Jan 23, 2022  
2021-2022 Financial Aid Handbook 
    
2021-2022 Financial Aid Handbook

Refund and Repayment Policy



Refund Policy

Students will be eligible for a refund for those credit hours dropped during the add/drop period for each session. (Please note that add/drop dates for short session classes are different than the semester class add/drop. Check with the Admissions and Records Office, Rooker 259, for details.) Refunds will be issued by the Treasurer of Virginia approximately three to four weeks after the end of add/drop period. Tuition refunds are made payable to the enrolled student not to the person who originally paid, if different than the student. (If tuition was paid with VISA or MasterCard, refunds will be made to the credit card). Full refunds will be made for canceled classes. To get refunds under any conditions stated here, a student must complete an official drop form and submit it to the Admissions and Records Office during the add/drop period or drop classes online using the Student Information System (SIS) by published refund dates. After the add/drop period, there will be no refunds.

Repayment Policy

The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.

If a student leaves the institution prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:

Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student’s withdrawal.

The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.

Student records will be frozen if unearned aid is not repaid. Overpayment must be submitted to the U.S. Department of Education. Students will not be allowed to return to NRCC or any other institution until the money is repaid or arrangements have been made to repay the funds. Students will not be eligible for financial aid until the overpayment is taken care of.

Textbook charges can be made one week before classes to Federal Direct Student Loan, PELL, SEOG, VGAP and some scholarships. Enrollment changes can cause textbook overcharges. Any overcharges will be billed to the student by the Financial Aid Office. An NRCC Student ID is required to charge textbooks. If you must drop classes, please do so before the Last day to drop and Receive Refund.

If you drop classes during this period, you must return textbooks/supplies or you will be billed for charged items. You must have your receipt before you can return any items to the bookstore clerk to pre-bill your account.
Textbooks cannot be returned to the bookstore if the wrapping is removed; it is advised that you wait until after your first class meeting to remove wrap from textbooks. If textbooks/supplies are not available, please ask the Bookstore clerk to pre-bill your account.

Bookstore Refund Policy

Fall and Spring Semester- Refunds through last day to drop and receive a refund
Summer Term - Refunds through last day to drop and receive a refund for 10 week session

  • Proof of Purchase Required
  • New textbooks must be in new condition
  • New textbooks must have cellophane wrapping intact – textbooks cannot be returned to the bookstore if the wrapping is removed. It is advised that students wait until after the first class meeting to remove cellophane wrapping from textbooks.

All rented textbooks are due on or before the date indicated on your cash register/web order receipt, normally exam week. After that date, if the textbook(s) has not been returned, the credit card used to secure the rental will be charged for the remainder of the textbook cost per the rental agreement signed/agreed to via web order by the customer on the day of the initial transaction. If the credit card company declines the charge, grades will be held until payment is received in full.