Refund Policy

Complete information concerning the following policies can be found in the Saint Michael’s College Catalog.

For Enrolled Students

Credit balances for enrolled students will be issued as refunds to students as they appear on accounts. Refunds are processed as checks and mailed to the current address on file for the student if they have not entered their banking information into their KnightVision account. If they have entered their banking information into their KnightVision account, then the refund will default to being issued as online ACH deposits. For accounts with Title IV monies in excess of allowable charges, the excess funds will be refunded to the student within 14 days.

For Withdrawn Students

Students who withdraw will be eligible for a refund of tuition and fees, including residence fees, in accordance with the following schedule:

Length of Enrollment	Percentage Refunded
Prior to first day of class	100%
Within the first week of classes	90%
Within the second week of classes	75%
Within the third week of classes	50%
Within the fourth week of classes	25%
After the fourth week of classes	0%

Withdrawals must be approved by the Assistant Dean of your College and processed through the Registrar before refunds will be processed. Information regarding the withdrawal process can be found in the College Academic Catalog.

Institutional Aid

Students offered a Saint Michael’s College scholarship or grant will forfeit a percentage of their award equal to the percentage at which the tuition and fees are refunded. For example, a student receiving an 90% tuition and fee refund will have the total St. Michael’s scholarship or grant funds reduced by 90%.

Federal Student Aid

Students with Title IV federal aid, who withdraw before the 60% midpoint of the semester, will have their federal aid recalculated according to the Federal Return of Title IV Aid policy. For federal aid purposes, the calculation is determined by the following formula:

Number of days completed up to the withdrawal date / Total days in the semester = % of aid the student has earned of the federal aid disbursed.

The portion of unearned federal aid must be returned.

For example, a student withdraws on the 18^th day of the semester. There are 100 days in the semester. 18 days divided by 100 days in the semester = 18%. Because the days completed is less than the 60%, per federal regulations the student is allowed to keep 18% of the federal aid disbursed. St. Michael’s must return 82% of federal aid disbursed.

If federal funds are required to be returned they will be returned in the following order: Federal Direct Unsubsidized Loan, Federal Direct Subsidized Loan, Federal Direct Graduate PLUS, Federal Direct Parent PLUS, Federal Supplemental Education Opportunity Grant, Federal Pell Grant.

State Scholarships

Regulations vary. Any adjustments are made based on specific requirements of the sponsoring state.

Outside/Privately Funded Grants and Scholarships

Unless there are specific instructions from the sponsor, 100% of the semester award will be credited to the student’s account. Please contact your donor to determine the impact to those funds based on your enrollment status. In some cases, students may owe Saint Michael’s College a balance due as a result of the returned federal and/or institutional aid.

Alternative Educational Loans

If a student’s financial aid cost of attendance is reduced and the student has a term credit balance after all other aid adjustments have been amended, the remaining credit balance will be returned to the lender/servicer of the alternative loan (up to the amount of the originally disbursed alternative loan). Disbursed funding does not have to be returned if the student has a zero balance or owes a balance.

Consider Tuition Insurance to supplement and strengthen our refund policy.

Protect your Higher Education Investment with the GradGuard™ Tuition Insurance Plan Learn more at www.GradGuard.com/tuition/smcvt or call 1-866-724-4384.