SCHOLARSHIPS AND GRANTS REFUND

Stillman College is obligated to apply all outside scholarship funds to the student’s academic indebtedness, the purpose for which the funds are designated.  Institutional Scholarships are not redeemable as cash awards, but are offered by the College for the specific purpose of application toward the student’s direct educational cost.

Stillman College Institutional Scholarships and grants are awarded as supplementary funds applied to the student’s indebtedness after all other assistance has been determined.  The scholarship/grant supplements the student’s academic expenses but have no cash value. 

All Institutional Scholarship or Grant funds that are in excess of the student’s direct academic expenses will revert to the College’s Institutional Scholarship/Grant Fund for allocation to other needy students.

Withdrawals

The Federal Law (Title IV Federal Student Aid) requires that when you withdraw during the payment period or period of enrollment, the amount of student financial assistance that you have earned up to that point is determined by a formula. If you receive more assistance than you have earned, the excess funds must be returned to the Federal Program.  The amount of assistance is determined on a prorated basis.  To earn all of your Federal aid, you must not withdraw, drop out or quit before completing 60% of the semester in which you are enrolled.  (The Program can be referenced in the Code of Federal Regulations as CFR668.22, also Public Law 105-244).  You will reach the 60% portion of each semester as shown below.

                                          Fall:     October 29, 2011                                       

Spring: March 28, 2011

  Summer: June  20, 2011

Refund Policy

Students with excess payments on their accounts will be eligible to receive a refund check.

The College complies with distributing refunds to students within 14 days when a credit balance results from Title IV aid to the student’s account. In processing refunds for students who withdraw from the College and housing, all basic charges and selected special charges to students will be refunded on a pro-rata basis through the fourth week of the semester. Refunds will be issued for:

End of first week of class 80%

End of second week of class 60%

End of third week of class 40%

End of fourth week of class 20%