Refunds

LIM College’s refund policy is as follows:

Overpayment Refunds

Refunds from a student’s account occur when all payments in addition to all financial aid exceed the amount owed to LIM College. These refunds will be made out to the student (or parent, if aid from a Parent Loan (PLUS) is causing the refund) once the funds are processed and received by LIM College. Please allow 7 to 10 business days from the time that the funds are processed and disbursed to receive your refund check. Refunded monies are to be used to cover additional educational expenses.

You may also request up to $1000 by completing an Advance Refund Request Form one week prior to the start of the semester provided that your semester balance is covered in full and you are fully registered and billed. 

Advance Refund checks are generally available within 7 – 10 business days of your request. An email will be sent when the refund check is available for pick-up. Checks that are not picked up within four days of the email will be mailed to your home address that is on file. A photo ID will be required at the time of pick-up. 

Withdrawal Refunds

A student withdrawing from LIM College must notify the Office of Academic Advising in writing. The official date of withdrawal is considered to be the date of receipt of written notification by the Advising Office or the last date of attendance, whichever is later according to official College records. No refunds, deductions or allowances will be made from tuition for absences, dismissal or withdrawal except as provided below. Refunds for students starting in the spring semester will be on the same basis as above. Please note that the Student Activity, Computer Lab and course fees are non-refundable.

The U.S. Department of Education requires the return of Title IV funds if a student received federal assistance in the form of a Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), federal Stafford Loan, or a PLUS Loan and withdrew completely on or before completing 60 percent of the semester. Students have only “earned” the portion of their federal aid that is equal to the percentage of the semester that they have completed. Thus the percentage of Title IV funds that must be returned to the government is essentially equal to the percentage of the semester that the student has not completed at the time of withdrawal.

The order in which Title IV funds are to be returned has been determined by the U.S. Department of Education and is as follows:

1. Federal Unsubsidized Stafford Loan
2. Federal Subsidized Stafford Loan
3. Federal PLUS Loan
4. Federal Pell Grant
5. Academic Competitiveness Grant (ACG)
6. Federal Supplemental Educational Opportunity Grant (SEOG)

(Please note: LIM College does not currently offer new loans in the federal Perkins Loan program.)

The U.S. Department of Education has different rules and regulations for each type of aid offered in the federal Title IV Aid Program. Students who partially withdraw will likely require that adjustments be made to their federal Title IV Aid. Please consult with the Office of Student Financial Services to determine how your aid may be affected. A complete listing of this policy, including examples, may be obtained from the Office of Student Financial Services.

Students will still be liable for the cost of tuition and mandatory fees based on LIM College refund schedule (see above) regardless to the amount of Title IV funds that have to be refunded to the federal programs. Please come to the Office of Student Financial Services to review your situation if you choose to withdraw.

New York State (NYS) Refund Information

New York State (NYS) Aid Students receiving NYS Tuition Assistance Program (TAP) grants who fully or partially withdraw from the College may choose to utilize their grant to cover the charges for the semester in which they are withdrawing. Students who fully withdraw and choose to keep their award will not be eligible to receive a NYS TAP payment in their next full-time semester of enrollment at any college based on the program pursuit requirements set forth by the NYS Higher Education Services Corporation (HESC). Students who partially withdraw are able to retain their NYS TAP eligibility for the semester in which they withdraw, but may not be eligible the following semester based on program pursuit guidelines set forth by NYS HESC.

LIM College assumes that all students who withdraw with NYS TAP eligibility will not want to retain their NYS TAP grant at LIM College for the semester in which they are withdrawing. If a student would like to retain his/her NYS TAP grant eligibility for the semester in which he/she is withdrawing, then the student must complete a New York State (NYS) Tuition Assistance Program (TAP) Retention Authorization for Withdrawal.

LIM College Scholarships and Grants

Students who withdraw and are receiving LIM College grants or scholarships can retain a prorated portion or their entire award based on the week in the semester in which they withdraw and their assessed tuition liability. A complete listing of this policy, including examples, may be obtained from the Office of Student Financial Services.