US federal aid refunds
If you receive financial aid, withdraw from Monash and receive a fee refund, you may owe money to the US Federal Aid program. The refund policy is independent of the regulations for return of your Title IV aid to US Department of Education.
Monash determines the withdrawal date as the date recorded on the University’s Student Management System when you officially withdraw from your course or the first day of the approved leave of absence.
If withdrawal notice was not provided due to circumstances beyond your control, the withdrawal date will be the date on which that circumstance occurred. If you do not withdraw officially, the University will make a decision on the withdrawal date or the leave of absence start date based on the relevant census dates.
Return of financial aid
The calculation of the percentage of aid earned is based on your enrolment:
Number of days enrolled ÷ number of days in the teaching period x 100
If you remain enrolled beyond 60% of the academic period in calendar days, you earn 100% of the aid you received. If you withdraw from the University at the 60% mark or less for aid earned, the unearned portion must be returned to the US Department of Education. Both you and the University share the responsibility to return unearned aid.
The unearned amount must be returned in accordance with the initial distribution of Direct Loan funds in the following order:
- Direct unsubsidised
- Direct subsidised
- Direct PLUS
Unearned Direct Loan amounts must be returned no later than 45 days of the date of your withdrawal.
If unearned aid results in a balance due, we’ll email a revised tuition and fee invoice to you. It’s your responsibility to repay those funds.
Notification of return of funds requirements
When you withdraw or are granted a leave of absence from your course, the Financial Aid Administrator will notify you of any return of unearned Direct Loan funds through your Monash email and personal email accounts listed on WES. This notice will include information about the amount of unearned Direct Loan funds and whether the University will return funds on your behalf.