Withdrawals
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 William & Mary. 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.
Withdrawal Schedule - Fall/Spring Semester
Full-time students - withdrawal from the university
Full-time students 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 university within the first school week of the semester are eligible for a refund of all payments for tuition and fees.
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 university.
Students studying on a W&M Sponsored Study Abroad program follow a separate withdrawal policy. Please visit the Global Education Office cancellation and refund policy for more information.
Housing adjustments are determined by the Office of Residence Life. Please refer to the Residence Life 'Moving Out' guide. Look for the FAQ 'My student is leaving the residence halls during the semester. How will my student's bill be adjusted?'
Meal plan adjustments are managed by Dining Services. Please refer to the 'Payment and Refunds' section of the W&M Meal Plan Policy site.
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 university will be be due immediately upon withdrawal.
It is university 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 - withdrawal from the university
Part-time students who withdraw completely within the first school week of the semester are eligible for a full refund of tuition and fees. 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 university.
FlexTrack/Part-time students - withdrawal from a course
Part-time students who withdraw from a course after the add/drop period and remain registered for other academic work will not be eligible for a refund.
Withdrawal Schedule - Summer Sessions
If a student withdraws from class during the add/drop period, all tuition will be adjusted to a -0- balance. If a student withdraws after the add/drop period, there will be no adjustment in tuition. Adjustments to financial aid or outside payment sources may be required if you withdraw. Please check with the Financial Aid office at (757) 221-2420 or your paying source before withdrawing from classes.
Return to Title IV (R2T4) Policy
Withdrawing from College with federal aid
The return of Title IV funds for students with Title IV Federal Aid (Federal PELL, Direct Federal Subsidized and Unsubsidized Loans, Federal SEOG, Federal Work Study, Federal Perkins, Direct Federal PLUS, and Grad 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. Please be advised that the Federal return of funds calculation (R2T4) has a different percent of attendance schedule than the university’s withdrawal policy. These funds must be returned even if William & Mary provides no refund to the student. This means the student could owe the university and/or the U.S. Department of Education a significant amount of money.
If a student withdraws from college prior to completing 60% of a semester, the Financial Aid Office must recalculate the student’s eligibility for all funds received, including Title IV funds. Students subject to this calculation are identified throughout the semester. The R2T4 calculation is processed by the Office of Financial Aid and any Title IV funds needing to be returned are done so no later than 45 days after determining the student has withdrawn. 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.)
For Title IV purposes, the withdrawal date will be the date of notification of intent to withdraw, which may be earlier than the withdrawal date for the purpose of tuition reimbursement. If a student does not formally withdraw but ceases to attend classes, the withdrawal date for R2T4 purposes will be the mid-point of the semester.
Funds are returned to the appropriate federal aid 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.
Keep in mind that, when funds are returned, the student borrower may owe a balance to the university. If that is the case, the student should contact the Student Accounts/Bursars Office to make payment arrangements. If after the Return to Title IV funds and the institutional refund calculations are applied to the student’s account and a credit balance results, the credit balance will be disbursed as soon as possible but no later than 14 days after the date of the Return to Title IV calculation is performed.
The return of Title IV aid is in the following order:
- Unsubsidized Direct Loans
- Subsidized Direct Loans
- Direct Parent PLUS Loans
- Federal Pell Grants
- TEACH Grants
References:
34 CFR §668.22(b), 34 CFR §668.22(c), 34 CFR §668.22(i), 34 CFR §668.22(b), 34 CFR §668.22(h), 34 CFR §668.22(a) (5) and (6), 34 CFR §668.164(j).
Example of Return of Funds Calculation
Example 1: Out of state student who lives on campus
Institutional Charges
Tuition $ 23,598
Housing $ 4,144
Meal Plan $ 2,796
TOTAL - $ 30,538
Financial Aid Package
Pell Grant $ 2,523
Direct Subsidized Loan $ 3,464
Direct Unsubsidized Loan $ 1,979
Parent Plus Loan $ 13,784
Institutional Grant - $ 10,000
The student withdraws on March 4th, which is day 38 out of 103 in the Spring semester (38/103 = 36.9% of Title IV funds earned by the student and 63.1% unearned).
Federal Title IV funds = $ 21,750 ($ 2,523 Pell + $ 3,464 Direct Subsidized Loan + $ 1,979 Direct Unsubsidized Loan + $ 13,784 Parent Plus Loan).
$ 21,750 X 36.9% = $ 8,025.75 of earned Title IV funds.
The remainder of funds unearned $ 21,750 - $ 8,025.75 = $ 13,724.25 will be returned to Federal programs.
When R2T4 is applied , the following funds must be returned to the Federal programs in this order:
Direct Unsubsidized Loan - $ 1,979
Direct Subsidized Loan - $ 3,464
Parent Plus Loan - $ 8,281
TOTAL - $ 13,724
Additionally, the student received institutional aid of $ 10,000.00 and the institutional tuition refund time frame is 40%. The earned calculation for the institutional grant = $ 10,000 X 60% = $ 6,000 therefore the remaining $4,000 in institutional aid will be returned in addition to the student's federal aid calculation.
NOTE: Students receiving federal aid must have the federal refund calculation applied to comply with federal regulations. Institutional aid for undergraduate students will follow the tuition refund schedule as a basis for calculation for the return of institutional aid.
Example 2: In state student
Institutional Charges
Tuition $ 12,782
Financial Aid Package
Direct Subsidized Loan $ 1,237
Direct Unsubsidized Loan $ 1,485
Parent Plus Loan $ 7,931
The student withdraws on September 10th which is day 10 out of 107 in the Fall semester (10/107 = 9.3% of Title IV funds earned by the student and 90.7% unearned aid).
Federal Title IV funds = $ 10,653 ($ 1,237 Subsidized Direct Loan+ $ 1,485 Unsubsidized Direct Loan + $ 7,931 Parent Plus Loan).
$ 10,653 X 9.3% = $ 990.73 of earned Title IV funds.
The remainder of funds unearned $ 10,653 - $ 990.73 = $ 9,662.27 will be returned to the Federal programs.
When R2T4 is applied , the following funds must be returned to the Federal programs in this order:
Direct Unsubsidized Loan - $ 1,485
Direct Subsidized Loan - $ 1,237
Parent Plus Loan - $ 6,940
TOTAL - $ 9,662
Credit Balances When a Student Withdraws
The school must determine the correct Title IV credit balance, taking into account the results from both the Return to Title IV calculations and the institutional refund calculation. If after both calculations are applied to the student account and a credit balance results, the credit balance will be disbursed as soon as possible but no later than 14 days after the date of the Return to Title IV calculation is performed.
Post -Withdrawal Disbursement
If the student did not receive all of the funds that were earned prior to withdrawing, a post-withdrawal disbursement may be due. If the student is eligible for a post-withdrawal disbursement of a grant, it must be disbursed within 45 days. If the post-withdrawal disbursement includes loan funds, the student must give permission before the funds can be disbursed. Students will be notified within 30 days of the date of the withdrawal determination of any direct loan eligibility, or a parent for a Direct Parent PLUS Loan eligibility. Permission is required to use the post-withdrawal grant disbursement for all other school charges. If a post-withdrawal disbursement from a loan results in a credit balance, the credit balance will be refunded to the student and/or the parent in the case of a Direct Parent PLUS Loan as soon as possible, but no later than 14 days after the credit balance has occurred. The school must return the Title IV funds within 45 days of the date the school determines the student withdrew. 34 CFR §668.22(a) (5) (6), 34 CFR §164 (j).
