Refund Policy

Billing Policy for Withdrawn Students

If you withdraw prior to the start of a semester, or before the end of the first week of a semester, you are eligible for a 100% tuition and fee refund.

If you withdraw after the start of the second week of a semester, you are eligible for a refund of tuition and fees based on the following schedule (assuming a 16-week semester):

• If you withdraw before the end of week two, you will receive an 80% refund.
• If you withdraw before the end of week three, you will receive a 60% refund.
• If you withdraw before the end of week four, you will receive a 50% refund.

Board charges are refundable based on the number of weeks that food service has been provided. Room charges are refundable as follows:

• 100 percent refundable up to two weeks prior to the start of the semester
• 100 percent refundable (minus the residence deposit) after the two week deadline, but prior to the start of the semester.
• 80 percent refundable after the start of the semester but before the end of the second week of the semester
• No refund after the end of the second week of the semester

Financial Aid Policy for Withdrawn Students

If you receive any Federal Financial Aid* and withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a semester, you will have your financial aid recalculated based on the "Return of Title IV Aid" formula derived from the 1998 Reauthorization of Higher Education Act. There are no refunds for any withdrawals after the 60% point in a semester.

Federal Financial Aid is returned to the federal government based on the percent of unearned aid using the following formula:

Percent earned = Number of completed days up to the withdrawal date** divided by the total days in the semester

Aid to be returned = (100%-percent earned) x (the amount of aid to be disbursed).

When aid is returned, you may owe an outstanding balance to the university. You should contact Student Administrative Services at (773) 244-5560 or (773) 244-5605 to make payment arrangements.

* Federal Financial Aid includes and is returned in the following order: Unsubsidized Stafford Loan, Subsidized Stafford Loan, Perkins Loan, PLUS Loans, Pell, SEOG.

** Withdrawal date is defined as the actual date that you began the institution's withdrawal process, your last date of recorded attendance, or the midpoint of the semester if you leave without notifying the institution.