges and will be refunded in the same manner as Tuition and Fees, i.e., based on the number of days of attendance. Details of this calculation are complex and are available in either the Bursar's Office or the Office of Financial Aid to Students.