Students should refer to the Financial Aid page for current tuition and fee rates.
Financial Aid Information
Withdrawal and Refund Policy
Section 1: General withdrawal and refund policy guidelines
Any student who intends to withdraw from all classes at Midland University shall notify his or her advisor in the Student Success Center (SSC). As a good practice, written notification will be requested from a student who orally notifies Midland of his or her intent to withdraw. An exit review of the student’s enrollment at Midland University will be conducted, consisting of the reason for withdrawal, the last date the student either attended classes or completed an academic-related activity, as determined by the faculty teaching the coursework, and a review of any unusual or extenuating circumstances that prevented the student from officially withdrawing.
The U. S. Department of Education requires that Midland’s participation in Title IV federal financial aid programs must have a fair and equitable refund policy. In the event that a student finds it necessary to withdraw or fails to complete the period of enrollment for which federal aid was intended, Midland University refunds unearned tuition, fees, room and board and other charges in accordance with the policies below. A basic summary of the process is provided herein with details on specific aspects of withdrawal, refund and return of funds processes.
Depending on the date a student ceases studies at Midland University prior to the end of a semester or term, the student may be entitled to a parallel refund of charges. The refund may be applied to an outstanding balance on the student’s account. If the refund results in a credit balance on the account, the credit will be refunded to the student.
Upon notification that a student has withdrawn, the Financial Aid Office will calculate the student’s earned and unearned aid. The student will be notified of any funds returned by Midland University to the aid programs, as well as any repayment for which the student is responsible. Calculation examples can be found in this document and in the Student Handbook.
Withdrawal Before Beginning of Term
Students, not faculty or staff, are responsible for registering, dropping, or withdrawing from classes at Midland University in accordance with the policies and procedures outlined in this document. Staff members are available for consultation and assistance, but registering, dropping and/or withdrawing from classes is the sole responsibility of the student. If a student does not attend classes, the courses will remain on the student’s record and the student will owe all tuition and fees for the courses. If a student registers for classes and decides to attend another institution, the student must drop Midland University classes before the 100% refund deadline or the student will be responsible to pay the appropriate tuition and fees. No exceptions will be made; however, certain special circumstances may be considered.
Students who withdraw voluntarily receive no refund of the application, matriculation, university or special fees. The first "week," as used for refund purposes, starts on the first day classes are held each semester.
Students dismissed from Midland University for inattention to their studies or infringement of Midland University rules are allowed no refunds of any kind, other than those provided by the withdrawal policy applicable to them. The student’s financial aid eligibility will be based on his/her last date of attendance and will be adjusted accordingly.
Students called to active duty in the Armed Forces of the United States, or leaving Midland University because of illness or other causes beyond their control, may receive special consideration. Each case will be considered individually. The Midland University President may authorize tuition, room and board refunds on a pro-rata basis or other adjustments as considered necessary given the circumstances. The decision of the President is final. Exceptions apply only to the refund of Midland charges and do not affect the outcome of the federally mandated recalculation of eligibility for recipients of federal financial aid.
Students may incur other expenses for which they will be personally responsible and for which no refund is required. These may include, but are not limited to, any fines, telephone charges, insurance fees, damages, charges for storage, shipping or incomplete checkouts. Deposits are always non-refundable.
Section 2. General Processing Dates, Deadlines and Notifications
While there are a variety of dates and deadlines applicable to the entire refund and withdrawal process throughout this document, the following main dates are of particular note.
Midland will determine the withdrawal date for a student who withdraws without providing notification to Midland no later than 30 days after the end of the earlier of the following:
a. The session or module
b. The semester
Within 30 days, Midland will provide to students in writing:
a. Notification to the student explaining the opportunity to accept all or part of a post-withdrawal disbursement of Title IV loan funds.
b. Notification of the student’s eligibility for a direct post-withdrawal disbursement of Title IV loan funds in excess of outstanding current, educationally-related charges.
Section 3. Tuition and Fees*
Refund Determination for Semester-Long Classes:
Within the first week (calendar days 1-7)
Within the second week (calendar days 8-14)
Within the third week (calendar days 15-21)
Within the fourth week (calendar days 22-28)
After the fourth week (after calendar day 28)
*Technology and activity fees only.
Refund Determination for 8-Week Sessions/Modules within a Semester:
Prior to the start of the first day of the 8-week session as published in the academic calendar
Between calendar days 1-6 of the session
Between calendar days 7-13 of the session
After calendar day 13 of the session
*Technology and activity fees only.
Room and Board Refund Determinations
Room and board refunds may follow a slightly different refund schedule, as outlined on the Midland University Housing Contract. There are no refunds for room and board after 30 days from the beginning of the semester or first module of attendance.
Section 4: Return of Federal Title IV, State and/or Midland Funds
Any student who has not completed the financial aid process as of the last date of attendance might forfeit eligibility for financial assistance during that period of enrollment.
Federal law specifies how Midland University must determine the amount of Title IV assistance a student has earned if he/she withdraws from school. The Title IV programs that are covered by this law are: Pell Grants, FSEOG Grants, TEACH Grants, Direct Loans, and PLUS Loans. In calculating the days enrolled, all calendar days in an enrollment term are used, except any scheduled breaks of at least five days in length, including attached weekend days. See examples after Section 9.
When a student withdraws during a payment period or term, the amount of assistance that is earned up to that point is determined by a specific formula. A student who received less assistance than the amount earned may be able to receive additional funds. If a student received more assistance than was earned, the excess funds must be returned by Midland University and/or the student.
The amount of federal assistance that is earned is based on the following federally mandated pro-rata calculation:
Days Attended in the Period (based on the last day of class attendance) ÷ Total Days in the Period
If the amount of aid disbursed exceeds the amount of earned aid, the unearned portion of the funds must be returned to Title IV programs in the following order:
Unsubsidized Federal Direct Loan
Subsidized Federal Direct Loan
Federal Direct PLUS Loan
Federal Pell Grant
Federal SEOG Grant
Federal TEACH Grant
A student who did not receive all funds that were earned may be eligible for a post-withdrawal disbursement, depending on the student’s aid status at the time of the withdrawal. Any post-withdrawal disbursement of funds will first be automatically credited toward any unpaid charges for tuition, fees, room and board.
If the amount to be returned exceeds the amount that Midland University is required to return, the student has an obligation to return the remaining amount. Any loan funds that must be returned by the student are repaid according to the terms of the promissory note. If a repayment is due to a grant program, the student is required to pay only half of the remaining unearned amount.
When students fail to earn a passing grade in any class during a period of enrollment
Midland University’s general academic policy assumes that all “F” grades are earned by the student. If a student who began attendance and has not officially withdrawn fails to earn a passing grade in at least one course offered over an entire period, Midland University will assume, for Title IV purposes, that the student has unofficially withdrawn, unless the institution can document that the student completed the
period. Midland will first attempt to document the student’s last date of attendance at an academically-related activity. If documentation is unavailable, the midpoint of the period will be used as the student’s withdrawal date to determine any federal refunds or repayments due back to the U.S. Department of Education.
Section 5: Midland and State Aid Credits and Returns
Midland and state aid for traditional programs is based on the % of the charges assessed. For example, if a student was charged 40% for his or her term, 40% of the student‘s combined Midland and state aid would be applied toward the student’s charges.
Students who withdraw from a module (usually in a Master’s program) are not entitled to any Midland aid that may have been awarded for that module or session. Those funds will be refunded 100% to their respective programs.
Any additional refunds will be returned in the following order:
Midland funds (scholarships and grants from Midland University)
Outside scholarship program
Section 6: Withdrawal Date Determination and Considerations
The withdrawal date is critical in determining the student’s charges, refunds, and required Return to Title IV calculations and may be official or unofficial, depending on the circumstances. No accrediting agency requires that attendance be taken. However, class attendance or non-attendance is verified by the census date each term to determine enrollment. Faculty may choose to use various methods to document attendance and to evaluate student progress throughout the year.
The following basic definitions pertain in most circumstances:
Official: The official withdrawal date is the date that the student began the withdrawal process prescribed by Midland, or the date the student officially notified Midland, in writing or orally, of his or her intent to withdraw.
Unofficial: For an unofficial withdrawal, the withdrawal date is the last date the student either attended classes or completed an academically-related activity, as determined by the faculty teaching the coursework.
If the student ceases attendance without providing official notification to Midland of the student’s withdrawal and no last date of attendance can be determined, Midland will use the midpoint of the student’s enrollment period per federal guidance.
If Midland determines that a student (or an individual acting on the student’s behalf) did not begin the withdrawal process or otherwise provide to Midland official notification of the student’s intent to withdraw because of illness, accident, grievous personal loss, or other such circumstances beyond the student's control, the withdrawal date will be the date Midland determines is related to that circumstance.
Midland may allow a student to rescind the official notification to withdraw by filing a written statement that the student is continuing to participate in academically-related activities and intends to complete the payment period/semester.
If the student subsequently ceases to attend Midland prior to the end of the payment period/semester, the student’s rescission is negated and the withdrawal date is the student’s original date unless a later date is determined.
If a student both begins the withdrawal process prescribed by Midland and otherwise provides official notification of intent to withdraw, the student’s withdrawal date is the earlier date unless a later date is determined.
Midland may use as the student’s withdrawal date a student’s last date of attendance at an academically-related activity provided that Midland documents that the activity is academically-related and documents the student’s attendance in the activity.
Midland must document a student’s withdrawal date and maintain the documentation as of the date of Midland’s determination that the student withdrew.
“Official notification to Midland” is a notice of intent to withdraw that a student provides to an office designated by Midland.
Midland has designated the Student Success Center as the primary office at Midland that an undergraduate student may readily contact to provide official notification of withdrawal.
The University Registrar’s Office will confirm the last date of class attendance or academically-related activity and will forward that information to the Financial Aid Office for Return to Title IV (R2T4) review consideration.
Section 7: Treatment of Title IV Funds When a Student Withdraws
When a recipient of Title IV aid withdraws from Midland University during a payment period in which the recipient began attendance, Midland must determine the amount of Title IV grant or loan assistance the student earned as of the student’s withdrawal date.
A student is considered to have withdrawn from a payment period if:
The student does not complete all the days in the payment period that the student was scheduled to complete.
The student withdraws from an eight-week session (normally a graduate course) and the student is not scheduled to begin another course within the semester for more than 45 calendar days after the end of the module the student ceased attending.
a. A student is not considered to have withdrawn if Midland obtains written confirmation from the student at the time of session withdrawal indicating the date that the student will attend a module that begins later in the same semester; and
b. That module begins no later than 45 calendar days after the end of the module the student ceased attending.
c. If Midland obtains written confirmation of future attendance in accordance with paragraph (2) (a-b) but the student does not return as scheduled:
i. The student is considered to have withdrawn from the payment period; and
ii. The student’s withdrawal date and the total number of calendar days in the payment period would be the
original withdrawal date and total number of calendar days that would have applied if the student had not
provided written confirmation of a future date of attendance.
If the total amount of Title IV assistance that the student earned is less than the amount of Title IV assistance that was disbursed to the student, as of the date of Midland’s determination that the student withdrew:
The difference between these amounts must be returned to the Title IV programs in the required and specified order (see Section 4); and
No additional disbursements may be made to the student for the payment period.
Section 8: Post-Withdrawal Disbursements
If the total amount of Title IV assistance that the student earned is greater than the total amount of Title IV assistance that was disbursed to the student as of the date of Midland’s determination that the student withdrew, the difference between these amounts must be treated as a post-withdrawal disbursement in accordance with federal regulations. If this is the case, the following considerations apply:
Midland will provide within 30 days of the date of Midland’s determination that the student withdrew, a written notification to the student that:
a. Requests confirmation of any post-withdrawal disbursement of loan funds that Midland could credit to the student's account, identifying the type and amount of those loan funds and explaining that a student may accept or decline some or all of those funds.
b. Requests confirmation of any post-withdrawal disbursement of loan funds that the student can receive as a direct disbursement, identifying the type and amount of these Title IV funds and explaining that the student may accept or decline some or all of those funds.
c. Explains that a student who does not confirm that a post-withdrawal disbursement of loan funds may be credited to the student’s account may not receive any of those loan funds as a direct disbursement unless Midland concurs.
d. Explains the obligation of the student to repay any loan funds the student chooses to have disbursed.
e. Advises the student that no post-withdrawal disbursement of loan funds will be made if the student does not respond within 14 days of the date that Midland sent the notification or a later deadline set by Midland, unless Midland chooses to make a post-withdrawal disbursement based on a late response or extenuating circumstances.
If outstanding charges exist on the student’s account, Midland may credit the student’s account up to the amount of outstanding charges with all or a portion of any loan funds that make up the post-withdrawal disbursement after obtaining confirmation from the student that he or she still wishes to have the loan funds disbursed by responding in writing or electronic means to Midland within 14 days after the above notification has been sent.
Midland will disburse directly to a student any amount of a post-withdrawal disbursement that is not credited to the student’s account. Midland will make the disbursement as soon as possible, but no later than 45 days after the date of Midland's determination that the student withdrew and after obtaining the student’s confirmation that the student still wishes to have the loan funds disbursed.
If the student submits a timely response that confirms that he or she wishes to receive all or a portion of a direct disbursement of post-withdrawal loan funds, or confirms that a post-withdrawal disbursement of loan funds may be credited to the student’s account, Midland will disburse the funds in the manner specified by the student as soon as possible, but no later than 45 days after the date of Midland’s determination that the student withdrew.
Midland has established the same 14-day deadline for a student to accept a post-withdrawal disbursement for either a direct disbursement of loan funds to the student or a post-withdrawal disbursement of loan funds to be credited to the student’s account.
If a student submits a late response to Midland and Midland chooses not to make the post-withdrawal disbursement of loan funds, Midland will inform the student in writing of the outcome of the post-withdrawal disbursement request.
If the student does not respond to Midland’s notice, no portion of the post-withdrawal disbursement of loan funds that Midland could credit to the student’s account, nor any portion of loan funds that could be disbursed directly to the student, may be disbursed.
Midland will document in the student’s file the result of any notification sent to the student regarding the student’s right to accept or decline all or a portion of eligible loan funds and the final determination made concerning the possible disbursement.
Section 9: Questions to Ask in Determining Need for Return to Title IV Calculations for Students
The following questions help students and staff determine if a Return to Title IV calculation is required:
Did the student cease to attend, or fail to begin attendance in a scheduled course that was included in the institution’s calculation of the student’s Title IV awards for the payment period or period of enrollment?
a. If yes, go to question 2.
b. If no, student is not a withdrawal.
When the student ceased to attend or failed to begin attendance in a scheduled course, was the student attending other courses in the period?
a. If yes, student is not a withdrawal.
b. If no, go to question 3.
When the student ceased to attend or failed to begin attendance in a scheduled course, did the student complete all the requirements for graduation?
a. If yes, student is not a withdrawal. (Recalculation of aid or selection of an additional program of study might be required.)
b. If no, go to question 4.
Continue with the following questions and circumstances for students enrolled in modules:
When the student ceased to attend or failed to begin attendance in a scheduled course, did the student successfully complete:
a. A module or combination of modules that contain 49% or more of the number of days in the payment period/semester (excluding scheduled breaks of 5 consecutive days or more and all days between modules); OR
b. Coursework equal to or greater than the coursework required for the institution’s definition of a half-time student (6 credits) for the payment period (semester)?
i. If yes to either question, student not a withdrawal.
ii. If no, go to question 5.
Did the student confirm attendance within 45 days in a later module in the semester?
a. If yes, not a withdrawal.
b. If no, student is a withdrawal.
Confirmation of Return
Based on the following timeframe, a student who submits confirmation of return is not treated as a withdrawal if, for semester programs for a student enrolled in eight-week modules, the student will resume attendance in a module that begins no later than 45 calendar days after the end of the module the student ceased attending.
R2T4 Exemption Criteria
To be R2T4 exempt, a student must successfully complete one of the following:
All program requirements to graduate before completing the days or hours in the period the student was scheduled to complete, or
For programs offered in modules, one module or a combination of modules that contain 49% or more of the number of days in the payment period, or
Coursework equal to or greater than the coursework required for the institution’s definition of a half-time student (6 credits)
What Does Successfully Complete Mean?
Successfully completed classes are those defined as earning a passing grade under an institution’s overall academic grading policy. Non-passing grades include W, F and I.
Counting Days for the 49% Exemption (Add/Subtract)
Calculate the overall number of days in the payment period (semester) from when the first day of class starts to the last final exam. Subtract:
Any scheduled breaks of 5 or more consecutive days that apply to all students who enroll in the semester, and
Breaks in between modules offered during the payment period (semester)
The denominator consists of this net total when calculating a possible R2T4 exemption.
R2T4 – Scheduled Days in Modules (Definition of number of days scheduled to complete in modules when not determining one of the exemptions)
A student in a program offered in modules is scheduled to complete the days in a module if the student’s coursework in that module was used to determine the amount of the student’s eligibility for Title IV, HEA funds for the payment period or period of enrollment.
A school includes the days in a module in the denominator of the R2T4 calculation if:
The student attended at least one day in the module, or
The student did not attend at least one day in the module, but the module was included in the institution’s determination of the student’s Title IV eligibility.
If the student is eligible for Direct Loan funds, the days in a module that must be included in the R2T4 calculation are the modules and course the student was enrolled in on the first day of the period or at any time during the period.
Calculation of the Amount of Title IV Assistance Earned by the Student (full-term classes or modules)
The amount of Title IV grant or loan assistance that is earned by the student is calculated by:
Determining the percentage of Title IV assistance that has been earned by the student; and
Applying this percentage to the total amount of Title IV assistance that was disbursed (and that could have been disbursed) to the student for the payment period as of the student’s withdrawal date.
The percentage of Title IV assistance that has been earned by the student is equal to the percentage of the payment period that the student completed as of the student’s withdrawal date, if this date occurs on or before completion of 60% of the payment period (For example, if a student completed 30% of the term, the student earned 30% of the assistance that was awarded). If the student’s withdrawal date occurs after completion of 60% of the payment period, 100% of aid is considered earned. (Rounding up is not allowed.)
Within 30 days of the date of Midland’s determination that the student withdrew, Midland must send a notice to any student who owes a Title IV, HEA overpayment as a result of the student's withdrawal from Midland. The percentage of Title IV assistance that has not been earned by the student is calculated by determining the complement of the percentage of Title IV assistance earned by the student as described above.
Total Amount of Unearned Title IV Assistance to be Returned
The unearned amount of Title IV assistance to be returned is calculated by subtracting the amount of Title IV assistance earned by the student as calculated from the amount of Title IV aid that was disbursed or could have been disbursed to the student as of the date of Midland’s determination that the student withdrew.
Midland’s Responsibility in Returning Unearned Aid
Midland will return, in the order specified in Section 4, the lesser of:
a. The total amount of unearned Title IV assistance to be returned.
b. An amount equal to the total Midland charges incurred by the student for the payment period multiplied by the percentage of Title IV assistance that has not been earned by the student. (For purposes of this section, “Midland charges” are tuition, fees, room and board if the student contracts with Midland for room and board and other educationally-related expenses assessed by Midland, such as books charged against financial aid.)
Student’s Responsibility in Returning Unearned Aid
After Midland has allocated the unearned funds for which it is responsible, the student must return assistance for which the student is responsible in the order specified in Section 4:
a. The amount of assistance the student is responsible for returning is calculated by subtracting the amount of unearned aid Midland is required to return from the total amount of unearned Title IV assistance to be returned.
b. The student must return or repay, as appropriate, the determined amount to any Title IV loan program in accordance with the terms of the loan.
c. If the student is required to repay a grant, the student is responsible to repay 50% of the unearned amount.
Students Who Owe Overpayments
A student who owes an overpayment under this section remains eligible for Title IV, HEA program funds through and beyond the earlier of 45 days from the date Midland sends a notification to the student of the overpayment, or 45 days from the date Midland was required to notify the student of the overpayment if, during those 45 days the student:
a. Repays the overpayment in full to Midland; or
b. Makes repayment arrangements with the Secretary of Education, which include terms that permit a student to repay the overpayment while maintaining his or her eligibility for Title IV, HEA program funds.
If Midland chooses to enter into a repayment agreement with a student who owes an overpayment of Title IV, HEA grant funds, Midland must:
a. Provide the student with terms that permit the student to repay the overpayment while maintaining his or her eligibility for Title IV, HEA program funds; and
b. Require repayment of the full amount of the overpayment within two years of the date of Midland’s determination that the student withdrew.
c. Refer to the Secretary, in accordance with procedures required by the Secretary, an overpayment of Title IV, HEA grant funds owed by a student as a result of the student's withdrawal from Midland:
i. If the student does not repay the overpayment in full to Midland or enter a repayment agreement with
Midland, within the earlier of 45 days from the date Midland sends a notification to the student of the
overpayment or 45 days from the date Midland was required to notify the student of the overpayment;
ii. At any time the student fails to meet the terms of the repayment agreement with Midland; or
iii. If the student chooses to enter into a repayment agreement with the Secretary.
A student who owes an overpayment is ineligible for Title IV, HEA program funds:
a. If the student does not meet the requirements above, on the day following the 45-day period as of the date the student fails to meet the terms of the repayment agreement entered into with Midland or the Secretary in accordance with this section.
b. But a student who is ineligible under this section regains eligibility if the student and the Secretary enter into a repayment agreement. The Secretary may waive grant overpayment amounts that students are required to return under this section if the withdrawals on which the returns are based are withdrawals by students:
i. Who were residing in, employed in, or attending Midland University when the President has declared the
area a major disaster area, in accordance with section 401 of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 5170);
ii. Whose attendance was interrupted because of the impact of the disaster on the student or Midland; and
iii. Whose withdrawal occurred within the award year during which the designation occurred or during the
next succeeding award year.
Order of Return of Title IV funds
Unearned funds returned by Midland or the student, as appropriate, and in accordance with this section and Section 4, respectively, must be credited to outstanding balances on Title IV loans taken by the student for the payment period for which a return of funds is required. All unearned funds must be credited to outstanding balances for the payment period for which a return of funds is required in the following order:
Unsubsidized Federal Direct Loan
Subsidized Federal Direct Loan
Federal or Direct PLUS Loan
Federal Pell Grant
Federal SEOG Grant
Federal TEACH Grant
Loans: When students are required to return unearned loan funds to the government, the amounts can be repaid according to the terms of the loan.
Grants: Only 50% of the remaining unearned grant is required to be repaid by the student.
Timeframe for the Return of Title IV funds
Midland will return the amount of Title IV funds for which it is responsible under this section as soon as possible but no later than 45 days after the date of Midland’s determination that the student withdrew as defined in this section. The timeframe for returning funds is further described in a preceding section.
Susie is a full-time student. Fall semester classes run from 08/29 – 12/18. No classes are held from November 23-27, a 5-day period, for Thanksgiving break. Due to illness, Susie withdraws from all classes on 10/15.
Total days attended = (3 + 30 + 15) = 48 days divided by
Total days in semester = (3 + 30 + 31 + 30 + 18) – 5 days break = 107 days = 44.86% earned
100% awarded – 44.86% earned = 55.14% unearned that must be returned to Title IV by Midland and Susie. Midland will repay a portion based on the unearned percentage of funds paid to Midland for charges; Susie must pay any remaining portion of unearned funds. If Susie accepted loans, the amount she might owe from loans can be repaid based on loan repayment terms. If Susie owes grant money, only 50% of that amount due must be repaid. Satisfactory Academic Progress could be at risk, depending on previously attempted and completed classes and CGPA.
William is a Midland student taking classes spring semester, which runs from 01/09 – 05/07. Easter Break is 9 days, including weekends. William found his math and science requirements challenging, did not get help, and chose to withdraw from school 4/14 to avoid a poor GPA for the term.
Total days attended = (23 + 28 + 31 + 14) = 96 days divided by
Total days in semester = (23 + 28 + 31 + 30 + 7) – 9 days break = 110 days = 87.27% earned
William attended over 60% of the semester, which was confirmed by his professors and documented by the financial aid office. No Return of Title IV calculation is required, though Satisfactory Academic Progress could be at risk, depending on previously attempted and completed classes.
Melinda is a half-time student in summer semester/session, which runs from 05/22 – 8/13. Her classes run the full session. Her family decides late to take an extended family vacation, which includes seeing her aging grandmother on the west coast. Melinda is a third-year student with a strong GPA and has never withdrawn from a course. Knowing she can graduate on time, Melinda weighs the options and withdraws from summer session late July 10.
Total days attended = (10 + 30 + 10) = 50 days divided by
Total days in semester = (10 + 30 + 31 + 13) - no breaks of at least 5 days = 84 days = 59.52% earned
Withdrawal must be after completing 60% of the term for aid to be fully earned. Rounding is not allowed. 100% – 59.52% earned = 40.48% unearned that must be returned to Title IV by Midland and Melinda. Midland will repay a portion based on the unearned percentage of funds paid to Midland for charges; Melinda must pay any remaining portion of unearned funds. Melinda had only a loan for summer; any amount she might owe can be repaid based on loan repayment terms.