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Refund for Withdrawals
Students who wish to withdraw from the university must obtain a withdrawal form from the University Registrar's office and personally process it through the offices listed on that form. Finlandia University complies with the Higher Education Act Amendment of 1998 revisions as they apply to students receiving Title IV funds. Refunds are allocated according to the provisions listed in the Higher Education Act Amendment of 1998 in the following order of priority (starting with Title IV funds):
1. Unsubsidized Federal Stafford Loan
Tuition, fees, and room and board refunds are disbursed to students who completely withdraw or are dismissed from the university. The refund is based on the portion of the semester already completed at the time of withdrawal as measured from the first day of the semester. The table below outlines approximate refund percentages. Please contact the Office of Student Accounts for actual amounts. The student and the school are both responsible for returning unearned federal financial aid to the federal government.
School's Portion to be Returned
Finlandia University will calculate the refund according to the Federal Return of Title IV Funds (R2T4) formula and determine the amount of Federal aid that must be returned to the federal government both by the school and the student. If a recipient of Title IV aid withdraws during a period of enrollment, Finlandia University must calculate the amount of Title IV aid the student did not earn. Unearned Title IV funds are returned to the Title IV Federal programs in the amount equal to the lesser of the student's institutional charges multiplied by the unearned percentage of funds, or the entire amount of the unearned funds.
Student's Portion to be Returned
When the total amount of unearned aid is greater than the amount returned by Finlandia University from the student's account, the student is responsible for returning unearned aid to the appropriate program(s). The same priority as above should be used. Any loan funds that must be returned by the student will be repaid according to the terms of the promissory note. There is a 50-percent discount on any grant funds that are to be repaid. Grant funds that must be returned are considered a federal grant overpayment. The student can either repay the amount in full or make satisfactory arrangements with Finlandia University or the Department of Education to repay the amount due. These arrangements must be completed within forty-five days of the date Finlandia University notifies the student of the overpayment status or the student risks losing eligibility for further federal financial assistance.
A student would be owed a post-withdrawal disbursement of Title IV funds upon withdrawal from Finlandia University if the amount already received is less than the amount the student earned, and for which the student is otherwise eligible. The student would be then eligible to receive a post-withdrawal disbursement of the earned aid that was not received. Finlandia University must offer any amount of a post-withdrawal disbursement that is not credited to the student’s account within 30 days of the determination. A Pell disbursement can be posted without the student’s approval/notification; however, a Federal loan disbursement will require the student consent of approval prior to the school disbursing such funds. The student has fourteen days from the date of notification to respond to Finlandia University.