Refunds

Financial Aid refunds resulting from federal loans or grants are automatically refunded after the date of disbursement following federal guidelines. If an overpayment shows on a student’s account, and it isn’t created by financial aid, the student is required to request a refund from the office of the Bursar. If a request is not filed the overpayment would go toward the next semester as a credit. Beginning with the fall 2008 semester all refund checks will be mailed directly to the undergraduate student’s CSU Box, and the graduate student’s GSH Box or the local mailing address. It is the responsibility of the student to update their mailing address by logging onto myWM.

Refunds for Dropped Classes and/or Reduced Course Load

Depending on your course load and the date you drop a course, you may or may not be entitled to a refund. If you are planning to withdraw, or reduce your course load, please contact our office for refund information at (757) 221-1220 or bursar@wm.edu.

Students withdrawing from all classes or below half-time and whose financial aid has not been confirmed will be responsible for all charges still owed to The College. Financial Aid may not be disbursed if the student is no longer enrolled. Check with the Financial Aid office at (757) 221-2420 before withdrawing from all classes or below half-time.

Federal Financial Aid

Federal Financial aid regulations require the student to give the university permission to apply Title IV federal funds to miscellaneous charges (i.e. student health charges, library fines, parking fines, etc.) or prior term charges owed by the student. The Federal Financial Aid Release form must be submitted to allow us to apply aid to these charges. Failure to submit this form to the Bursar’s Office can result in a hold on the student’s account if these charges are past due. Download the FFA Release Form here.

Student Account Refund Request Form

Full-time Students who withdraw from the College of William & Mary

Full-time students who withdraw from the College are charged a percentage of the tuition and fees based on the school week within which the withdrawal occurs. A school week is defined as the period beginning on Monday and ending on the succeeding Sunday. The first school week of a semester is defined as that week within which classes begin. Full-time students who withdraw from the College within the first school week of the semester are eligible for a refund of all payments for tuition and fees less the required enrollment deposit for entering students or a $50.00 administrative fee for continuing students.

Please follow the schedule below for withdrawal refund percentages:

Week 1, Percentage Charged 0%, Percentage Refunded 100%
Week 2, Percentage Charged 20%, Percentage Refunded 80%
Week 3, Percentage Charged 30%, Percentage Refunded 70%
Week 4, Percentage Charged 40%, Percentage Refunded 60%
Week 5, Percentage Charged 50%, Percentage Refunded 50%
Week 6, Percentage Charged 60%, Percentage Refunded 40%
After week 6, percentage charged 100%, percentage refunded 0%

Students will not be eligible for any refund of tuition and general fees if required to withdraw by the College.

Refund of the room rent will be prorated based on the date the resident officially checks out of the room with required paperwork completed by a Resident Life staff member. Meal plan adjustments will be prorated on an actual usage basis given the last day of usage.

For students paying through a tuition payment plan, all refunds will be determined by comparing the amount eligible for refunding to the total monthly payments made to date. Any outstanding amounts owed the College for tuition, general fees, dormitory fees or meal plan charges after deducting the eligible refund will be due immediately upon withdrawal.

It is College policy to hold the enrolled student liable for charges incurred, therefore in the case of refunding any overpayment, refund checks will be issued in the name of the student.

FlexTrack/Part-time Students who withdraw from the College

FlexTrack/Part-time students who withdraw from the College within the first school week of the semester are eligible for a full refund of tuition and fees less a $50.00 administrative fee. After the first week, the amount of the tuition and fees to be charged will follow the full-time withdrawal schedule.

Students will not be eligible for any refund of tuition if required to withdraw from the College.

FlexTrack/Part-time Students who withdraw from a course

A FlexTrack/Part-time student who withdraws from a course after the add/drop period and remains registered for other academic work will not be eligible for a refund.

Return of Title IV

The return of Title IV funds for students with Title IV Federal Aid (Federal PELL, Federal Subsidized and Unsubsidized Stafford, Federal SEOG, Federal Work Study, Federal Perkins, Federal PLUS) who withdraw from school will be calculated in compliance with Federal regulations. A statutory schedule is used to determine the amount of Title IV funds a student has earned as of the date the student withdraws or ceases attendance.

If a student withdraws from college prior to completing 60% of a semester, the Financial Aid Office must recalculate the student's eligibilty for all Title IV federal funds. In addition, the same refund guidelines control all other aid funds, with the exception of private or alternative loans. Recalculation is based on a percent of earned aid using the following Federal Return of Title IV funds formula:

Percent of aid earned = the number of days completed up to the withdrawal date, divided by the total days in the semester. (Any break of five days or more is not counted as part of the days in the semester.)

Funds are returned to the appropriate federal program based on the percent of unearned aid using the following formula:

Aid to be returned = (100% minus the percent earned) multiplied by the amount of aid disbursed toward institutional charges.

Example of Return of Funds Calculation

Example 1 : Virginia resident who lives on campus

Institutional Charges
Tuition $3215
Housing $1641

Financial Aid Package
Pell Grant $1500
Subsidized Loan $1887
State Grant $3086

The student withdraws on 10/20, which is day 57 out of 116 in the semester (57/116 = 49.1% of Title IV funds earned by the student). Title IV funds = $3387 ($1500 Pell + $1887 Sub Stafford). $3387 X 49.1% = $1663.02 of earned Title IV funds. The remainder of funds unearned $3387- $1663.02 = $1723.98 will be retuned to Federal programs. The state grant will be reduced using the same formula; $3086 X 41.1% = $1268.35 earned and $1817.65 unearned.

William & Mary must return $1723.98 to the Subsidized Stafford Loan and $1817.65 of the state grant.

Example 2: Out of state student not living on campus

Charges

Tuition $10608

Financial Aid payments

Sub Stafford $807
Unsub Stafford $1860
Perkins $750
FA Grant $9076

The student withdraws on 10/27 which is day 64 out of 116 in the semester (64/116 = 55.2% of Title IV funds earned by the student). Title IV funds = $ 3,417 ($807 Sub Stafford + $1860 UnSub Stafford +$750 Perkins Loan). $3,417 X 55.2% = $1886.18 of earned Title IV funds. The remainder of funds unearned $ 3,417 - $1886.18 = $1530.82 will be retuned to Federal programs. The FA grant will be reduced using the same formula; $9076 X 55.2 % = $5009.95 earned and $4066.05 unearned.

William & Mary must return $1531 to the Unsubsidized Stafford Loan and $4066.05 of the FA grant.