Withdrawal and Refund Policy - MBA

Students are matriculated by semester. If a student withdraws from classes or is dropped from the University for whatever cause, a refund of fees for a fall or spring semester shall be made in accordance with the University's refund policy, based on the following schedule. This schedule is adapted for summer terms.

Return of Title IV Program Funds Policy

The 1998 amendments to the Higher Education Act (HEA) of 1965 and subsequent regulations issued by the Department of Education (43 CFR 668.22) establish a policy for the return of Title IV grant and loan funds for a student who withdraws. Title IV grant and loan funds include the following programs: Federal Direct Loans, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Perkins Loan, Federal Work-Study, Federal TEACH Grant and the Iraq and Afghanistan Service Grant.

The amount of Title IV funds the student earns, up to the withdrawal date, is based on a daily proration determined by dividing the total number of calendar days completed by the total number of calendar days in the semester (excluding breaks of five or more consecutive days). This calculation must only be done up to the 60% point in time for the semester. After the 60% point in time, the student is considered to have earned all of the Title IV funds awarded for that semester.

Unearned Title IV funds must be returned to the Title IV programs. If the amount earned is greater than the amount that has been disbursed, the difference is treated as a late disbursement to the student. Unearned funds, up to the amount of total institutional charges (tuition, room, and board) multiplied by the unearned percentage of funds, are returned to the Title IV programs by the University of Richmond. The student must return any portion of unearned funds not returned by the school. Only 50% of unearned grants funds must be returned. Title IV loan funds that must be returned by the student are repaid per the loan terms.

Unearned Title IV funds are returned to the Title IV programs in the following order: Unsubsidized Direct Stafford Loans, Subsidized Direct Stafford Loans, Perkins Loans, Direct PLUS Loans, Federal Pell Grants for which a return of funds is required, Federal Supplemental Educational Opportunity Grants for which a return of funds is required, TEACH Grant for which a return of funds is required, and Iraq and Afghanistan Service Grant for which a return of funds is required. 

Return of Non-Title IV Program Funds Policy

Non-Title IV financial aid will be adjusted for a withdrawing student based upon the University's Refund Policy. Adjustments will be made through the sixth week of classes. The amount to be returned to the Non-Title IV financial aid program is the same percentage that will be refunded to the student for tuition and room charges. After the sixth week the student is considered to have earned all of the Non-Title IV aid.

Non-Title IV financial aid funds are returned in the following order: institutional grants/scholarships, non-federal loans, agency scholarships.

Students who are receiving financial aid and who are planning to withdraw from the University during a semester are strongly encouraged to meet with a Financial Aid Advisor to review the impact that their withdrawal will have on their institutional charges and on their financial aid for the semester.

Refund Schedule

The amount of the refund is based on the date that the written withdrawal notification is received in the Office of the Dean. Any special fee associated with a particular course is non-refundable after the first day of term.

Appeals Process

The University of Richmond has an appeal process for students and parents who believe individual circumstances warrant exceptions from published policy.

A student or parent has six weeks from the time of withdrawal to appeal the University's refund policy.

All appeals must be in writing and directed to:

Annemarie Weitzel
Bursar
Box R
142 UR Drive
University of Richmond, VA 23173
bursar@richmond.edu

Please contact Student Accounts if you have any questions.

Direct Deposit of Refund Amounts

With Direct Deposit, your refund will be automatically deposited to the bank account you specify, eliminating trips to the bank and the risk of your check being lost or stolen.  It can take up to two business days for a direct deposit to post to your bank account.  To participate, sign up online through BannerWeb.