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Federal Refund Policy 

The Federal Policy applies to all enrolled students at MCLA, who withdraw from the College whether or not they are recipients of financial aid. The policy pertains to all tuition, room, board, fees, and other charges by the College; exceptions include non-refundable housing, orientation, and admissions deposits, when applicable.

If you withdraw from the College before the first day of classes (official opening), you receive a 100% refund.

All refunds after the start of school are pro-rated up to the 60% point of the semester. NO refunds are made after the 60% point.

Pro-rated refunds are calculated by determining the percentage of the semester completed, up to and including the official withdrawal date.

Based on this calculation, the college determines the amount of unearned financial aid and is responsible for returning any portion necessary to the appropriate financial aid programs. Repayment is made to the federal programs in the following order: Unsubsidized Federal Direct Loan, Federal Perkins Loan, Federal Plus Loan, Federal Pell Grant, and Federal Supplemental Educational Opportunity Grant. Any remaining credit balances are returned to the state, and then to institutional and student resources.

If you withdraw, you could owe a balance to MCLA for federal aid; you must pay this balance.

 

Leave of Absence

A leave of absence is considered a withdrawal for Financial Aid purposes.  Your status will be reported to the National Student Loan Clearinghouse and any grace period you are entitled to will begin.  Please keep in mind that student loan payments may begin.  This will depend on the length of your leave.

Student Loan Borrowers -

Students who have borrowed through any of the Federal or State Student Loan Programs must complete Exit Counseling.  Students with Federal Direct Direct Student Loans can complete the federal mandated requirement at www.studentloans.govTranscript requests will not be honored until exit counseling is completed.