Credit Balance/Withdrawal Policies – Traditional

Credit Balance Refunds

Refunds are not available for processing until the drop/add period ends for each semester.

If eligible, you will receive a refund if you have an excess of funds in your account from financial aid credit (federal, state, and institutional aid) after all direct educational expenses have been paid (tuition, fees, etc.). A eRefund Request Form must be completed in order for a refund to be issued.

If you prefer to have your credit balance retained in your student account, please email Student Accounts at [email protected].

Averett University refunds student account credit balances in accordance with the following guidelines:

  • Students who have a credit balance on their billing account may be eligible for a refund. The University does not automatically issue refunds unless required under Title IV (federal aid exceeds allowable billing charges), or the student graduates or withdrawals from the University. If a student does not request a refund, the credit balance will remain on the student’s account to offset future charges. An Authorization to retain funds must be on file to hold funds for the award period.
  • To request a refund, students must complete a refund request form. Forms are available online or at Averett Central. If there is a Parent Plus Loan on the account the parent’s signature is also required on the Refund Request form.
  • Refunds are normally processed within one to two weeks from the submission of the request form.
  • Credit balances that are the result of Title IV funds will be processed within the 14 days after the date the balance occurred on the student’s account.
  • The quickest way for a student to receive their funds is to set up an eRefunds profile through the student PC Self-service account. Students can enroll online to receive their refunds directly deposited into their bank checking or savings account.
  • Actual refunds received may be less than the amount requested due to additional charges or changes in the student’s financial aid package from the time the refund request is submitted until processed.
  • If there is no eRefund account the credit balance on your student account will be sent by paper check once the Refund Check form is completed and received in Student Accounts. The paper check will be mailed to the address indicated on the form. If paper check is returned as undeliverable, the student must sign up for eRefund to receive a second attempt at payment.

Direct Deposit- eRefund

Direct deposit sign up is required for students to receive their financial aid refund.

To set up direct deposit, students should have their bank account information handy (account and routing numbers), and set it up through their PC Self-service account.

Note: Direct deposit for payroll (positions held through work-study) is separate from direct deposits for refunds. However, the same bank information used for payroll with Averett can be used for direct deposit of financial aid refunds.

A Statement of Authorization and Certification must be on file before a refund will be issued.

Parent Refunds

Credits that are the result of a Parent Plus loan will be refunded to the parent by check and mailed to the home address, unless the parent authorized the refund to be issued to the student, then it will be by direct deposit. No Parent refund will be greater than the amount of the parent PLUS loan.

Withdrawal Refund Policy

Registration in the University is considered a contract binding the student and/or his/her parents for charges for the entire semester.   The university makes a number of financial commitments based on enrollment. Many of these commitments do not change even if students subsequently withdraw. However, in order to accommodate those exceptional situations, which require withdrawal, the university will allow adjustments to students who follow the official procedures for withdrawing from the university.

A student who officially withdraws from the University may receive a full or partial refund (credit) based on the date of the withdrawal date. The withdrawal date is the date that the Registrar’s Office records the withdrawal. Regardless of any adjustments to your charges, the student’s financial aid may be adjusted based on the percentage of the semester completed before withdrawing. In some cases, Federal Return of the Title IV Funds regulations may require that aid be returned to the federal government for a student who completely withdraws from Averett University before 60% of a term has been completed. Financial aid is awarded for the entire term, which is generally a 15-week period. If a student does not complete the entire 15 weeks, the Return of the Title IV Funds rules will determine how much financial aid has been earned. The student can keep that amount for the term, but the unearned part must be immediately returned to the federal government. In some situations, this will leave the student with a balance due to the university. Click here for more information.

Withdrawal procedures:

Non-attendance of class does not constitute withdrawal. Any student who withdraws from the university, regardless of the reason, must see the Dean of Student Success and complete the withdrawal process. Failure to officially withdraw will result in academic penalties. Upon withdrawal from the university the student’s identification card must be surrendered.

Tuition Adjustments:

Adjustments are computed on total charges for tuition and fees. The official withdrawal date assigned by the Dean of Student Success will be used in calculating all refunds.

If Student Withdraws Adjustments % Fall 23
Spring  24
On or before the first day of classes 100% 8/16/2023 1/10/2024
On or before 75% 8/24/2023 1/17/2024
On or before 50% 8/30/2023 1/24/2024
On or before 25% 9/6/2023 1/31/2024
On or before 25% 9/13/2023 2/7/2024
0% 9/14/2023 2/8/2024
Last day to withdraw with a “W” is 9/17/2023 and 2/2/2024.

If changes are made and the student still is taking at least 12 hours, there will be no adjustment in the full-time tuition rate.

Summer Term Traditional withdrawal policies:

Period Transcript Code Calendar Days Tuition Charge
Drop Period Will not appear on Transcript Day 1 to Day 3 0%
W Period W Day 4 to Day 10 40%
WP/WF Period* WP or WF Day 11 to Day 20 100%
Circumstance beyond a student’s control WN Day 4+ 0%, if approved

*Excludes courses which are two weeks in length

Room/Board and Fees

There is no refund of room, board and lab fees after the official end of the drop/add period. An exception is made for lab fees assessed in the aviation program. Ground School Lab Fees: Same schedule as tuition.

Flight Courses:   Fees are prorated based on time incurred; however, there is a penalty of 10 percent of the unused fee assessed for those who withdraw after the last day to add a class.

Medical Withdrawal

If a student withdraws due to a medical reason, the withdrawal must be approved by the Dean of Student Success with appropriate documentation and then adjustments will be processed for tuition and room on pro-rated bases up to the 60% point of the semester.

Department of Defense Tuition Assistance

For the Averett University students using Department of Defense (DoD) Tuition Assistance (TA), the following tuition refund policy applies:

Course Length 100% Adjustment 75% Adjustment 50% Adjustment 25% Adjustment 0% Adjustment
1 week On or before Day 1 Day 2 Day 3 Day 4 Day 5 to 7
2 weeks On or before Day 2 Day 3 Day 4 to 6 Day 7 or 8 Day 9 to 14
3 weeks On or before Day 3 Day 4 Day 5 to 8 Day 9 to 13 Day 14 to 21
4 weeks On or before Day 3 Day 4 to 6 Day 7 to 11 Day 12 to 17 Day 18 to 28
5 weeks On or before Day 3 Day 4 to 7 Day 8 to 14 Day 15 to 21 Day 22 to 35
6 weeks On or before Day 3 Day 4 to 8 Day 9 to 17 Day 18 to 25 Day 26 to 42
7 weeks On or before Day 3 Day 4 to 10 Day 11 to 20 Day 21 to 29 Day 30 to 49
8 weeks On or before Day 3 Day 4 to 11 Day 12 to 22 Day 23 to 34 Day 35 to 56
9 weeks On or before Day 3 Day 4 to 13 Day 14 to 25 Day 26 to 38 Day 39 to 63
10 weeks On or before Day 3 Day 4 to 14 Day 15 to 28 Day 29 to 42 Day 43 to 70
11 weeks On or before Day 3 Day 4 to 15 Day 16 to 31 Day 32 to 46 Day 47 to 77
12 weeks On or before Day 3 Day 4 to 17 Day 18 to 34 Day 25 to 50 Day 51 to 84
13 weeks On or before Day 7 Day 8 to 18 Day 19 to 36 Day 37 to 55 Day 56 to 91
14 weeks On or before Day 7 Day 8 to 20 Day 21 to 39 Day 40 to 59 Day 60 to 98
15 weeks On or before Day 7 Day 8 to 21 Day 22 to 42 Day 43 to 63 Day 64 to 105
16 weeks On or before Day 7 Day 8 to 22 Day 23 to 45 Day 46 to 67 Day 68 to 112