Refund policies stated below are implemented in cases where a student withdraws from the entire program. There is no refund or credit given when a student withdraws from individual courses. All monies due the student shall be refunded within sixty (60) days from the last date of student course attendance. However, if the student has outstanding Title IV loan(s) and/ or alternative education loans, at the school’s discretion the refund may be sent to the lender(s) to reduce or eliminate outstanding principal balance(s) with the following priority, first to Unsubsidized, then to subsidized, then to PLUS, then to alternative loans. Withdrawing from courses may affect a student’s financial aid and anticipated graduation date. Please consult the Director of Operations for details. The termination date for refund computation purposes is the last date of attendance by the student.
A. Students who have not visited the school prior to enrollment will have the opportunity to withdraw without penalty within three days following either the regularly scheduled orientation procedures or following a tour of the school facilities and inspection of equipment where training and services are provided.
B. All monies paid by an applicant must be refunded if requested within three days after either signing an enrollment agreement or making an initial payment, whichever is first.
C. An applicant requesting cancellation more than three days after signing an enrollment agreement and making an initial payment, but prior to entering the school, is entitled to a refund of all monies paid minus a registration fee of 15% of the contract price of the program, but in no event may the school retain more than $150.
D. In the event that there is not an appropriate minimum number of students ready to begin the program prior to any scheduled start date, or if appropriate approved facilities are not available, or if qualified available and approved instructors cannot be identified for a majority of any required courses and rescheduling of said classes would be considered prohibitively complicated or costly, the start will be delayed one start.
Since this delay would occur before the semester begins, the applicant is entitled to a refund (if requested because the student elects not to start the program) of all monies paid minus a registration fee of 15% of the contract price of the program, but in no event may the school retain more than $150.
PRO RATA REFUND—FIRST ENROLLMENT PERIOD
Refund to student attending the institution for the first time as defined by the academic year.
A. A pro rata refund is a refund by the institution to a student attending such institution for the first time of not less than that portion of tuition, fees, and other charges assessed the student by the institution equal to the portion of the period of enrollment for which the student has been charged that remains on the last day of attendance by the student. The refund should be rounded downward to the nearest 10% of the period, less any unpaid charges owed by the student for the period of enrollment for which the student has been charged, and less a reasonable administration fee. For a student terminating training after completing more than 60% of the period of enrollment, the school may retain the entire contract price of the period of enrollment, including tuition, fees, and other charges. A reasonable administrative fee must not exceed the lesser of 5% of the tuition, fees, and other charges assessed the student or $100.
B. The “portion of the period of enrollment for which the student has been charged that remains” shall be determined by dividing the total number of weeks comprising the period of enrollment in which the student has been charged into the number of weeks remaining in that period as of the last recorded date of attendance.
REFUND—2ND & SUBSEQUENT ENROLLMENT PERIODS
A. During the first week of courses the school shall refund at least 90% of institutional charges; thereafter,
B. During the first 25% of the period of financial obligation the school shall refund at least 55% of the institutional charges; thereafter,
C. During the second 25% of the period of financial obligation, the school shall refund at least 30% of the institutional charges.
D. In case of withdrawal after this point (week 16-30), the student must pay 100% of the academic years institutional charges.
RETURN OF TITLE IV FUNDS
In compliance with Federal regulations, NCAD will determine how much Federal student financial assistance the student has earned or not earned when a student withdraws from NCAD.
When a recipient of a Title IV grant and/ or loan withdraws from NCAD during any payment period in which the recipient began attendance, NCAD must determine the amount of Title IV grant and/or loan that the recipient earned as of the student’s withdrawal date. Unearned funds must be returned to the Title IV programs.
This policy applies to all Financial Aid recipients who withdraw, drop out, leave without notice, or otherwise fail to complete 60% of the payment period for which they received Title IV funds (grants and/or loans). A student’s withdrawal date is the last date of attendance as determined by NCAD’s attendance records or the date of determination in accordance with NCAD’s withdrawal policy.
The amount earned will be based on the percentage of the payment period that was completed in days up to and including the last date of attendance. The school calculates the amount of Title IV assistance earned by the student by dividing the number of days the student attended in the payment period by the total number of days in the payment period.
Calendar days (including weekends) are used, but breaks of at least 5 days are excluded from both the numerator and denominator.
Until a student has passed the 60% point of a payment period, only a portion of the student’s aid has been earned. A student who remains enrolled beyond the 60% point is considered to have earned all awarded aid for the payment period.
If a student received more than the amount of Federal student financial assistance earned, the difference will be returned in accordance with Federal Regulations in the following order: Unsubsidized Federal Direct Stafford loans; Subsidized Federal Direct Stafford loans, Federal Direct PLUS loans, and Federal Pell Grant. The Financial Aid officer will make adjustments to EdExpress and export to COD. The Finance Director will refund the funds via G5 to the Direct Loan Program within 45 calendar days.
In addition, the student may also be obligated to return funds based on the calculation. A student returns funds to the FDLP Stafford loan programs based on the terms and conditions of the promissory note of the loan. If the remaining amount of funds to be returned include grant funds, the student must repay any amount of the overpayment that is more than half of the grant funds received. NCAD will notify the student as to the amount owed and how and where it should be returned.
Students who do owe grant funds are required to make payment of those funds within 45 days of being notified that they owe this repayment. During the 45-day period students will remain eligible for Title IV funds. If the student does not take action within the 45 days of being notified, NCAD will notify the US Dept. of Education. The student will no longer be eligible for Title IV funds until they enter into a satisfactory repayment agreement with the US Dept. of Education.
If more Federal student financial assistance has been earned than has been received, the student may be eligible for a post- withdrawal disbursement. NCAD will notify the student of any post-withdrawal disbursement for which the student may be eligible and
what steps need to be taken for the Federal financial assistance funds to be received. NCAD is required to make a post- withdrawal disbursement within 180 days of the date NCAD determines the student withdrew. Upon completion of the Return of Title IV Funds calculation, if it is determined a post withdrawal is due to the student and/ or parent NCAD will notify the student and/ or parent in writing.
The student will be charged 100% of the institutional charges if the student’s withdrawal date occurs after 60% of the payment period.