The timing of when your withdrawal is submitted affects whether you are eligible for a refund of fees and whether you will incur any academic penalties.
Refunds: If you withdraw from your course within the first 10% (from the start date) you are eligible for a full refund of your fees. To access your refund your withdrawal form must be received by MIT within the 10% dates. Your refund will be returned to whomever paid your fees. If you paid your fees by StudyLink then your refund goes back to your StudyLink account as a credit.
Academic Penalties: in the context of a withdrawal, an academic penalty is a grade other than Pass or Fail that shows on your Academic Transcript (the record of your study at MIT). If you withdraw from your course then your grade is W (Withdrawn) unless you withdraw after 80% of the course in which case your grade will be NC (Not Complete).
Unpaid fees: As part of your agreement with MIT you are liable to pay all course fees. It is important that you withdraw early so that you don’t end up with a debt which prevents you from enrolling again in the future, or worse, owing money to the debt collectors.