Financial Policies

Tuition refunds and Institutional Financial Aid adjustments are based on the date the Registrar's Office is notified in writing by the student of his/her withdrawal in accordance with the refund schedule. The number of days for refund calculations are based on the published academic calendars for each semester.

Fees are not refundable. Food and housing charges are not refundable after the drop/add period. Federal Financial Aid will be refunded in accordance with the US Department of Education guidelines. Tuition will be refunded in full for courses that are dropped before the course begins. Tuition and fees for the first two semesters are nonrefundable for international students once they have arrived in the United States.

Return of Title IV (R2T4) Policy

Federal Financial Aid (Title IV Funds) is awarded to a student under the assumption that the student will attend school for the entire period for which the aid is awarded. The term 'Title IV Funds" refers to the Federal Financial Aid programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs: 

• Unsubsidized Stafford Loans
• Subsidized Stafford Loans
• Parent PLUS Loans
• Federal Pell Grant
• Federal SEOG (Supplemental Educational Opportunity Grant) 

If a recipient of Title IV funds withdraws or stops attending courses (including academic dismissal or expulsion) after beginning attendance for any reason he/she may no longer be eligible for the full amount of Title IV Funds. A proration calculation is used to determine the amount of federal funds the student has earned based on the number of days in the enrollment period and the number of days the student actually attended. If a student completes 60% or more of the semester they are considered to have earned all of their federal aid and will not be required to return any funds. 

Federal law requires schools to calculate how much Federal Financial Aid a student has earned if that student withdraws in one of the following ways: 

• Completely withdraws
• Stops attending before completing the semester
• Receives all non-passing grades in a semester, including but not limited to F, I, W, or WF 

lmportant: The University's tuition/fee refund policy is separate from the federal regulations to return unearned aid. Whether or not a student receives a tuition/fee refund has no bearing on the amount he/she must repay to the federal aid programs. Please see the tuition refund policy on the CU website. 

Withdrawal Date 

A student's withdrawal date is the earlier date of the following: 

• The last date of academically-related activity provided on the drop form or by the attendance rosters.
• The date the student informed CU of their intention to withdraw. 

How the Earned Financial Aid is Calculated 

Institutions are required to determine the percentage of Title IV aid "earned" by the student and to return the unearned portion to the appropriate aid programs. Regulations require schools to perform calculations within 30 days from the date the school determines a student's complete withdrawal. The school must return the funds within 45 days of the calculation. A student has "earned" all of their aid if they complete 60% or more of the semester. Please note that "payment period" will always be the period used for calculation on the R2T4. Also, when calculating the total days in the payment period, any scheduled break of five or more consecutive days will be excluded from the total days, including weekends. (For example: if Thanksgiving break begins on the Friday after Thursday classes, and the following week is a scheduled break, then the number of days excluded from the calculation would be 10, from Friday to the Sunday before classes resume). 

When the calculation is competed CU will return the unearned portion of Title IV Funds that are requested from the school. If there is a portion of unearned aid that the student is responsible for returning (via the R2T4 calculation) it is the student's responsibility to make payment arrangements within 45 days of notification. Failure to return funds as required can result in the loss of eligibility for future federal financial aid. A copy of the R2T4 calculation worksheet can be requested from the Financial Aid Office, in accordance with federal regulations.

Student Account Payments

Tuition, fees, and housing charges are due prior to the first day of classes. Any balance not covered by completed financial aid must be paid in full before class attendance or be scheduled for payment through the university’s payment plan. A payment plan may be set up through the Student Accounts Office. 

The registration process is not complete until payment arrangements are made in full. Failure to adequately fulfill financial obligations may result in removal from class. To the extent possible under federal regulations, a student’s final grades, transcripts of credits, and diplomas may be held until the student’s account is fully paid.

Late Payment Policy

Students are responsible for ensuring that all tuition and fee payments are made by the published due dates. Failure to make a scheduled payment will result in the assessment of a late payment fee. Late fees increase with consecutive missed payments as outlined below: 

• $150 for a single missed (non-consecutive) payment
• $300 for the first consecutive missed payment
• $450 for the second consecutive missed payment
• $600 for the third consecutive missed payment 

Late fees are assessed on the day following a missed payment due date. The maximum total late fees that may be charged are $1,500 per semester during the Fall and Spring terms and $900 per semester during the Summer term. Students are encouraged to contact the Student Accounts Department prior to a payment due date if they anticipate difficulty meeting their financial obligations.

 In compliance with VA regulations, the Student Accounts Department will not penalize or prohibit a GI Bill student from attending or participating in courses while awaiting VA payment (for up to 90 days). To qualify for this, a student must turn in their Chapter 31 or 33 Certificate of Eligibility to the Office of Financial Aid. This forbearance will last until the earlier of either: 

• The date the VA provides payment to the educational institution, or
• 90 days after the date the educational institution certifies the student’s tuition and fee charges to VA.