Based on Federal regulations governing the return of Federal Student Aid (Title IV) funds for withdrawn students, the following rules apply to the rebate and refund of tuition.

1. For purposes of determining the refund of Title IV funds, any student who withdraws from the School of Management for any reason during the first 60 percent of the term will be subject to a pro rata schedule which will be used to determine the amount of Title IV funds a student has earned at the time of withdrawal. A student who withdraws after the 60 percent point has earned 100 percent of the Title IV funds. In 2026–2027, these are the last days for refunding Title IV funds:
   Fall Term
   M.B.A. program, first-year students (full time): October 30, 2026 
   M.B.A. program, second-year students (full time): November 6, 2026
   M.A.M. programs: November 6, 2026
   M.M.S. program: November 3, 2026
   M.B.A. for Executives, first-year students: November 7, 2026 
   M.B.A. for Executives, second-year students: November 9, 2026 
   Spring Term 
   M.B.A. program, first-year students (full time): April 3, 2027 
   M.B.A. program, second-year students (full time): April 3, 2027
   M.A.M. programs: April 3, 2027
   M.M.S. program: April 3, 2027
   M.B.A. for Executives, first-year students: April 26, 2027 
   M.B.A. for Executives, second-year students: March 28, 2027
2. For purposes of determining the refund of institutional aid funds and for students who have not received financial aid:
   1. 100 percent of tuition will be rebated for withdrawals which occur on or before the end of the first 10 percent of the term.
      Fall Term
      M.B.A. program, first-year students (full time): September 5, 2026 
      M.B.A. program, second-year students (full time): September 12, 2026
      M.A.M. programs: September 12, 2026
      M.M.S. program: September 13, 2026
      M.B.A. for Executives, first-year students: August 3, 2026 
      M.B.A. for Executives, second-year students: August 7, 2026 
      Spring Term 
      M.B.A. program, first-year students (full time): January 29, 2027 
      M.B.A. program, second-year students (full time): January 29, 2027
      M.A.M. programs: January 29, 2027
      M.M.S. program: January 29, 2027
      M.B.A. for Executives, first-year students: February 19, 2027 
      M.B.A. for Executives, second-year students: February 14, 2027
   2. A rebate of one-half (50 percent) of tuition will be granted for withdrawals which occur after the first 10 percent but on or before the last day of the first quarter of the term.
      Fall Term
      M.B.A. program, first-year students (full time): September 21, 2026 
      M.B.A. program, second-year students (full time): September 26, 2026
      M.A.M. programs: September 26, 2026
      M.M.S. program: September 28, 2026
      M.B.A. for Executives, first-year students: September 1, 2026 
      M.B.A. for Executives, second-year students: September 4, 2026 
      Spring Term 
      M.B.A. program, first-year students (full time): February 12, 2027 
      M.B.A. program, second-year students (full time): February 12, 2027
      M.A.M. programs: February 12, 2027
      M.M.S. program: February 12, 2027
      M.B.A. for Executives, first-year students: March 11, 2027 
      M.B.A. for Executives, second-year students: February 27, 2027
   3. A rebate of one-quarter (25 percent) of tuition will be granted for withdrawals which occur after the first quarter of a term but on or before the day of Midterm.
      Fall Term
      M.B.A. program, first-year students (full time): October 19, 2026 
      M.B.A. program, second-year students (full time): October 19, 2026
      M.A.M. programs: October 19, 2026
      M.M.S. program: October 23, 2026
      M.B.A. for Executives, first-year students: October 19, 2026 
      M.B.A. for Executives, second-year students: October 21, 2026 
      Spring Term 
      M.B.A. program, first-year students (full time): March 8, 2027 
      M.B.A. program, second-year students (full time): March 8, 2027
      M.A.M. programs: March 8, 2027
      M.M.S. program: March 8, 2027
      M.B.A. for Executives, first-year students: April 13, 2027 
      M.B.A. for Executives, second-year students: March 20, 2027
   4. Students who withdraw for any reason after Midterm will not receive a rebate of any portion of tuition.
3. The death of a student shall cancel charges for tuition as of the date of death and the bursar will adjust the tuition on a pro rata basis.
4. If the student has received student loans or other forms of financial aid, funds will be returned in the order prescribed by Federal regulations; namely, first to Federal Direct Unsubsidized Loans, if any; then to Federal Direct Graduate PLUS Loans; next to any other Federal, State, private or institutional scholarships and loans; and finally, any remaining balance to the student.
5. Recipients of Federal and/or institutional loans who withdraw are required to have an Exit Interview before leaving Yale. Students leaving Yale receive instructions on completing this process from Yale Student Financial Services.