Refunds can occur for a variety of reasons. Here you can learn more about the Student Accounts refund policies for overpayments, withdrawals, and reduction in charges.
Refund of Over-Payments
Sometimes a student overpays on his/her account, usually through the receipt of loan funds needed for living expenses or books. In accordance with federal regulations, if the refund is created entirely by federal funds (title iv funds), then the school will process the refund within the time limits of federal law. Otherwise, refunds will be processed after the add/drop date.
- Refunds are issued in the name of the student and mailed to the home address in most cases. You must notify us if this should be handled differently.
- Refunds for students on off-campus programs can be directly deposited into a bank account if the student makes arrangements with the Student Accounts Office.
- Deposits are refunded only if admission is denied or a class is closed or cancelled.
Refunds are disbursed by Paymerang, the College’s accounts payable service, using an electronic check or direct deposit (ACH). Students receive an ACH enrollment email from firstname.lastname@example.org early in the semester. If a student has not signed up for ACH, they will receive an eCheck from email@example.com (this is NOT spam) in their Lake Forest College email account. Students will need to check their inbox and spam folders to find the eCheck from firstname.lastname@example.org. Information on how to retrieve an eCheck can be found here.
Withdrawals During the Semester
The schedule of reduced tuition and fees applies if a student completely withdraws from all courses during the semester. The date of withdrawal is determined by the Office of Student Affairs based on last day of attendance (for tuition) and date moved out of housing (room and board). All withdrawals from the College must be reported through the Office of Student Affairs. Refunds are not issued for withdrawing from individual courses.
Refunds will not be issued for dismissal, suspension, or expulsion from the College and no room refunds for removal from campus housing due to judicial sanction.
The Business Office will process any funds due after being notified by the Office of Student Affairs and after the Financial Aid Office reviews grant and loan eligibility. Please be aware that scholarships, loans, and grants may not follow the same refund percentages as the College; you should contact the Financial Aid Office for that information. Financial aid recipients who withdraw from the College after registration but still within a refund period are subject to the College’s refund policy and federal regulations. The Financial Aid Office and the Business Office will jointly determine the appropriate resulting charges and financial aid.
|First Semester||Second Semester||Refund|
|On or before:|
|September 2, 2022||January 27, 2023||90%|
|September 9, 2022||February 3, 2023||80%|
|September 16, 2022||February 10, 2023||70%|
|September 23, 2022||February 17, 2023||60%|
|September 30, 2022||February 24, 2023||50%|
|October 7, 2022||March 3, 2023||40%|
|October 7, 2022||March 3, 2023||0%|