Financial Aid Refund Procedure

If a student receiving financial aid is eligible for a refund, that refund is returned to the Federal Direct Financial Aid Program. If the amount of the refund exceeds the total amount of aid, the excess will be returned to the student. Federal regulations require that any student who has received a loan while attending NUNM and who leaves the college for any reason, including official leaves of absence, must participate in loan exit counseling.

Tuition and Refund Policy

Adding & Dropping Classes

Students are responsible for formally withdrawing from classes they wish to drop. Students who fail to formally drop classes during the refund period are responsible for the tuition charges. Please note that fieldwork and cultural immersion trips are subject to a different refund schedule. (See add/drop policy in the student handbook).

• If a student receiving financial aid is eligible for a tuition refund, that refund is returned to the Federal Direct Financial Aid Program. Any refund of tuition and fees resulting from a withdrawal or a reclassification of tuition status must be applied to the recipient’s financial aid awards before any payment is made to the student. Tuition refunds are calculated according to NUNM’s tuition and fee refund policy. Return of Federal Title IV (R2T4) funds is calculated according to U.S. Department of Education regulations. Any credit balance on a student’s account resulting from the R2T4 calculation must be disbursed as soon as possible and no later than 14 days after the R2T4 calculation occurred.
• Students whose accounts were paid in full often have a balance due NUNM after a withdrawal. The R2T4 policy operates independently of the university’s tuition refund policy. It is possible for a withdrawing student to owe NUNM money because aid must be returned to the Title IV program, but the student is not entitled to a refund of institutional charges.
• Federal regulations require that any student who has received a loan while attending NUNM, who leaves the university for any reason (including official leaves of absence), must participate in a loan exit interview. Exit interviews are conducted by the Financial Aid Office and can be arranged by calling that office. Students are required to bring a completed “Leave/Withdrawal” form that contains the appropriate dean’s signature for their program(s) of enrollment. Additionally, students will be required to complete an on-line exit counseling session at studentaid.gov as mandated by the U.S. Department of Education. (See Financial Aid section for more information.)

Official Withdrawals and Leave of Absence

Students may initiate an official withdrawal or leave of absence by meeting with Director of Student Success. Students withdrawing from school at any time during the school year must complete an exit interview with the Office of Financial Aid and submit a completed “Leave/Withdrawal” form to the Registrar’s Office.

Upon receipt of the “Leave/Withdrawal” form, the Office of Financial Aid will complete the Return of Title IV calculation to determine the amount of Title IV aid the student has earned. Any unearned Title IV funds will be returned immediately, but no later than 45 days from the date of determination of withdrawal. The Office of Financial Aid will notify the student via e-mail indicating the result of the R2T4, including information regarding repayment and exit counseling.

Failure to attend for any quarter is considered a withdrawal, and the student will need to submit a new application and application fee for readmission. Students who withdraw from NUNM during the course of a term will earn a grade of “W.” A student facing an alleged violation of the Code of Conduct or Honor Code may be permitted to withdraw from NUNM, however, proceedings will continue in their absence.

Unofficial Withdrawal

NUNM is not required to take attendance. Therefore, if a student does not initiate the university’s withdrawal process, and ceases to attend, the university will assume an unofficial withdrawal. Any federal Title IV aid received will be subject to an R2T4 calculation based on the last date of attendance. The student’s last date of attendance is the date that reflects when the student ceases to attend all classes or participate in academic activities as determined by the university. Any unearned Title IV funds will be returned immediately, but no later than 45 days from the date of determination of withdrawal.

Post-withdrawal Disbursement

As determined by the R2T4 calculation, a student that withdrawals prior to the Title IV disbursement, may be eligible for a post-withdrawal disbursement. If a student is eligible for a post-withdrawal disbursement of Title IV grant funds, it must be disbursed within 45 days from the date of determination of withdrawal. For a post-withdrawal disbursement of Title IV loan funds, the Office of Financial Aid will notify the student or parent within 30 days from the date of determination of withdrawal, that they are eligible for a post-withdrawal disbursement. This notification provides the student or parent with a 14-day response period to authorize all or part of the post-withdrawal disbursement of Title IV loan funds. Any post-withdrawal disbursement of Title IV loan funds a student or parent authorizes must be disbursed within 180 days of the date of determination of withdrawal.
Post-withdrawal disbursements must be applied to the student account first to cover any outstanding institutional charges, before being disbursed to the student or parent. Any resulting credit balance refunds will be disbursed no later that 14 days from the date the credit balance occurred.

NUNM Return of Federal Title IV Funds

Title IV funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws they may no longer be eligible for the full amount of Title IV funds that they were originally scheduled to receive. Students who withdraw from the program before week eight of any quarter may be eligible for a refund. If a student receiving financial aid is eligible for a refund, that refund is returned to the Federal Direct Financial Aid Program. If the amount of the refund exceeds the total amount of aid, the excess will be returned to the student.

Students whose accounts were paid in full often have a balance due NUNM after withdrawal. The Title IV Return of Funds Policy operates independently of the university’s tuition refund policy. It is possible for a withdrawing student to owe NUNM money because aid must be returned to the Title IV Program, but the student is not entitled to a refund of institutional charges.

Any credit balance on a student’s account resulting from the R2T4 calculation must be disbursed as soon as possible and no later than 14 days after the R2T4 calculation occurred.

Institution’s Return of Funds

Upon completion of the R2T4 calculation, the institution will return the unearned aid for which the school is responsible by repaying funds to the sources listed below, in order, up to the total net amount disbursed from each source. Any unearned Title IV funds will be returned immediately, but no later than 45 days from the date of determination of withdrawal. The student will be responsible for resolving any outstanding balance due to the institution resulting from the required return of Title IV aid.

Student’s Return of Funds

Upon completion of the R2T4 calculation, the Office of Financial Aid will notify the student within 30 days from the date of determination of withdrawal of the amount of unearned Title IV funds the student is responsible to return. Title IV loan funds must be repaid in accordance with the conditions of the student’s master promissory note. If the student’s portion of the unearned aid includes Title IV grants, the student is only required to return the grant amount that exceeds 50% of the original amount received. If the amount the student must return is less than 50%, then no payment is required. Title IV grants must be repaid within 45 days from the date the institution notifies the student of the overpayment. The institution will return Title IV grant funds on behalf of the student and the student’s account will be charged as a result.

Federal Title IV funds are always returned in the order mandated by the U.S. Department of Education.

Graduate

1. Federal Direct Unsubsidized Stafford Loan
2. Federal Direct Graduate PLUS Loan 

Undergraduate

1. Federal Direct Unsubsidized Direct Loan
2. Federal Direct Subsidized Direct Staff Loan
3. Direct Parent PLUS Loan
4. Pell Grant
5. FSEOG  

The calculation of Title IV funds earned by students has no relationship to their incurred institutional charges. Up through the 60 percent point in each payment period or period of enrollment, a prorated schedule is used to determine the amount of Title IV funds students have earned at the time of withdrawal.

After the 60 percent point in the payment period or period of enrollment, students earn 100 percent of the Title IV funds they are scheduled to receive during the period. For a student who withdraws after the 60 percent point-in-time, there are no unearned funds. However, the school must still determine whether that student is eligible for a post- withdrawal disbursement.

Note: The Federal Title IV refund calculations only apply to withdrawals from all classes. However, if a student changes track and if there is an adjustment made to her/his tuition charge, the Financial Aid Office may recalculate the student’s Cost of Attendance Budget to see if her/his aid eligibility has changed.

Exit Counseling

Student loans, unlike grants and federal work–study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study or because you’re having financial difficulty. Loans are legal obligations that you’ll have to repay.

Exit Counseling is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school). This counseling helps you understand your rights and responsibilities as a student loan borrower and provides useful tips and information to help you manage your loans.

Students departing from NUNM or ceasing to enroll at least half–time must complete online exit counseling.