Students who receive federal student aid are subject to both the general New York Medical College refund policy (see “Refunds” in the most recent New York Medical College Catalog) and a separate federal Title IV funds refund policy.
New York Medical College is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations, if a student leaves the institution prior to completing 60% of a payment period or term, eligibility for Title IV funds is recalculated. This recalculation 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 College 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.
If a student earned more aid than was disbursed, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal.
The College 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:
Students who owe a repayment of Title IV aid must repay those funds before becoming eligible again for federal aid. Both the general New York Medical College refund policy and the separate federal Title IV refund policy are administered by the New York Medical College Office of the Bursar in conjunction with the Office of Student Financial Planning.