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  • Refunds

    Degree Students

    Degree students who are due a refund for financial aid or loan funds in excess of their university charges should read the following.

    A student should be proactive in ensuring that The New School receives funds from the various payment sources that are particular to his or her refund situation. The student's account must be paid in full before the university will release a refund. If there are excess funds in a student's account after his or her enrollment has been finalized and the balance cleared, those funds will be issued as a refund. We ask that students allow up to two weeks for their refund to be processed. Refunds will be processed daily for the first two weeks of classes each semester and three times per week thereafter as aid posts to accounts.

    It is imperative that you keep your address and direct deposit information current in the system. If you do not see specific loans, scholarships, or grants on your student account, please contact Financial Aid.

    Tips That Can Help Expedite a Refund

    Federal loan and grant funds are sent to us electronically, and will take approximately three to five business days from the disbursement date(s) to reach us. If your loan is arriving as a paper check, it will take approximately ten to 14 days from the disbursement date to reach our office. In most cases, you will be required to endorse the check, so that it can be posted to your student account and begin the refund process.

    For all payment sources, you may verify that the funds have been credited to your student account by contacting Student Financial Services or viewing your account statement on Self Service. TAP funds will be credited to student accounts toward the latter part of the semester after certification has occurred by the university.

    Refunds due from an excess of those loans will not be processed until the funds are disbursed to the student's account. Students expecting a refund check to cover their living expenses should have at least one month's worth of living expenses available prior to the start of classes to cover their expenses until their refund check arrives by mail, or they receive their refund electronically.

    Receive Your Refund Electronically

    We encourage all students who are expecting a refund to sign up to receive their refund electronically. This is a direct deposit process whereby the funds are deposited directly into your checking or savings account. This will expedite the refund process, since the funds will be directly deposited to the checking or savings account specified. The funds are typically available to the student within 24-48 hours from when the refund is processed. The student must have a legitimate checking or savings account in a bank. The process takes only a minute to complete and we advise you to have a check or bank statement handy for your bank account number and routing number.

    Students are responsible for knowing university policies regarding adding or dropping courses and refund of tuition and fees. Refunds are granted only after the official withdrawal procedure has been completed.

    How to Sign Up

    • Log in to your my.newschool.edu
    • Click the Student tab.
    • Click "Sign up to receive refunds electronically" under Student Financial Services.
    • Click the ERefund tab at the top.
    • Click the Set Up Account link.
    • Select account type: savings or checking (refundscannot be made to debit cards).
    • Input the payment information; then scroll down and click Continue.
    • Verify that all information is correct. Check Agree and click Continue.
    • Once you are finished, you can verify that you have completed the steps correctly by clicking on Myaccount, then Myprofile; the payment method should be listed under Saved Payment Methods.
    • Click Yes under "Account is used for refunds."
    • An email notification will be sent to the New School email address whenever a refund is processed.

    FAQ

    • Refunds will not be issued prior to the first day of the semester (i.e., there are no advances).
    • Eligibility to receive a refund and the refund amount depend on the length of the course and the actual withdrawal or drop date.
    • Refund processing can take up to four weeks.
    • A Parent PLUS loan refund must be processed as a check and issued to the parent who applied for the loan.*
    • Students who have had some type of registration change (i.e., adding or dropping classes) may experience a delay with their refund.
    • The policy for any check payments made is to wait 15 days for the check to clear before a refund can be issued.
    • Student cannot pick up their refund checks.
    • For any lost or misplaced checks, please email Accounts Payable. Be sure to include your name, student ID#, the amount of your refund, and a telephone number in case they need to contact you.

    Refund Schedule for Degree Students Withdrawing from the University

    Date Percentage
    Before Semester Begins 100%
    Through the first week of semester 90%
    Through the second week of semester 80%
    Through the third week of semester 70%
    Through the fourth week of semester 60%
    After the fourth week of semester No refund

    Refund Calculations

    Refund calculations will be applied to the reduction in credits that occurs after a course is dropped, rather than to the difference in tuition. This has no effect on tuition charged per credit only, but it does affect tuition charged using a flat rate. Full-time students charged a flat-rate tuition whose credits drop below the full-time credit load might not receive a tuition refund under certain circumstances. Students who meet these criteria may want to contact Student Financial Services in advance to discuss the implications to their account. Financial aid may be affected.

    Title IV Fund Refund Calculations

    For students receiving Title IV funds who withdraw officially or unofficially from all classes, refund calculations will be based on the amount of Title IV earned, based on the amount of time the student has been in attendance. It is a proportional calculation through 60 percent of the payment period. This calculation is not related to the student's institutional charges. The amount of tuition, fees, housing, and meal plans assessed will be based on the institutional refund policy, which is listed here and in your school's bulletin.

    Refunds are granted only after the official withdrawal procedure has been completed or the university determines you are no longer enrolled. Refund processing takes approximately four weeks. Please note that if you have paid by credit card and are eligible for a refund due to overpayment, course cancellation, or withdrawal, you will receive a credit back to the credit card used to make the initial payment. All other refunds are processed as checks and are mailed to the student's attention at the official address on file with the Registrar's Office if direct deposit is not specified.

    Failure to complete payment prior to withdrawal does not relieve you of financial liability.

    Refunds for Continuing and Adult Education Students

    This policy is for students taking non-credit, general credit, or certificate programs.

    Please refer to the Parsons or The New School for Public Engagement (NSPE) catalogs for refund percentages and other pertinent information regarding withdrawals, cancellations and refunds.

    Refunds are processed and generated based on the initial method of payment and only after the student has dropped or withdrawn from a course. If you have paid by credit card and are eligible for a refund due to overpayment, course cancellation, or withdrawal, you will receive a credit back to the credit card used to make the initial payment. All other refunds are processed as checks and are mailed to the student's attention at the official address on file with the Registrar's Office.

    Please Note

    • The percentage or ability to receive a refund is affected by the length of the course and the actual withdrawal/drop date.
    • Refund processing takes approximately four weeks.

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