Graduation

Congratulations on your graduation! If you borrowed through Federal student loans while in school, your loans will enter into their grace or repayment period. The Department of Education requires that you be informed of your rights and repayment responsibilities of your student loans through an exit interview.

Prior to graduation, if you have received federal loans or a TEACH grant to assist in your education expenses, you will be notified to complete a loan exit interview by the Financial Aid office for Federal Stafford Direct Loans and the TEACH grant or the Business Office for Perkins Loans. Exit interviews must be completed before graduation.

You may click on the links below to begin the loan exit interview process on-line.

Federal Stafford Direct Loan Exit Interview

You must have your federal PIN issued to you when you filed your FAFSA to access your Federal Stafford Direct Loan account.

If you have any questions regarding your Federal Stafford Direct Loans, please contact Alayne Bowman in the Maryville College Financial Aid Office at 865-981-8087.

Perkins Exit Interview

If you have any questions regarding your Perkins Loans, please contact Alan Upchurch, Maryville College Business Office at 865-981-8147.

If you are uncertain if you have received a Federal Loan while in attendance at Maryville college, you may check your Federal Financial Aid History at www.nslds.ed.gov. You must have the PIN issued to you when you filed the FAFSA to access your account.

TEACH Grant Exit Interview

You must have your federal PIN issued to you when you filed your FAFSA to access your TEACH grant account.

If you have any questions regarding your TEACH grant, please contact Alayne Bowman in the Maryville College Financial Aid Office at 865-981-8087.

 

Withdrawal Procedures

The date a student withdraws from college will determine how the student's financial aid is affected.

Warning: Because Federal and Institutional Aid are re-calculated using different methodology, a withdrawal may result in a balance owed to Maryville College. You may want to consult the Financial Aid Office before making a final decision to withdraw from college.

Federal Financial Aid

Federal Aid is earned throughout the semester according to Department of Education established guidelines. Although awarded in full at the beginning of the term, if a student withdraws from the college during the semester, the Federal Financial Aid received may be pro-rated and adjusted to the student’s account according to the Federal Department of Education formula.

Federal Stafford Direct Loans and Perkins Loans will enter into a grace period effective the last day in attendance at the institution. All students who have received Stafford or Perkins loans while attending Maryville College must complete an exit interview upon their departure from the college. If you have received federal loans or a TEACH grant to assist in your education expenses, you will be notified to complete a loan exit interview by the Financial Aid office for Federal Stafford Direct Loans and the TEACH grant or by the Business Office for Perkins Loans.

Maryville College Aid

Upon withdrawal from Maryville College or dropping to below half-time student status, any institutional aid you may have received is re-calculated according to the Maryville College Student Withdrawal Policy.

Should a student decide during the year or at the close of the year to terminate enrollment at Maryville College, the withdrawal procedure is as follows:

  • Report to the Student Development Office, Bartlett Hall and obtain a Student Withdrawal Form
  • Have form signed by each area listed on the Student Withdrawal Form
  • Take the completed Withdrawal Form to the Business Office, Fayerweather Hall

Students are responsible for any balances due after the withdrawal is processed. Students are responsible for any costs incurred by the College, including collection and litigation costs. Refunds, when appropriate, will be processed as promptly as possible. Students who do not follow official withdrawal procedures may forfeit their deposit.

Withdrawal from the College, voluntarily or involuntarily, requires resident students to abide by the official check-out procedures. Failure to do this will result in an “improper check-out fee.” Resident students should vacate the room and leave campus within a twenty-four hour period.

 

CALCULATING WITHDRAWAL REFUNDS

When students register for courses, the College assumes full-year enrollment, provides facilities, and executes contracts to provide educational services for the entire year. Federally mandated refund calculations apply when students withdraw. When recipients of student financial aid withdraw, refunds must be returned to various financial aid programs as well as the individual student. The actual cash refund students receive is pro-rated by the amount actually paid or owed. Students who receive financial aid, and are subject to a refund, might not be eligible for a cash refund. At times, refunds may be reapplied to a loan, thus reducing student indebtedness. Upon withdrawal, any cash refunds due will be processed as quickly as possible, but requires a minimum of 14 days.  Refunds are only calculated and based on charges for tuition, fees, room, and board.

No refunds will be made to students unless they withdraw from all courses in which they are registered. For refund purposes, the date of withdrawal is the date that the withdrawal process is initiated or College personnel are provided with notification of intent to withdraw.  The withdrawal date for students who quit without formally withdrawing is will be based on the last date an academic function was attended. The act of attending any class for a given semester prior to withdrawing is considered to constitute a requirement for withdrawal calculations. Students who withdraw from all classes or who stop attending classes, but who receives permission to live in the residence hall, will be charged room and board for the time they remain in the residence hall and on a meal plan.

Charges and financial aid for students who change from full-time to part-time status during the drop/add period at the beginning of the semester will be revised on that basis. Students may use the first week of the semester to finalize registered courses without incurring additional fees. No refund is given for students who change from full-time to part-time status after the first ten (10) days of the semester. 

Students defined as part-time who withdraw after the drop/add period will receive refunds under the same policy as full-time students. Classes dropped after this time will be considered as withdrawn and may impact a student's satisfactory progress evaluation or academic standing (see Satisfactory Academic Progress Policy on the Financial Aid webpage).

Federal guidelines assume that students earn financial aid based on the period of time enrolled. Unearned Title IV funds, other than federal work study, must be returned to the federal government. During the first 60 percent of the enrollment period, students earn Title IV funds in direct proportion to the length of time enrolled. Students who remain enrolled beyond the 60 percent point earn all of their aid for the period. Students who give notice to withdraw from the College before the end of the term will have charges and refunds calculated on the basis of the percentages as outlined in the following paragraphs.

The amount of Title IV and other aid that must be returned to a program source will be calculated and charges will be adjusted by the aid earned in order to determine the total amount for which a student is responsible for payment to the College.

The amount of financial aid funds to be returned are determined by two different formulas, one for the return of Title IV funds and one for the return of institutional, state and outside funds

 

Return of Title IV Funds Calculation

The percentage of aid earned by Title IV recipients is determined by calculating the percentage of the term completed. Scheduled breaks of at least five days in length are excluded in the calculation. Beyond 60%, there is no recalculation of charges or refunds students are charged for the entire semester.   (Days completed in period)  / (Total days in period) = % of period completed.

The amount of earned Title IV aid is determined by applying the earned percentage to the total Title IV aid that was or could have been disbursed to a student. (% of period completed)  x  (Title IV aid that was or could have been disbursed)  =  Earned Aid.

The amount of Title IV aid to be returned is determined by subtracting the earned aid from awarded Title IV aid (disbursed or could have been disbursed, excluding Federal Work Study).

 The responsibility to repay unearned aid is shared by the College and its students in proportion to the aid each is assumed to possess. The institution’s share is the lesser of the total amount of unearned aid or the institutional charges multiplied by the percentage of aid that was earned. The student share is the difference between the total unearned amount and the institution’s share. All unearned Title IV funds for which the institution is responsible will be returned to the Department of Education within 45 days from the date the College determines a student to have withdrawn.

The College’s share of funds related to unearned aid is allocated among the Title IV programs, in an order specified by statute, before the students share is calculated. After the student share is fully allocated among the Title IV programs, students only owe grant overpayments if the overpayment exceeds 50% of the Title IV grant aid received. Students are not required to return grant overpayments of $50 or less. Refunds and repayments will be distributed to the appropriate Title IV, HEA programs in the following order:

  • Unsubsidized Federal Stafford Loan
  • Subsidized Federal Stafford Loan
  • Federal Perkins Loan
  • Federal Plus Loan
  • Federal Pell Grant
  • Federal SEOG Grant
  • Other Title IV grant or loan assistance if applicable

Earned Title IV funds are administered according to the calculation below that determines the amount to be returned and application of the total charges.

Institutional, State and Outside Funds Refund Calculation

Use Table IIA below to determine the percentage of the term completed.
Table IIA: Institutional Funds Calculation Table

 

Withdrawal Date Refund PercentageEarned Percentage of Aid & Earned Charges Applied to Tuition, Fees, Room & Board

Within 10 calendar days of first day of classes

90%

10%

Days 11-20

80%

20%

Days 21-30

70%

30%

Days 31-40

60%

40%

Days 241-50

50%

50%

Days 51 - the 60% point of the period of enrollment

40%

60%

After 60% point of the period of enrollment

No Refund

Student is charged for entire semester

 

The 60% point of the enrollment period is determined by dividing the date of withdrawal by the total number of days in the enrollment period.

The total charges for the payment period are determined by multiplying the percentage from the table above by the total amount of institutional charges (i.e. tuition, fees, and room and board). For students receiving Title IV aid, the amount used for this calculation will be the Pro Rata Charge from the calculation above minus the Title IV aid earned.

The amount of earned non-federal aid is determined by applying the earned percentage from the table above to the total amount of institutional, non-institutional, and state grant funds that were or could have been disbursed to a student. (% from table)  X (Non-Federal Aid that was/could have been disbursed) = Earned Non-Financial Aid.

The amount of unearned aid is determined by subtracting the earned aid from aid either has been or could have been disbursed.

The unearned aid is allocated back to other programs using the same percentage across the board for all types of aid as determined by the table above:

    • Institutional Grants and Scholarships
    • Institutional Loans
    • Outside or Private Loans
    • Outside or Private Grants or Scholarships
    • State Grants

The amount a student must pay for the percentage of the payment period completed is determined by subtracting the Earned Title IV Aid and Other Earned Aid from the Pro Rata Charge for the period completed. If the amount owed is greater than the amount actually paid, the student is responsible for paying the difference. If the amount owed by the student is less than the amount actually paid, the student is due a refund.

After the refund calculations have been completed, any remaining outstanding charges will be added to the final bill.