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Financial Aid Refund Policy

When a student is dismissed or withdraws from Emmaus Bible College during a semester, he or she may be entitled to a refund of charges. If the student has received any federal student aid during that semester all or a portion of that refund must be returned to the federal student aid programs. Students who receive no federal student aid are subject to the school's refund policy as described in the catalog.

Students who receive federal student aid and who withdraw on or before the 60% point of the enrollment period (i.e. the semester) are subject to the statutory pro-rata refund formula. The statutory pro-rata rules require the school to refund institutional charges (tuition, fees, room, board, etc.) proportional to the portion of the enrollment period that remains, rounded down to the nearest 10%.

Federal Refund Formula

Institutional Charges x % of time computed = refund amount to be distributed

Regardless of the policy used, the refund that results must be distributed in the following order as applicable:

  1. Unsubsidized Federal Stafford Loan
  2. Subsidized Federal Stafford Loan
  3. Federal PLUS Loan
  4. Federal Pell Grant
  5. FSEOG
  6. Other federal, state, private, or institutional aid
  7. The student

For information regarding the Iowa Tuition Grant Refund Policy, click here.