Withdrawal from the Institute and Dormitory – Refunds

Withdrawals and refunds are determined as follows:

Step 1. 
Determining the withdrawal date: The withdrawal date is the date the student begins the withdrawal process. A student begins the process by officially notifying the Registrar’s Office of their intent to withdraw. If the student does not give notice of intent to withdraw, the midpoint of the semester or the last faculty documented attendance at an academically related activity is used as the withdrawal date. An end of the semester audit will be conducted for any students who earned zero units. Students with zero units completed will be investigated to determine whether the student attended for the entire semester. Where it is discovered that a student discontinued attendance during the semester, the last day of attendance will be determined through course attendance records and information for the purpose of calculating any Title IV reductions as required by federal law.

Step 2. 
Calculating the refund percentage: The percentage will be calculated by taking the number of calendar days completed from the start of the semester up to the withdrawal date divided by the total calendar days in the semester (not counting spring break). No refund is made after the semester has been 60% completed.

Step 3.
Determining if there is a return of federal financial aid to the Title IV (federal) program: The amount of the return is based on the percentage of unearned aid (100% less the percentage of aid earned from Step 2, not more than 40%, times the amount of aid disbursed toward institutional charges).No refund is made after the semester has been 60% completed.

If the percentage earned is greater than the amount disbursed, a refund will be due to the student. If the percentage earned is less than the amount disbursed, then Title IV (federal) aid must be returned to the program by the student or the Institute within 30 days of the determination of the student's withdrawal. Funds will be returned to the Federal Student Aid programs in the following order: Unsubsidized Federal Direct Loan, Subsidized Federal Direct Loan, Perkins Loan, Federal Direct PLUS/Graduate PLUS Loan, Federal Pell Grant, Federal SEOG Grant. Federal Work Study funds are earned and are not subject to the Return of Title IV funds policy. 

When aid is returned, the student may owe a balance to the Institute. The student should contact the Accounting Office to make arrangements for payment.

The above policy will also be used for the return of non–Title IV funds.

Any tuition and dorm refunds must be resolved by June 30 of the current academic year. Refundable deposits, including the housing deposit, are returned to students upon graduation or withdrawal from the Institute (assuming no damage or outstanding charges). Additionally, refundable deposits will be held until all Institute keys are returned. Students with questions regarding the withdrawal process or their refund should contact the Registrar’s Office or the Accounting Office.

If a student is dismissed or suspended for a portion of a semester or more, the student will be responsible for tuition, housing, and other fees based on the tuition refund schedule listed above. The amount will be calculated for the period from the first day of classes through the day the student was suspended or dismissed.

Revised Date:
Sep 2016