The U.S. Department of Education releases official cohort default rates once per year. A cohort default rate (CDR), for schools having 30 or more borrowers entering repayment in a fiscal year, is the percentage of a school’s borrowers who enter repayment on certain William D. Ford Federal Direct Loans (Direct Loans) and Federal Family Education Loans (FFELs) during that fiscal year and default (or meet the other specified condition) before the end of the second fiscal year following the fiscal year that the borrower entered repayment. The current CDR for the University of Mount Olive can be found here.

The law specifies how an institution must determine the amount of Title IV program assistance that a student earns if they withdraw from school. The Title IV programs covered by this law are: Federal Pell Grants, Iraq and Afghanistan Service Grants, TEACH Grants, Direct Loans, Direct PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOGs), and Federal Perkins Loans.

Though a student’s aid is posted to their account as soon as all FA requirements are completed, a student earns the funds as they complete the period. If a student withdraws during their payment period or period of enrollment, the amount of Title IV program assistance that a student has earned up to that point is determined by a specific formula. If a student received more assistance than they earned, the excess funds must be returned.

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Per the University of Mount Olive Catalog: All tuition and fees for the entire semester are due prior to the start of class. Situations that deserve special consideration should be discussed with the Business Office (Traditional) or One-Stop Advisor (Adult and Graduate Programs), prior to the first day of class.

Students with a remaining balance after considering financial aid and loans must pay that balance prior to the start of class or set up a payment plan online that will have the account paid by the end of the semester. Payment plans will automatically draft the applicable student (parent or guardian) bank account each month.

Payment for tuition is only deferred in the case where a student’s employer pays their tuition directly to UMO. If a student receives tuition reimbursement where the employer reimburses the student after completion of the class, the student must have their tuition covered before the class starts through either payment or financial aid.

Book Vouchers will be available through the Business Office for students who have an anticipated credit balance on their account and have agreed to the terms on MyFinancialAid. These charges will be applied to the student’s account so that they can use their financial aid to cover the cost.

Returned Checks will automatically be re-deposited by BB&T. The UMO Business Office will also reverse the payment from the student’s account manually along with charging a $30 Returned Check Fee.

Adult & Graduate Program students who clean drop their course on or before the Friday of their 2nd week of class will not be charged tuition for the course. If the student withdraws from the course, the tuition charge will remain at the full price.

Traditional Full-Time students who separate from the university will have their tuition pro-rated up until the 4th week of class. After the 4th week, all tuition charges remain at full price.

Any outside scholarships, employer assistance, or Tuition Assistance that has paid for the class will be refunded back to the agency in the full amount originally paid. Refund disbursements are managed through BankMobile. View the BankMobile refund selection page here.

Military Tuition Assistance is a U.S. Department of Defense program. Tuition Assistance rules vary by branch of service and even vary between different units within the same branch depending on whether the unit is active, reserve, or National Guard. Tuition Assistance funds will be applied to tuition costs only.

Military Tuition Assistance (TA) is awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of TA funds originally awarded. To comply with the U.S. Department of Defense policy, the University of Mount Olive will return any unearned TA funds on a proportional basis through at least the 60% point in the period for which the funds were provided.

The University of Mount Olive only uses electronic statements that are posted to the student’s Self-Service Account monthly to inform them of any balance owed to the university. It is the student’s responsibility to check their Self-Service and stay aware of any Stops or Balances they have on their account.

The Catalog for the University of Mount Olive states: “All tuition and fees for the entire semester are due prior to the start of class. Any accounts not paid as specified may be charged at the interest rate of 12% per annum on any unpaid balance. Situations which deserve special consideration should be discussed with the Business Office prior to the first day of class.”

Throughout the collection process, the University of Mount Olive will proceed with our best interest as the foremost objective. Dealings with delinquent students will be done in a fair manner with an emphasis on collecting the debt owed while showing patience and compassion to students where warranted. If you have any questions about a past due balance, please contact the Business Office at businessoffice@umo.edu.