Terms and Conditions
Elmhurst College offers financial aid to students according to the following conditions.
Financial Aid and Withdrawal
A student is considered to have withdrawn from a term if the student does not complete all the days in the term that the student was scheduled to complete. If the student officially withdraws (with notice) from Elmhurst College completely during a term, several issues are considered:
- Elmhurst College aid is adjusted at the same percentage rate as the tuition and fees withdrawal schedule used by the Office of Student Financial Services.
- If the student has completed 10 days of attendance, the state of Illinois aid will remain the same.
- Title IV funds (Pell Grant, Federal Supplemental Opportunity Grant, Subsidized Loan, Unsubsidized Loan, Parent PLUS Loan) are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive.
- When a student withdraws after beginning attendance in the term, all federal Title IV aid will be adjusted based on the number of days that the student has been enrolled for the term using a federal calculation known as Return of Title IV. This is determined by taking the number of days attended as a percentage of the number of days in the term. For example, if the term is 100 days long and the student withdrew after attending 24 days, 24/100 of the Title IV aid is considered earned and would be applied to the student’s account. Once the student has been enrolled for 60% of the term, no more adjustments are made.
- If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned to the U.S. Department of Education by Elmhurst College. To this end, the unearned aid will be removed from the student’s account. If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.
- Students enrolled in the cohort portion of a degree completion or graduate program who withdraw during the term may be subject to somewhat different withdrawal calculations per federal and institutional regulations.
Withdrawal without Proper Notification
A student who has earned all grades of F for a term, but has not officially withdrawn from classes is considered to have unofficially withdrawn. If an instructor indicates in writing to the Office of Student Financial Services that the student has actually earned the F, the student will be considered to have completed the term, and all aid will be retained for the term. For students who have unofficially withdrawn, the midpoint of the term will be used as the withdrawal date and financial aid will be adjusted according to U.S. Department of Education regulations.
Credit balances may be created as a result of financial aid, including loans received in excess of direct charges, overpayment or students withdrawing from classes.
Students are notified that all account information is online on the student/college interface, TouchNet. Students can access their balance information to see if they have a credit balance at any time, and students may utilize BlueNet to request that a refund be processed.
Refunds are generated within 10 business days of a request after the final drop date for a term when a student account reflects a credit balances of non-Title IV funds and the student/parent requests the excess funds be returned to them.
Refunds created by FSA funds (Title IV) in excess of the amount of allowable charges are automatically refunded to the student no later than 14 days from the first day of class in a term or posting of the FSA funds if the credit balance occurs after the first day of class in a term.
Students/parents may elect, in writing, to have their excess FSA funds (Title IV) held rather that automatically being refunded. Once this election has been made, however, a student/parent may, at any time, request the refund and the funds will be disbursed within 10 business days.
All students with accepted financial aid, including Pell grants, in excess of charges billed by the College may use their excess funds in the bookstore to purchase books starting 10 days prior to the start of the term, through the end of the second week of the term. If you prefer to receive a refund check to purchase books elsewhere, see the refund policy above.
All refunds are processed through Student Financial Services. If you have any questions about your refund requests, please contact the Office of Student Financial Services at (630) 617-3015.
Statement of Financial Responsibility
By registering for courses at Elmhurst College, you acknowledge that you are entering into a contractual arrangement with Elmhurst College, whereby you agree to comply with all laws, rules and regulations applicable to your registration, payment of fees, enrollment and attendance. Included in the rules and regulations that comprise the terms and conditions of this contract are those contained in this document and the 2017-2018 Elmhurst College Catalog, 2017-2018 Elmhurst College Student Handbook and academic calendars that are in effect during the years of your enrollment. All students are responsible for reviewing, understanding and abiding by the College’s regulations, procedures, requirements and deadlines as described in official College publications.
Code of Conduct for Title IV Loans
Elmhurst College prohibits conflicts of interest with the responsibilities of officers, employees, or agents of the College with respect to education loans for students. The College shall comply with, administer, enforce, prominently publish on its website, and annually inform officers, employees and agents of the College of the responsibilities with respect to education loans as stated in the Code of Conduct for Title IV Loans. For the purpose of clarity, Elmhurst College participates in the U.S. Department of Education’s Direct Student Loan Program. Therefore, no private lending institution provides Title IV loan funds to eligible students and/or parents of eligible undergraduate students. The following statements are intended to apply to both Title IV and private education loans.
The College shall not enter into any revenue-sharing arrangement with any lender or other vendor working with any of its offices that are responsible for carrying out financial aid functions. The College shall not accept any fee or other material benefit in exchange for recommending a lender to its students.
No College officer or employee with financial aid responsibilities shall solicit or accept a gift having a monetary value of more than a nominal amount from a lender, guarantor, or servicer of education loans.
No College officer or employee with financial aid responsibilities shall accept from any lender or lender affiliate payment or other financial benefit as compensation for any type of consulting arrangement or other contract to provide services to a lender.
The College shall not automatically assign a particular lender to any borrower, unless required to do so by law, and shall not refuse to certify or delay certification of any loan based on the lender or guarantee agency selected by the borrower.
The College shall not request or accept from a lender an offer of funds to be used for private education loans in exchange for the College providing the lender with a specified number or volume of federal loans or in exchange for placement on a preferred lender list.
The College shall not request or accept from any lender assistance with financial aid office staffing unless any such assistance has been legislatively defined as acceptable. Lenders, for example, may provide professional development training to financial aid administrators, educational advising materials to borrowers, or assistance in state or federally declared natural disasters.
All employees with financial aid responsibilities shall be prohibited from receiving anything of value from a lender or guarantor in return for service on its advisory board. Reimbursement for or payment of reasonable expenses incurred in connection with such service, however, is permitted.