If you have excess funds (negative balance) in your student account, you may request a refund. To receive your refund:
- Complete the online Refund Request Form
- Set up your Student Choice Refunds Account in Nelnet and click on 'Banner Online'
Vassar will direct deposit the funds quickly and securely into the bank account you provide.
Please note that if the credit balance is due to excess parent PLUS loan funds, Vassar will automatically issue the refund to the parent via check. We are unable to release these funds to the student without written authorization from the parent.
Vassar will process refunds for certain students with a credit balance automatically. These students can expect to receive their refund as follows:
|TA/TH and Off Campus housing||After federal aid disburses each semester|
|Fall Study Abroad||Late July|
|Spring Study Abroad||Early January|
Important: In order to receive a refund, students must link their bank information to the Student Choice Refund section of Nelnet QuikPay!
Leaves and Withdrawals
Engagements with instructors and other provisions for education and residence are made in advance by the college for the entire academic year. No refunds of any fees will be made because of withdrawal or leave of absence from the college, or for withdrawal from courses, except as hereinafter specified. Refunds will be credited first against financial aid awards, with the balance, if any, remitted to the student.
All notices of withdrawal must be submitted in writing to the Office of the Dean of Studies, and the date that notice is received will be the official date of withdrawal.
Return of Title IV Funds [§484B]*
Title IV funds are Federal Pell Grants, Federal Supplemental Educational Grants, Federal Perkins Loans, Federal Stafford Student Loans, Federal Work Study, and Federal Parent Loan for Undergraduate Students.
Students who are receiving Title IV Financial Aid loans and grants (excluding Federal Work Study) who withdraw from classes are subject to the Federal Title IV Refund Formula. A student granted a personal leave of absence will also be subject to the Federal Title IV Refund Formula.
Where the student has withdrawn from classes, the school will first determine the percentage of Title IV assistance the student earned. For withdrawal on or before the first day of classes, 100-percent of Title IV aid must be returned. Up to the 60-percent point in time, the percentage of assistance earned is equal to the percentage of the payment period or period of enrollment for which it was awarded that was completed as of the day of withdrawal.
In calculating the percentage of the payment period or period of enrollment, the federal formula uses calendar days completed divided by total number of calendar days in the period.
If the student withdraws or takes a leave after the 60-percent point, then the percentage earned is 100-percent. The earned percentage is applied to the total amount of Title IV grant and loan assistance that was disbursed (and that could have been disbursed) to the student or on the student’s behalf for the payment period or period of enrollment for which it was awarded as of the day the student withdrew.
Excess funds to be returned to Title IV programs will be credited in the following order:
- Federal Direct Unsubsidized Stafford Student Loans
- Federal Direct Subsidized Stafford Student Loans
- Federal Perkins Loans
- Federal Direct Parent Plus Loans
- Federal Pell Grants
- Federal SEOG (Supplementary Educational Opportunity Grant)
- Other Title IV assistance for which a return of funds is required.