FAQs About Capital's Financial Aid
Dropping courses and withdrawing from Capital are academic actions that often have financial implications. It is your responsibility to understand the effects that these actions will have on your student financial aid. Dropping courses after the official add/drop period may result in your financial aid being adjusted. Withdrawal from the college may result in having your financial aid refunded. (See our federal aid refund policy.)
Graduate School tuition refunds are granted according to the following schedule:
0% to 10% of the course - 100% refund
11% to 20% of the course - 90% refund
21% to 30% of the course - 75% refund
31% to 40% of the course - 50% refund
41% to 50% of the course - 25% refund
51% to 100% of the course - No refund
Audit - No refund
Graduate School Federal Financial Aid Refund Policy:
The Financial Aid Office is required by federal law to determine how much financial aid was earned by students who withdraw, drop out, or are dismissed, or take a leave absence prior to completing 60% of a payment period or term. For a student who withdraws after the 60% point-in-time, there are no unearned funds.
The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.)
If a student earned less aid than was disbursed the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.
Refunds are allocated in the following order:
- Unsubsidized Federal Direct Loans
- Subsidized Federal Direct Loans
For an example of the Return of Federal Financial Aid Refund Policy please contact the Financial Aid Office.
When your total aid is greater than your billable charges for tuition and fees, you may be eligible for a refund.
Refunds are made available to registered students after all (billable) charges are satisfied and student financial aid is disbursed on or after the first day of the semester. LBC has up to 14 business days to process and mail a credit refund, when applicable.
In order to maintain financial aid eligibility, a student must meet the following requirements of Satisfactory Academic Progress:
Students enrolled in the MA and MEd Programs:
- Must maintain cumulative GPA of 3.0
- Must have a 67% completion rate
Students enrolled in the MABS, MAM, and Certificate Programs:
- Must maintain cumulative GPA of 2.50
- Must have a 67% completion rate
Students must complete their degree program within 150% of the published length of their degree program.
Evaluation of Academic Progress:
For students enrolled in certificate programs or programs that are less than one year, evaluation of satisfactory academic progress will be done at the end of each payment period. If a student fails to make satisfactory academic progress at the end of the first payment period, they will be placed on “Academic Warning”. The student may continue to receive Title IV aid for one payment period and no appeal is necessary.
Otherwise all other students enrolled in programs longer than one year will be evaluated at the end of each academic year. The total (cumulative) academic record is considered when academic progress is considered when academic progress is evaluated (not just terms when financial aid was received). Students who are not successfully completing courses at the minimum levels as outlined are considered to be making unsatisfactory progress and will not be eligible for financial aid for the following semester.
Students may appeal financial aid termination status in writing on the appeal form included with this policy. Such appeals must be made within 30 days after the date of the letter of notification and must include appropriate request documentation. The appeal must be in written form, addressed to the Financial Aid Director for consideration by the Financial Aid Committee. Mitigating circumstances which would be considered upon appeal as adequate reasons for reinstatement would be:
- student illness, accident or hospitalization
- death or illness of parent or relative
- other family emergencies or unusual circumstances
The appeal must include why the student failed to make satisfactory academic progress, what has changed that will allow the student to make satisfactory academic progress for the next semester.
If the appeal is granted the student will then be placed on “Academic Probation” and will be allowed to receive Title IV aid for the next payment period or be placed on academic plan that will ensure the student is able to meet satisfactory academic progress by a specific point in time.