A full refund of all monies paid will be made to an applicant if the applicant requests cancellation of his or her enrollment within seven calendar days after signing the ENROLLMENT AGREEMENT. Subsequent to the seven day cancellation period, calculation of tuition refunds will be made in accordance with the refund policies defined below. Students are requested to notify the School Director of their intent to withdraw, and failure to do so may delay a refund of tuition pursuant to Section 5002(3) of the New York State Education Law. For the purposes of calculating tuition refunds, IAMP programs are divided into quarters. The numbers of quarters for each program are defined in the ENROLLMENT AGREEMENT. The percentage of the quarters completed is based on the number of clock hours from the beginning of the current quarter and the last day of physical attendance.
| If Termination Occurs During the First Quarter |
School Will Keep |
| Prior to or during the first week |
|
0% |
| During the second week |
|
25% |
| During the third week |
|
50% |
| During the fourth week |
|
75% |
| After the fourth week |
|
100% |
| During Second and Subsequent Quarters |
School Will Keep |
| During the first week |
|
25% |
| During the second week |
|
50% |
| During the third week |
|
75% |
| After the third week |
|
100% |
A recipient of Federal Title IV financial aid who withdraws or is dismissed from school during a payment period or period of enrollment in which the student began attendance will have the amount of Title IV funds he/she did not earn calculated according to Federal regulations. This calculation is based on the student’s last date of attendance and the date the School determines that the student has withdrawn from school (see withdrawal policy) or the date of dismissal for a student who is dismissed by the institution.
The period of time for which Title IV financial aid is earned for a payment period or period of enrollment is the number of calendar days the student has been enrolled for the payment period or period of enrollment up to the day the student withdrew divided by the total number of calendar days in the payment period or period of enrollment. That percentage is multiplied by the amount of the student’s Title IV financial aid for the payment period or period of enrollment for which the Title IV financial aid was awarded to determine the amount of Title IV financial aid that has been earned. The amount of Title IV financial aid that has not been earned for the payment period or period of enrollment, and which must be returned, is the complement of the amount earned. The amount of Title IV financial aid earned and the amount of Title IV financial aid not earned will be calculated based on the amount of Title IV financial aid that was disbursed or could have been disbursed for the payment period or period of enrollment upon which the calculation was based. A student will have earned 100% of the Title IV financial aid disbursed for the payment period or period of enrollment if the student withdrew or was dismissed after completing more than 60% of the payment period or period of enrollment.
Once the amount of Title IV financial aid that was not earned has been calculated, Federal regulations require that the school return Title IV funds disbursed for the payment period or period of enrollment and used for institutional costs in the following order:
1.Unsubsidized Federal Stafford Loans
2.Subsidized Federal Stafford Loans
3.Unsubsidized Direct Stafford Loans (other than PLUS loans)
4.Subsidized Direct Stafford Loans
5.Federal PLUS Loans
6.Direct PLUS Loans
7.Federal Pell Grants
If the amount of unearned Title IV financial aid disbursed exceeds the amount that is returned by the School, then the student (or parent, if a Federal PLUS Loan) must return or repay, as appropriate, the remaining grant and loan funds. The student (or parent, if a Federal PLUS Loan) will be notified of the amount that must be returned or repaid, as appropriate.
