THE UNIVERSITY OF NORTH CAROLINA AT ASHEVILLE
                  POLICIES AND PROCEDURES MANUAL

                                             No.                    18     
                                             Date                7-31-78   
                                             Page                  of   2  
                                             Approved     WHP    

Subject: Refund and Repayment Policies


We have a newly established refund policy as of March 15, 1978.  We should also have a written
repayment policy.

A repayment is that portion of the student's financial aid award disbursed for the term, which has
not been used to meet educational costs, due to the student's withdrawal prior to the end of the
term.  The student's educational costs are the student's standard living and educational
expenditures, estimated by the Financial Aid Office, during the term in which the student
withdraws.

Therefore, when a student withdraws from the University during an academic term and has
received student aid funds in excess of the direct University charge, the Financial Aid Office must
determine the amount of repayment.

Repayment is determined as follows:

Amount of repayment is equal to student aid disbursed to student during the term of withdrawal,
plus family contribution spent through date of withdrawal, minus cost to date of withdrawal.

The financial aid officer will determine the amount of student aid disbursed to the student 
(including CWS earnings), and the costs of education during the term of withdrawal.  The
student's costs to the date of withdrawal are derived by adding total University charges, an
allowance for books and supplies, the student's average weekly living costs for the number of
weeks in school, and any other applicable costs.  The student's family contribution spent to the
date of the withdrawal is determined by multiplication of the student's costs to the date of the
withdrawal by the percentage of the costs of education for the term which the family contribution
bears.

After the repayment is determined, the amount to be returned to each (non-CWS) aid program is
computed by the following formula:

Amount returned to each (non-CWS) student aid program equals amount provided by each (non-
CWS non-CWS) student aid program.  Total (non-CWS) student aid disbursedfor the term of
withdrawal times total repayment.

                                   
If the amount of the repayment is greater than the amount of refund to be returned to the family
contribution, the student is obliged to repay the difference.  If the amount of the repayment is less
than the amount of the refund to be returned to the family contribution, the difference will be
returned to the student.

At the time of withdrawal, a student is asked to meet with a financial aid officer.  At this time the
refund and repayment calculations will be made.  The student will receive a copy of the
computations.  

I recommend that we adopt the above procedure based on the fact that students are not always
due refunds and many times when we have disbursed the funds (by credit to his account/or have
given him a check) we must retrieve those funds before he is allowed to reenroll.