Deposits and Withdrawals
Deposits
Freshman Enrollment Fee
Fee is not refundable, but credited to student’s account their last semester in attendance, and any balance refunded within 90 days of graduation or withdrawal from the College.
Withdrawals
A student who, for any reason whatsoever, withdraws from college during the semester, must notify the Office of the Dean of Undergraduate Studies and state the reason for withdrawal. Refunds of tuition, room, board, and fees, will be made according to the following schedule. In all cases the date of filing the notification with the Office of the Dean of Undergraduate Studies will be taken as the date of official withdrawal from the college.
| Withdrawal Week | % Refund |
|---|---|
| First Week | 80% Refund |
| Second Week | 60% Refund |
| Third Week | 40% Refund |
| Fourth Week | 20% Refund |
| After Fourth Week | No Refund |
Return of Title IV Funds
Providence College is required by federal regulations to make known the following information to financial aid recipients: Upon withdrawing from the college during the first 60% of the enrollment period, a student earns Federal Title IV funds in direct proportion to the length of time he or she remains enrolled. That is, the percentage of time during the period that the student remains enrolled is the percentage of aid earned for that period that the student earned. A student who remains enrolled beyond the 60% point earns all Federal aid for the period unless they have unofficially withdrawn from the College.
Example for Return of Title IV funds Calculation
A student officially withdraws from the college in the fourth week or on the 22nd day of the semester. The semester is defined as 15 weeks x 7 days per week or 105 days. The student’s total financial aid package is:
| Loan Type | Amount |
|---|---|
| Subsidized Federal Direct Loan | $2,709 (Gross Amt. $2,750) |
| Federal Pell Grant | $1,350 |
| Total Aid | $4,059 |
Formula:
Step One
22 days – 105 days in enrollment period = 21% of enrollment period completed
Percentage of aid earned = 21%
Step Two
$5,059 total aid x 21% = $1,062.30 total aid earned
Step Three
$5,059 total aid – $1,062.39 total aid earned = $3,996.61 total aid unearned
Step Four
$3,996.61 unearned aid to be returned to Title IV Funds
Refund of Unearned Aid
Prescribed by Law and Regulation
- Unsubsidized Federal Direct Loans
- Subsidized Federal Direct Loans
- Federal Perkins Loans
- PLUS Loans
- Federal Pell Grants
- Federal SEOG
- Other
