RefundsRefunds jeff Tue, 10/10/2017 - 15:40
All refunds will be requested through the Cashier and approved through the Business Office periodically throughout the semester All refunds will be issued in the form of a check. Students should come prepared to meet their school/living expenses prior to issuance of refund checks. Emergency loans will not be issued at any time.
All student accounts will be refunded in accordance with established College procedures:
- 100% Refund - If the initiation and completion of the withdrawal is made through the Director of Enrollment/Registrar by Noon as follows: by the end of the 2nd class week within a 15 week semester; by the end of the 1st week of class for summer session; and by the Monday following the 1st class meeting for weekend format courses. No refund will be given for withdrawals made after the deadlines stated above.
- Military Benefits - Special Circumstances: A soldier ordered into service by the Government will need to speak with the Business Office.
- Federal Aid in excess of your statement of accounts will be refunded to you once the funds are received from the federal government. Refund checks are generally available 30 days after the start of classes each semester.
- Private Education funds are received electronically by the College and posted directly to the student’s LCN statement of account. In case of a credit balance, a refund check will be generated at that time.
- Each semester, all credit balances will be refunded in a timely manner. No balances will be carried forward to another semester.
- The exception to this policy is when the Department of Education Federal Refund Policy must be applied to those students whose costs are paid by student financial aid funding.
State and/or Accrediting Agency Refund Rule
The State of Illinois has not established a mandated refunding rule for private colleges.
The Higher Learning Commission as an accrediting agency has not established a refund rule.
Federal Refund Rule (Return of Title IV Funds)
The Department of Education mandates that unearned federal financial aid funds are returned to the specific program if a student withdraws from all coursework in a semester (Requirements of 34 CFR 668.22). The amount of the refund is determined by days of the semester that the student was in attendance versus the remaining days (after withdrawal) until the semester ends. Students are notified by mail of their debt to the Department of Education. This debt must be paid in a timely manner in order for the student to receive future financial aid. Contact the Financial Aid Office for more details regarding this policy.