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Financial Aid Office Useful Policies

1. Withdrawal and Refund Policy

A student withdrawing from The Boston Conservatory must do so in writing to the Registrar. In the event of withdrawal, leave of absence, or dismissal, charges will be determined based on the number of class days the student has attended. The date the written notice is received will be considered the official last date of attendance. Students are reminded that the refund policy on withdrawals is the official one, regardless of any payment arrangements.

Refunds are calculated for the fall and spring semesters using the following schedule:

  • Termination Date
  • Before the first day of classes 100%
  • Within 10 class days 80%
  • Within 15 class days 60%
  • Within 20 class days 40%
  • Within 25 class days 20%
  • After 25 class days none

Therefore if a student withdraws in the fall after October 19, 2012, or in the spring, after February 27, 2013 they will owe ALL of their tuition, and dorm and meal plan charges. Fees are non-refundable once a student has started school.

2. Withdrawal and Financial Aid

A student is considered to have “earned” his federal financial aid with each calendar day (includes weekends) he is enrolled. If the student decides to withdraw or go on a Leave of Absence, a calculation has to be performed to determine how much of his federal aid the student has earned and can keep. For instance, if the student withdraws on September 27, then he will have been enrolled for 18 calendar days, which means that he has earned 19% of his federal financial aid for the fall semester (there are 97 calendar days in the semester minus the 5 day Thanksgiving break). If the student had $5000 in federal aid for the fall, he will get to keep 19% of that or $950 to apply to his fall tuition balance. The remaining balance would be sent back to the government or to the lender. After 60% of the semester has passed, the student is said to have “earned” all of his federal financial aid.  Please note that if a student withdraws at 59% of the semester, they will only have earned 59% of their federal aid, but are being charged 100% of their tuition.

If the student also had a Conservatory Scholarship, then he would get to keep whatever percentage of tuition he was being charged. For example, the student above was enrolled for 18 calendar days. 18 calendar days = 14 class days (calendar days includes weekends). Withdrawing within 15 class days means he gets a 60% refund which means he will be charged 40% of his tuition. The student will get to keep 40% of his scholarship.

3. Satisfactory Academic Progress for Federal Financial Aid and Academic Standing

To maintain Satisfactory Academic Progress, an undergraduate student HAS to earn at least 67% of the credits they take and earn a minimum cumulative and semester GPA of at least 2.0 (1.7 if they’re a freshman). Grad students must also earn 67% of the credits they attempt and a semester and cumulative GPA of at least 2.7. If a student doesn’t complete the minimum requirements, they are put

on academic probation and federal aid warning. During the probation period, the student has a semester to reach  the SAP standards. If they don’t, they go into academic and federal aid suspension. These are two separate suspensions, so if the student wants to appeal, he’ll have to appeal to both the Dean of Academics and the Financial Aid Director.

4. Satisfactory Academic Progress for Scholarships

Students who have Conservatory Scholarships need to earn a full time number of credits and earn at least a 2.7 cumulative GPA and a 3.0 in their major subjects. If the students fail any of these requirements, they will go on scholarship probation, where they will have a semester to complete the minimum requirements. If they fail to do that, then they go on Scholarship Suspension and lose their scholarship. They may appeal the loss to the Director of Financial Aid. If they lose it and are unsuccessful in an appeal, it’s possible to earn it back. Students have to notify the Director of Financial Aid that they have completed the minimum requirements. If there are funds available, a student may receive his scholarship back.

5. Revised Bills

Revised bills are issued to the students via Ramona, the receptionist in 8 The Fenway in October and February after add/drop has ended. It is very important that students make sure the bills are forwarded to their parents (the Bursar’s office can do this via their parents’ email, if the students request). If there are new charges, and the balance is still outstanding after 30 days, the student will be charged a $200 late fee.  Please note that students (and parents if the students have given permission) may request a revised bill at anytime from the Bursar’s Office.

6. Refunds

Students receive refunds if they have more financial aid, then they have charges.  Financial Aid usually hits the student’s accounts 2 weeks after the start of classes.  Refunds are distributed approximately 2 weeks (14 days) after that or 3 – 4 weeks after the start of classes.  

Refunds created by federal financial aid (Pell and SEO Grants, and Subsidized, Unsubsidized, and Grad PLUS Loans) will automatically be given to the student in the form of a check, unless the Title IV form, completed and signed by the student, has different instructions. Checks will be available for pick up or mailing at the Bursar’s Office. They will be held for 21 days, after that they will be mailed. 

Students with Pell Grants who are eligible for a federal refund will get a $375 book refund within 7 days of the start of class (if the refund is less than $375, the student will receive the lesser amount).  Whatever is left of the students’ federal refund will be distributed 3 to 4 weeks after the start of class.

Refunds caused by the Parent PLUS Loan will automatically be sent to the parent borrower, unless the parent states otherwise on the PLUS Loan Notification Form. Notification forms are sent to the parent borrower before the loan is disbursed. 

Refunds created by different sources (tuition payment plans, private educational loans, private scholarships etc...) must be requested by the student. Refund checks will be available approximately 14 days at the Bursar’s Office after the student requests it.  

For more information about Financial Aid and Bursar Conservatory policies and regulations, please see the Student Handbook.

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