REFUND POLICY AND PROCESS FOR OVERPAYMENT ON A STUDENT ACCOUNT
If a student has a credit on their account then a refund will be processed automatically within 14 days of the funds posting to a student’s account. The type of credit on a students’ account will determine the method of initiating the refund and the length of time for a student to receive their refund.
TYPES OF CREDIT BALANCES AND HOW REFUND WILL BE PROCESSED
Credit Card Refunds
If a refund is due and the original payment was made by credit card, Lyme will credit back the card that was used for the original transaction. A refund check will not be issued.
Overpayment through Wire Transfers
Any excess funds that are wired to a student’s account will not be refunded to the student. Excess funds generated from a wire transfer will remain on the student account and used towards a future bill. If a student does not return to Lyme Academy, a refund will be processed by wiring funds back to the source of the initial wire payment.
Federal Parent Plus Loan Credit
Per federal regulation, a refund is issued to a PLUS loan borrower if an overpayment exists at the time all financial aid credits are applied to an account. Refunds will be issued to the student only if a parent requests it on the PLUS application.
Cash and Check Refunds
Cash, money order or certified check require three (3) business days to process. If a refund is due and the original payment was made by personal check, there is a ten (10) business day waiting period from the date your check was processed by the University, then three (3) business days.
RECEIVING YOUR REFUND CHECK
Refund checks are mailed to the student’s local address in Banner. It is the student’s responsibility to make sure the address is correct. A refund issued to a parent due to a parent plus loan credit will be mailed to the parent’s address on their PLUS loan application.
Please note the following important items concerning the processing of refunds:
Lyme Academy will not stop payment and reissue a replacement check for at least 30 days after the original check is issued. Please note, there is a $20 fee for stopping payment on a refund check or re-issuing a check if the refund check is lost or misplaced.
Refund checks from excess loan funds cannot be canceled and returned to your lender beyond 45 days from the date the refund check was issued to you.
REFUND POLICY DUE TO WITHDRAWAL OR DROPPING FROM COURSES
Tuition may be refunded in full when a class is closed, full, canceled or when the college rejects the enrollment application. If a student chooses to drop or withdraw from a course, tuition and other institutional charges will be refunded in accordance with the following schedule:
Withdrawing or Dropping from Undergraduate Courses
Percent of Refund/Date of Withdrawal
100% - Before course begins
80% - 1st week of semester
60% - 2nd week of semester
40% - 3rd week of semester
20% - 4th week of semester
*Please note room and meal plan charges are also prorated as outlined above.