Student refunds and return of financial aid funds
I. Institutional charges
Any student who voluntarily withdraws from the Institute prior to the end of the 6th week of enrollment is entitled to a pro-rata refund of charges (tuition, room, board) billed for that term. Technology fees, student activity fees, Residence Hall Association fees, and insurance premiums are not refundable. Students withdrawing during the first week of the term will receive 100% of the refundable charges. Students withdrawing after the first week will be refunded as listed on the next page.
|Week of Term
|% to be Refunded
An administrative fee of $100 for the withdrawal from the Institute and any unbilled balances associated with the laptop computer will be added to the student's account. Following the refund calculation, the student is responsible for payment of any unpaid charges to the Institute or any unearned financial aid within 30 days of their departure.
II. Return of Title lV funds
Rose-Hulman is required to return a pro-rata share of any unearned Federal Title IV funds to the Department of Education. Federal Title IV financial aid includes: Federal Direct Stafford Loans, Federal Direct PLUS Loans, Federal Perkins Loans, Federal Supplemental Educational Opportunity Grant (SEOG) and the Federal Pell Grant. The amount returned is based on the percentage of enrollment completed and is calculated by dividing the number of calendar days completed by the total number of calendar days in the quarter. If this percentage is greater than 60 percent, no Title IV funds will be returned to the Department of Education and the student will retain 100 percent of this aid to offset expenses. If the percentage is less than 60 percent, the unearned portion (100 percent minus the calculated percentage) will be returned to the Department of Education. The amount returned will show up as a charge on the student's account. These funds will be returned in the following order as prescribed by federal regulations:
- Federal Direct Stafford Loans (Unsubsidized)
- Federal Direct Stafford Loans (Subsidized)
- Federal Perkins Loan
- Federal Direct Parent Loans for Undergraduate Students (PLUS)
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants (SEOG)
- Any other Title lV funds
III. Return of institutional and other financial aid
All other forms of financial aid will be returned to the appropriate source of funding in a manner consistent with the return of Institutional Charges as listed above. The returned amount will show up as a charge on the student's account.
IV. Change to part-time status during a term
When a student withdraws from a course but continues as a part-time student (fewer than 12 term hours), the tuition refund shall be the difference between the initial billing and the revised billing multiplied by the unearned portion of the quarter. This percentage will be calculated in a manner consistent with the return of Institutional Charges as listed above. Students who drop below halftime (less than 6 hours) during this refund period will have all financial aid removed with the exception of the Federal Pell Grant. If a student continues to be enrolled for at least six credit hours and is eligible, the student may retain a portion of the Federal Supplemental Educational Opportunity Grant, Federal Direct Stafford Loan, Federal Direct Parent Loan for Undergraduate Students, State funds and RHIT institutional funds.
Rose-Hulman hopes that all of its students are anxious to be creative and to find new solutions to important problems. The Institute is also anxious for students to be rewarded for their creativity. However, it is important that each student understand that there are legal and Institute rules and procedures that apply to inventions and other intellectual property made or created by students. Part of becoming an educated technical professional is understanding things like the importance of documenting your creative activities and the rights of other individuals and the organizations with whom you work in your creative activities.
Your instructors and/or supervisors may tell you more and explain their expectations in this area. The official Rose-Hulman Intellectual Property Policies and Interpretations of those Policies are on the Human Resources web site which can be viewed here. The Vice President for Academic Affairs is responsible for most intellectual property issues. If you think you have a novel idea that has usefulness, you should inform that office.