Refunds for Degree Students

Refunds for Living and School Expenses

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 pro-active 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. Following are some tips that can help to expedite a refund:

If you have applied for the Federal Family Educational Loans (FFEL), you should contact your lender to confirm that your completed Promissory Note has been received and to verify the anticipated disbursement date(s) of your loan funds. If the funds are being sent to us electronically, they 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.

You should know who your lender is, but if you forget, Student Financial Services can provide you with your lender information. FFEL student loans include the following three federal loans: Subsidized Stafford Loans, Unsubsidized Stafford Loans and PLUS Loans.

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 ALVIN. 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 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.

Students are encouraged to sign on to MyNewSchool and sign-up to receive their refund electronically. This will expedite access to funds received via a refund on your account as they will be direct deposited to the checking or savings account which you specify. 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.

In processing tuition refunds for degree students who withdraw from The New School, the following schedule applies:

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.

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.

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