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Credit Balances and Refunds

Credit Balance

After all tuition and fees have posted and all financial aid has posted to your account, it is possible to have a credit balance. Credit balances are handled in the following manner:

  • If a credit balance is created due to receipt of Title IV federal, state or private financial aid funds; a refund check will be issued to the student or holder as per 34 CFR 668.164 (e) (1) within a 14 day regulatory timeframe
  • If a credit balance is created due to posting institutional awards, a refund is issued generally within a 14 day timeframe
  • If a credit balance is created due to a change in enrollment, a refund check is issued generally within a 14 day timeframe

To leave a credit balance on your account for future use, please complete and submit the required forms to the Business Office each academic year.

Refund Policy

Fall and Spring Semesters

A withdrawal fee will be charged to any candidate who withdraws from the degree program during the course of a semester. VanderCook’s refund policy is as follows:

  • If a candidate withdraws after registration but prior to the start of classes, 100% of tuition and fees for that term will be refunded less the application fee ($35.00 for undergraduates; $50.00 for master's candidates), $100.00 tuition deposit, and any textbooks and materials charged to the account.
  • Candidates who enroll and begin classes for the fall or spring semester and drop all classes prior to 4:00 p.m. on the last day of the published add / drop deadline, will be charged mandatory fees for the semester regardless of whether they withdraw from the college or not. If the candidate withdraws, they will forfeit their application fee ($35.00 for undergraduates; $50.00 for master’s candidates) as well as their $100.00 tuition deposit. If any textbooks or materials have been charged to the candidate’s account, the candidate will also be responsible for those charges.
  • If a candidate drops a course or withdraws from all courses after 4:00 p.m. on the last day of the published add / drop deadline and prior to 8:00 a.m. on the 16th calendar day of the term, 60% of the tuition only (no fees) for that term will be refunded less the application fee ($35.00 for undergraduates; $50.00 for master's candidates), $100.00 tuition deposit, and any textbooks and materials charged to the account.
  • If a candidate drops a course or withdraws from all courses after 8:00 a.m. on the 16th calendar day of the term and prior to 4:00 p.m. on the 23rd calendar day of the term, 25% of the tuition only (no fees) for that term will be refunded less the application fee ($35.00 for undergraduates; $50.00 for master's candidates), $100.00 tuition deposit, and any textbooks and materials charged to the account.
  • If a candidate drops a course or withdraws from all courses at any time after 4:00 p.m. on the 23rd calendar day of the term, no refund of tuition or fees will be made.
  • Candidates who have signed a room and / or meal contract with IIT and are subsequently withdrawn from the college for any reason (voluntarily or involuntarily) after classes begin on the first day of the fall semester are responsible for the balance of their IIT housing and/or meal agreement for the remainder of the academic year, regardless of the semester of withdrawal.
  • Title IV aid recipients who withdraw will be subject to a return of funds as calculated by regulations established by Title 34 CFR 668.22.

Summer MMEd/MMEd Certificate Sessions

MMEd candidates may receive a refund of tuition (less $100.00 deposit) for courses dropped during the first five days of the six-week summer session. There are no refunds for MMEd candidates who withdraw from courses after the add /drop period has ended.

Title IV aid recipients who withdraw will be subject to a return of funds as calculated by regulations established by Title 34 CFR 668.22.

MECA Continuing Education Courses

Candidates taking courses in the MECA continuing education program may request refunds of tuition, less the non-refundable deposit, up to noon on the Friday immediately preceding the start of the course. VanderCook reserves the right to cancel any course due to insufficient enrollment, in which case all deposits will be refunded.

 

Candidates who have signed a room and / or meal contract with IIT and are subsequently withdrawn from the college for any reason (voluntarily or involuntarily) after classes begin on the first day of the fall semester are responsible for the balance of their IIT housing and / or meal agreement for the remainder of the academic year, regardless of the semester of withdrawal. Title IV aid recipients who withdraw will be subject to a return of funds as calculated by regulations established by Title 34 CFR 668.22.

 

VanderCook College of Music

3140 South Federal Street
Chicago, IL 60616-3731
(312) 225-6288

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