REFUND OF CORNISH TUITION CHARGES
On or before the first day of class: 100%
Remainder of first week of semester: 75%
Second week of the semester: 50%
Begining of the third week of the semester: No refund
RECALCULATION OF FINANCIAL AID
WHAT IS RECALCULATION
Recalculation is an adjustment to the student financial aid package that is based on how much of the semester the student attended. In most cases a student will need to repay immiediately some portion of thier financial aid award.
CORNISH AID RECALCULATION
After the two week refund period is over a student has "earned" 100% of their Cornish institutionally awarded scholarships, grants and waivers. Federal and State aid in the form of grants and loans are calculated on separate schedules.
RECALCULATION IN EASY TERMS
Essentially, government agencies awarding aid view the aid as an agreement between them and the student. They provide the aid or access to the loans and the student agrees to pursue an education. . When a student withdraws completely from school, the student has cancelled the agreement between them and the government. The agreement is cancelled at the moment of withdrawal. It is this end of agreement date that is used to calculate "repayments" or "penalties". Below are the details of the Federal and State Policies on complete withdrawal. Please note, these policies and their penalties only apply when a student withdraws from ALL COURSEWORK.
NOTE: If you are withdrawing from class after 60% of the semester is complete, none of the penalty calculations (recalculation) will apply to you.
FEDERAL AID RECALCULATION
If you withdraw from the college before 60% of the semester has been completed, federal regulations require you to repay a portion of your financial aid funds. Federal regulation provide a formula for calculating the dollar amount you must repay. The formula is in direct proportion to the length of time you remained enrolled.
If you are enrolled for 20% of the semester before you withdraw, you have “earned” 20% of your federal aid. Thus the remaining 80% of your federal financial aid (unearned aid) must be returned to the aid programs. Cornish will coordinate your repayment of this aid to the appropriate fund.
However, once you complete 60% of the semester, you will keep 100% of the aid you received. For example: a student withdrawing from fall semester on October 25th will have to immediately repay 50% of their federal aid, but a student withdrawing on November 10th will not have to immediately repay any federal funds.
WASHINGTON STATE AID RECALCULATION
If you withdraw from the college before 50% of the semester has been completed, state regulations require that you repay a portion of the State Need Grant and College Bound Scholarship.
The formula for your repayment of state funds is calculated by the length of time you remained enrolled. In the state formula you are required to pay ½ of the unearned portion. Additionally, the recalculation ends at 50% of the semester.
If you have a state grant of 4,000 and you withdraw at 25% of the semester, you have not earned 75% of your grant. 75%is 3,000, so you will be required to repay half of the unearned 3,000. Your repayment will be 1,500.
WHEN DO I HAVE TO PAY?
Cornish will provide you with a written recalculation and a revised statement. Cornish will supervise your payment and coordinate the return of the funds to the appropriate government agency. You will have 30 days from the date of your withdrawal to pay the funds as billed.