Refunds can occur for a variety of reasons. Here you can learn more about the Student Accounts refund policies for overpayments, withdrawals, and reduction in charges.

Refund of Over-Payments

Sometimes a student overpays on his/her account, usually through the receipt of loan funds needed for living expenses or books. In accordance with federal regulations, if the refund is created entirely by federal funds (title iv funds), then the school will process the refund within the time limits of federal law. Otherwise, refunds will be processed after the add/drop date.

Refund Policy
  • Refunds are issued in the name of the student and mailed to the home address in most cases. You must notify us if this should be handled differently.
  • Refunds for students on off-campus programs can be directly deposited into a bank account if the student makes arrangements with the Student Accounts Office.
  • Deposits are refunded only if admission is denied or a class is closed or cancelled.

Refunds are disbursed by Paymerang, the College’s accounts payable service, using an electronic check or direct deposit (ACH). Students receive an ACH enrollment email from early in the semester. If a student has not signed up for ACH, they will receive an eCheck in their Lake Forest College email account. Information on how to retrieve an eCheck can be found here.

Withdrawals During the Semester

The schedule of reduced tuition and fees applies if a student completely withdraws from all courses during the semester. The date of withdrawal is determined by the Office of Student Affairs based on last day of attendance (for tuition) and date moved out of housing (room and board). All withdrawals from the College must be reported through the Office of Student Affairs. Refunds are not issued for withdrawing from individual courses. 

Refunds will not be issued for dismissal, suspension, or expulsion from the College and no room refunds for removal from campus housing due to judicial sanction.

The Business Office will process any funds due after being notified by the Office of Student Affairs and after the Financial Aid Office reviews grant and loan eligibility.  Please be aware that scholarships, loans, and grants may not follow the same refund percentages as the College; you should contact the Financial Aid Office for that information. Financial aid recipients who withdraw from the College after registration but still within a refund period are subject to the College’s refund policy and federal regulations. The Financial Aid Office and the Business Office will jointly determine the appropriate resulting charges and financial aid.

First Semester Second Semester Refund
On or before:    
September 2, 2021 January 18, 2022 90%
September 9, 2021 January 25, 2022 80%
September 16, 2021 February 1, 2022 70%
September 23, 2021 February 8, 2022 60%
September 30, 2021 February 15, 2022 50%
October 7, 2021 February 22, 2022 40%
October 7, 2021 February 22, 2022 0%
Room and board charges are refunded on a per diem basis up to and including the final date listed on the of Refund Schedule. No refunds will be issued for room or board once 60% of the semester has been completed. 

Business Office


North Hall, Room 103
Phone: 847-735-5030 
Mailing address: 555 N. Sheridan Road, Lake Forest, IL 60045

Temporarily, we are only available by email and phone due to the coronavirus pandemic. 

Business Office Hours

Academic year: 8:30 a.m. to 5 p.m.
Summer: 8:30 a.m. to 4:30 p.m. 

Cashier Hours

Academic Year: 11 a.m. to 1 p.m.
Summer: 11 a.m. to 1 p.m.
Closed on Fridays