GMS Refund Policy for Federal and Institutional Financial Aid
When a student withdraws or takes a leave of absence on or after the first day of classes, but before 60% of the semester has passed, their financial aid award is adjusted. The University calculates the appropriate adjustment to University charges and federal financial aid is adjusted in accordance with federal regulations. Federal financial aid regulations stipulate that if a student who began attendance and did not officially withdraw fails to earn a passing grade in at least one course over an entire semester, the university must assume that the student has unofficially withdrawn unless the institution can document that the student engaged in some form of academic activity beyond the 60% point of that term in at least one course. To retain full eligibility for federal financial aid a student must be engaged in some type of academically related activity beyond 60% of the enrollment period. BU must return unearned federal financial aid funds to the source – which in most cases will result in a charge to the student’s account – for any student who does not engage in an academically related activity beyond the 60% point of the semester in at least one course during that semester. Based on the number of days in the semester and the date that the student has withdrawn, a determination is made as to the percentage of federal aid earned.
GMS institutional aid will be adjusted based on the same percentage determined above for federal financial aid.
Leave of Absence
Students taking a Leave of Absence (LOA) for medical, personal or other reasons during a semester will be permitted to retain the same percentage of their aid as the percentage of tuition they are charged. Therefore, a student who receives an 80% refund of tuition is allowed to retain 20% of each type of their institutional award; a 50% refund would allow retention of 50% of each type of their institutional award; and 20% refund would allow 80% retention. If a student is charged for the full semester’s tuition, GMS will allow 100% retention.
If a first-time financial aid recipient, first year student or upperclassman, withdraws from the University, all institutional financial aid will be cancelled, whether or not the student has incurred tuition charges.
SFS will administer the institutional financial aid refund policy as noted above. Appeals for federal financial aid adjustments cannot be granted as BU is required to follow a regulated federal formula. Appeals for institutional funding related to medical conditions, death and other extreme situations will be submitted to the Associate Provost of GMS for approval.