SCHOOL OF 2012-2013 - St. George's University

University Refund Policy
University Charges
Students who withdraw or take an unapproved leave of
absence, fail to return from an approved leave of absence,
are dismissed, or otherwise fail to complete the term for
which they were charged, will receive a refund of University
charges based on a pro rata calculation. If students withdraw
during the first 60 percent of a term, University charges
are prorated based on the percentage of the term that has
elapsed. If a credit balance is created, the funds will be
returned to the student within 30 days. If withdrawals take
place after the 60 percent point, full University charges
remain due. The refund is determined by students’ effective
dates of separation and the start of the student’s term.
Students who can demonstrate unusual and compelling
reasons for leaving the University may appeal for an
exception to the refund policy by writing a letter to the
Office of Student Finances asking to apply for a William
M. McCord scholarship. A McCord scholarship is a partial
tuition scholarship awarded to students who withdraw
from a term due to compelling personal reasons, and when
they return to resume their studies suffer undue financial
hardships which affect their ability to pay for their education.
These awards are grants-in-aid and do not have to be repaid.
The scholarship is used to help defray all or part of the
penalty paid as a result of the withdrawal.
Return of Title IV Funds
In accordance with federal regulations, students who
withdraw or otherwise fail to complete the term and have
Federal Title IV financial assistance that has been credited
or could have been credited to their account, will be
subject to a federally mandated pro rata refund policy.
Title IV funds (Federal Direct Loans and Federal Direct PLUS
Loans) are awarded to students based on the assumption
that they will attend classes for the entire period for which
aid is awarded. The return of federal aid is a federally
mandated process by which a school calculates the amount
of federal funds to be returned for a federally funded
student who withdraws or ceases attendance during a
period of enrollment. Calculations may result in a reduction
of the student’s Title IV loan to reflect the percentage of
the period of enrollment that the student attended, if the
student attended 60 percent or less of the enrollment period.
The calculation required determines a student’s earned
and unearned Title IV aid based on the percentage of
the enrollment period completed by the student. The
percentage of the period that the student remained
enrolled is derived by dividing the number of days the
student attended by the number of days in the period.
Calendar days (including weekends) are used, but breaks
of at least five days are excluded from both the numerator
and denominator.
Until a student has passed the 60 percent point of an
enrollment period, only a portion of the student’s aid has
been earned. A student who remains enrolled beyond the
60 percent point is considered to have earned all awarded
aid for the enrollment period.
Only the amount of the aid that has been earned for a
term (as a result of the prorated amount of the time the
student has been in school for that term) will be eligible to
be retained for the student. Based on these calculations,
the school and or the student may be required to return
“unearned” federal assistance in the following order:
1. Unsubsidized Federal Direct Loan
2. Grad Plus Federal Direct Loan
These unearned Title IV funds must be returned no
later than 45 days after the date St. George’s University
determined the student withdrew.
If the student did not receive all of the funds earned, the
student may be due a post-withdrawal disbursement. St.
George’s University must obtain the student’s permission
before the funds can be disbursed. A student may choose
to decline some or all of the loan funds so that he does not
incur additional debt.
Financial Aid
Approximately 80 percent of students enrolled in the Doctor
of Medicine program use financial aid to pay for part or
all of their educational expenses. The Office of Financial
Aid administers the financial aid programs available to St.
George’s University students; assists in financial planning,
budgeting, and completion of the application documents;
and counsels students regarding management of their debt.
School of Medicine
Finances
School of Medicine Catalog 2013–2014 | 113