Withdrawal PoliciesOBU makes readily available upon request to enrolled and prospective students a refund policy with which the institution is required to comply for the return of unearned tuition and fees and other refundable portions of costs paid to the institution.
Students who stop attending classes during a semester will be considered as withdrawn students for federal aid purposes. The faculty members notify the Registrar when such an occurrence happens and the information is forwarded to the office of Student Financial Services to complete a return of Title IV refund calculation. Students who receive grades of all FX (failure due to non-attendance) may also be subject to a calculation if the last date of attendance was before the end of the semesters. The office of the Registrar confirms the last date of class attendance with the professors of students who receive all FX grades and report that date to the office of Student Financial Services for use in the calculation.
Students wishing to officially withdraw from the university during a semester must first visit with the Director of Student Success for an exit interview. The Director of Student Success will authorize the withdrawal and student will take the withdrawal card to the office of the Registrar. The student will be withdrawn from all courses which will automatically credit any tuition, fees, room and board refunds to the student’s account (see above). The student will then take the card to the office of Student Financial Services to determine the final status of their tuition account based on the refund policies above as well as the return of title IV refund calculation for federal aid recipients. The staff member in Student Financial Services will debit any federal, state or institutional funds for which the student has not earned based on the date of withdrawal and the refund calculation. The adjustments are made immediately to the student’s account and the student is directed to the Business Office to request any credit due to the student (or parent in case of PLUS loan credit) or to make payment arrangements for any amount due. Federal funds are then returned electronically using the Department of Education tools.
Refunds following WithdrawalOnce the withdrawal process is complete, if a credit exists on the student’s account and the credit is from scholarships, grants, work study earnings and student loans, the credit will be issues to the student. If the credit was caused by a parent PLUS loan, the credit up to the amount of the PLUS loan will be issued to the parent borrower of the PLUS loan. Return of Title IV Refund Calculation following Withdrawal
The institution makes readily available upon request to enrolled and prospective students a summary of the requirements under § 668.22 for the return of Title IV grant or loan assistance. Students who formally withdraw by completing the withdrawal process or who stop attending classes are subject to a Return of Title IV calculation. Students who receive grades of all FX (failure due to non-attendance) may also be subject to a calculation if the last date of attendance was before the end of the semesters. The office of the Registrar confirms the last date of class attendance with the professors of students who receive all FX grades and report that date to the office of Student Financial Services for use in the calculation. Students who have not earned at least 60% of their federal aid will owe federal funds back to the federal program(s).If the result of the calculation is that the student earned less aid than they received (completed less than 60% of the semester), the refund to the federal programs will be as follows: Title IV loans (repaid in accordance with the loan repayment provisions) then Title IV grants such as Pell or Supplemental Education Opportunities Grant. If the student received less federal aid than they earned, a post-withdrawal disbursement will be made to the student’s account for direct costs with grant funds only. If further post-withdrawal disbursement is due, notification will be sent to the student/borrower of all loan amounts and any grant amount amounts that will be directly disbursed. If notified of a post-withdrawal disbursement in this situation, student must return confirmation in order to receive the post-withdrawal disbursement. All post-withdrawal notifications will be sent within 30 days of the date OBU determined student withdrew. In the event, the student owes a grant overpayment, OBU will return the overpayment on behalf of the student and student will repay OBU. Therefore, it will not be necessary to report the overpayment to the Department of Education.