Business Office: Overpayments and Refunds
Overpayment Refund Policy
Charges and payments are posted on a daily basis to student accounts. All federal financial aid funds must be applied toward the tuition balance. The business office endeavors to make overpayment refunds available to students within 24-48 hours of when the overpayment appears on the student account. Please note, however, that during heavy volume periods (i.e. the first week or two of the semester) there may be a longer period of time before refunds are made available.Withdrawals and Refunds
Students should inform the law school immediately of a decision to withdraw prior to the start of classes. After classes start, a student withdrawing from the school must complete an official withdrawal form and obtain the Registrar’s signature. If you are considering withdrawal, we encourage you to consult with the registrar, the business office and the financial aid office. A student may receive a tuition refund for the semester in which he or she withdraws, minus the nonrefundable deposit. The semester tuition charges will be adjusted according to the following schedule: If the official withdrawal date is prior to the first day of classes, 100% of the tuition charge will be removed. Otherwise, the percent of the semester’s tuition to be retained will be determined on a daily pro-rata basis, beginning with the first day of classes until the date of withdrawal. After 60% of the semester has been completed, there will be no adjustment to the tuition charges and no refunds. The daily pro-rata calculation follows the guidelines set for in the Federal Return to Title IV funds regulationsAn example of this calculation is available in the Financial Aid Office. Students who withdraw prior to the 60% point in the semester, and who received Federal loans, will owe a prorated repayment to these loans. Vermont Law School will calculate and return money owed to the Federal loan program as part of the refund/repayment process. Repayments due the Federal loan program are first allocated to the Federal Stafford unsubsidized loan, then the Stafford subsidized loan, then the Perkins loan, and then the Graduate Plus loan. Any unused portion of Vermont Law School scholarships and grants will be subject to the semester pro-ration calculation. You should be aware that if you withdraw early in the semester, you could potentially owe money to Vermont Law School. After payments to Vermont Law School scholarships and grants have been satisfied, remaining funds (if any) will be used to repay outside scholarship sources and finally to reimburse personal payments (unless otherwise dictated by prior arrangements with an outside funding program). If the student is due a refund, any non-refundable deposits are subtracted from the refund.
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