Catalog 2014-15

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Refund Policy

As the College has expenses of a continuing nature, usually incurred on an annual basis, it assumes that students, once enrolled, will remain for the semester. However, the College recognizes that individual circumstances, including serious illness or other emergency reasons, may dictate a withdrawal. Official notice with an explanation of the reason for withdrawal must be made to the Dean of Student Services. A case-by-case review of the particular circumstances will be made to determine refund eligibility (if any). The College uses a federally mandated refund procedure based on a percentage of semester completed to calculate charges and applicable credits for students serparating from the College after the semester begins.

We are required by federal statute to determine how much financial aid was earned by students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term.

For a student who withdraws after the 60% point-in-time, there are no unearned funds. However, a school must still complete a Return calculation in order to determine whether the student is eligible for a post-withdrawal disbursement. 

The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:

 

Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:

 

Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.

If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal.

The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.

Tuition and Room Charges & Board Charges: Tuition and room charges, for refund purposes,  are pro-rated from the first day of classes each semester and based on the percent of the semester which has expired. Full tuition and room charges will be assessed after the 60% point of the semester has passed.

All students who separate from the College, after the start of classes, will be assessed an administrative fee of $100.

The student security deposit will be retained for those students who have only temporarily separated. The deposit will be refunded if the student chooses not to return.

Financial Aid: The crediting of financial aid ceases for withdrawing students in the semester in which separation occurs. Federal regulations require that refunds be made in the same order as credited. Credits are applied to bills in the following order:

Summer Session, Occasional Academic and Part-time Fees: Refunds are calculated proportionately according to the above table.

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