Augustana Institutional Refund Policy:
For students who withdraw from the institution, the amount of a student's tuition and fees will be refunded 100% during the first calendar week of the term. Beginning with the eighth calendar day of the term, tuition refunds will be recalculated on a prorated basis. The proration is determined by dividing the number of calendar days completed in the term by the total number of calendar days in the term. Room and board charges will be refunded on a prorated basis beginning with the first day of the term. No refund is made after 60% of the term has passed.
Federal Aid Refund Policy:
For students who withdraw or stop attending classes before completing 60% of the term, a portion of the total federal aid received, excluding work study, will need to be returned. The amount which must be returned is determined by the Federal Formula for Return of Title IV Funds (Section 484B of the Higher Education Act). The amount to be returned is determined by dividing the number of calendar days completed in the term by the total number of days in the term. This law also specifies the order in which funds are to be returned to the financial aid programs from which they were awarded.
The responsibility of returning unearned Title IV aid is shared between the University and the student. Federal aid that has been disbursed to a student's account may need to be returned to the federal programs. In addition, a student who receives a cash disbursement of federal aid may need to repay all or a portion of that aid, as specified by law. If the amount of federal aid disbursed is less than the amount of federal aid that could have been disbursed, the student may be entitled to a late disbursement of federal aid.
Details of the 2014-2015 Refund/Repayment Policy can be found here.
If a student received student financial aid funds as a cash disbursement to cover non-institutional living expenses, such as off-campus room and board, books, supplies, transportation, and child care expenses, the student may owe a repayment to the school (or to the lender for a student loan), if the cash disbursement was greater than the student's living expenses up to the time of withdrawal.
According to the federal regulations, any student who owes a repayment on a federal grant or who is in default on a student loan is ineligible to receive additional federal financial aid at any institution of higher learning until such grant repayment has been made, or until arrangements are made to repay a defaulted student loan.