Student Financial Services
Refunds
Students will automatically receive a refund for any excess funds (credit balance) on their student account each semester. Refunds are not available during the first few weeks of each academic semester. Refunds will be available from the Office of Student Financial Services 7-10 days after the completion of the add/drop period each semester (approximately four weeks into the semester), following verification of student enrollment. Refunds resulting from Federal Pell grants or State scholarships or grants will be available later in the semester.
Because refunds are not immediately available at the beginning of each semester, students must ensure they have sufficient funds to meet living expenses, including rent (for students living off-campus), books, supplies, and personal items until refunds become available.
All refunds, regardless of the source, are first applied to any credit cards that were used for payments made to the student's account during the current fiscal year (July 1- June 30). A refund check will only be issued after the full amount of any credit card payments has been credited to the card. Refund checks will be mailed to the students' permanent address unless other arrangements are made in writing with the Office of Student Financial Services. Students wishing to carry a credit balance on their student account must notify the Office of Student Financial Services in writing in advance.
Tuition General Refund Policy
Tuition refunds will be granted only through the first four weeks of a semester. The refund amount is determined by the date that appears on the official add/drop form filed with the Registrar. (Non-attendance in a class does not constitute withdrawal from that class). This refund policy applies if a full-time student's course load falls below 12 credits hours per semester, and for all Dix Scholars.
If a student should completely withdraw from all coursework after classes begin in the fall or spring semesters, he/she may still be accountable for a portion of tuition, room, board, and other fees.
For students receiving federal financial aid who withdraw from some or all classes, Simmons College is responsible for adhering to rules established by the federal government that determine the amount of federal financial aid (Stafford, Pell, Perkins, SEOG) a student is allowed to keep toward college charges. Federal regulations assume that a student earns his/her aid based on the length of time he/she remains enrolled. If a student is considering withdrawal, he/she should meet with a financial aid counselor to discuss the financial implications.
| Courses dropped on or before | % of Tuition charges cancelled | |||
| Fall 2007 | September 14 | 100 percent | ||
| September 21 | 80 percent | |||
| September 28 | 60 percent | |||
| October 5 | 40 percent | |||
| October 12 | 20 percent | |||
| On or after October 13 | 0 percent | |||
| Spring 2008 | February 1 | 100 percent | ||
| February 8 | 80 percent | |||
| February 15 | 60 percent | |||
| February 22 | 40 percent | |||
| February 29 | 20 percent | |||
| On or after March 1 | 0 percent |
Students not receiving financial aid who withdraw from some or all classes are subject to the Simmons tuition general refund policy (not the federal refund policy).
Once any financial aid adjustments have been applied to the account of a student who has withdrawn, the student is responsible for paying the balance. For more information on account payments and the Simmons payment policy, please click here.
Tuition Refund Plan A.W.G. Dewar, Inc.
Many parents and students have requested an option to protect their educational investment at the College from an accident, illness, injury, or mental health disorder. Simmons is pleased to offer such a program through A.W.G. Dewar, Inc. For information about this plan, please write directly to A.W.G. Dewar, Inc. 50 Braintree Hill Office Park, Braintree, MA 02184. You can also find out more information at the Tuition Refund Plan website. Please note that applications must be made prior to opening day at the College.
Return of Title IV Aid
When federal Title IV grant or loan assistance is disbursed, but the recipient does not complete the enrollment period, the law requires that Simmons College calculate the amount that must be returned by the school and/or student to Title IV program accounts.
The date the student initiates the withdrawal is used for calculating the percentage used in the formula for Return of Title IV funds. The number of days from the 1st class day to the withdrawal date divided by the number of days in the payment period (semester) equals the percentage of Title IV funds earned. If the withdrawal date is after the 60% point of the semester, the student has earned 100% of the Title IV funds.
If the total amount of Title IV grant and/or loan assistance that the student earned is less than the amount disbursed to or on behalf of the student, the difference between these amounts must be returned to the Title IV programs in the following order of priority (not to exceed the amount originally disbursed):
1) Unsubsidized Stafford Loans
2) Subsidized Stafford Loans
3) PLUS FFEL LOans
4) Federal Pell Grant
5) Federal SEOG Grant
6) Other Title IV assistance (excluding Federal Work-Study)
7) Academic Competitive Grant
8) National Smart Grant
The school and the student share the responsibility for returning Title IV aid. The school returns “unearned” Title IV funds that have been paid to the school to cover the student's institutional charges received from Title IV grant and/or loan programs.
The school must return Title IV funds due to the federal programs no later than 30 days after the date the school determines the student withdrew.
If the student owes funds back to the Title IV programs, the institution will advise the student within 45 days of determining that the student withdrew. The student has 45 days from the date of notification from the institution to take action on the overpayment. If the student's portion of unearned Title IV funds included a federal grant, the student has to pay no more than 50% of the initial amount that the student is responsible for returning. Immediate repayment of the unearned loan amount is not required because the student repays the loan to the lender according to the terms or conditions in the promissory note. The institution will advise the lender of the student's withdrawal within 45 days of determining the student withdrew.
No additional disbursements may be made to the student for the enrollment period. If the student does not repay the amount owed to the Title IV programs or does not make satisfactory payment arrangements with the U.S. Department of Education, Simmons College will report to the National Student Loan Data System (NSLDS) that the student received an overpayment. The student loses eligibility for further Title IV aid until resolved.
Example
NOTE: Dollar amounts are for example only and are not true current costs.
Rachel has been awarded the following package for Fall 2007:
Federal Pell Grant - $1200
Federal Work-Study - $1250
Simmons Grant - $1590
Federal Subsidized Stafford Loan - $1750
Federal Unsubsidized Stafford Loan - $2000
Rachel withdraws from all of her classes on October 5, 2007. The total amount of Title IV Aid that is subject to the Return of Title IV Calculation is $4950. (The Federal Work-Study and Simmons Grant are not included). The percentage of Title IV aid Rachel has earned is 31.1%. The total amount of Title IV aid that was earned by the student is $1539.45.
The total amount of Title IV aid to be returned is $4950 - $1539.45 = $3410.55.
Total charges for Fall 2007 semester is $8420 tuition and fees. The amount of Title IV aid unearned is 68.9%. The charges times the amount of unearned aid is $8420 X 68.9% = $5801.38.
The amount of Title IV aid to be returned by the school is the lesser of the two, or $3410.55. Therefore, Simmons College would return $2000 Federal Unsubsidized Stafford Loan and $1410.55 Federal Subsidized Stafford Loan to the lender and notify the lender that the student withdrew on October 5, 2007.
The student in this example would not need to return any additional funds since the amount to be returned by the school was the same amount to be returned.
