RETURN OF TITLE IV FUNDS/REFUND AND REPAYMENTS (R2T4)
After Title IV Financial Aid programs have been approved, Tonsorial Academy will adopt an implement the new guidelines which have been mandated by the U.S. Department of Education (“Return of Title IV Funds”). All monies received from Title IV financial aid programs will be refunded according to the U.S. Department of Education Policy. After federal refunds are calculated, all students will be subject to any Accrediting body or the institutional refund policy, whichever is most generous to the student.
STUDENT’S RESPONSIBILITY WITH THE SCHOOL
As a result of this Mandated Change, students should understand that any tuition owed to the school and not covered by federal student assistance, are the student’s responsibility. Please see the financial aid office for further details.
Student is entitled to the amount of Title IV funds student earned as of his/her withdrawal date.
· If student earned fewer funds than he/she received, must return unearned funds to Title IV programs.
· If student earned more funds than he/she received, must offer a post-withdrawal disbursement.
POST WITHDRAWAL DISBURSEMENT (PWD)
· If student earned more aid than he/she was disbursed, school must offer student PWD.
· The school will use grant funds before loan funds.
· School may not make PWDs of:
o Second or subsequent direct loan disbursements.
o The loans for which the borrower did not complete the MPN prior to R2T4 calculation.
· If student owes school, school may credit student’s account:
o The school will give notification of PWD loan funds applied to student’s account within 30 days of date of determination.
o Notification will allow student/parent the right to cancel PWD.
· If student does not owe, school will notify student/parent of availability of PWD within 30 days of date of determination.
· Student/parent will be given 14 days to respond.
· If student/parent responds after 14 days:
o School can cancel PWD offer or
o School can deliver PWD at its discretion.
· If student accepts, school will deliver PWD within 120 days of date of determination.
CANCELLATION & SETTLEMENT POLICY AND MINIMUN REFUND GUIDELINES
State, Federal, and/or special programs mandate a refund policy. When calculating refunds, the school will use the policy mandated by the State and/or Federal regulatory agencies or special programs for each student, as applicable. Refund Policy. For students to whom no State, Federal, or other special program refund policy applies, the school will apply a policy that complies with the Refund Policy. Any monies due to the applicant or student shall be refunded within thirty (30) days of official cancellation or withdrawal. Official cancellation or withdrawal shall be on the earlier of dates that an applicant is not accepted by the school is entitled to a refund of all monies paid. In the case of a underage student, where his/her parent or legal guardian cancels his/her enrollment and demands money back in writing within three (3) business days of the signing of the enrollment or contract, all monies collected by the school shall be refunded. This policy
applies regardless of whether or not the student has actually started the training.
If a student cancels his/hers enrollment more than three (3) business days after signing of his/hers enrollment or contract and prior to attending classes, he/she shall be entitled to a refund of all monies paid to the school except the Registration/enrollment Fee and monies paid for books and supplies, which the student may keep.
A student must notify the school of his/her withdrawal, otherwise it will be considered an Informal withdrawal and a permanent one. When a student on an approved Leave of Absence notifies the school that he/she will not be returning, the date of withdrawal shall be the earlier of the date of expiration of the Leave of Absence or the date the student notifies the Institution that he/she will not be returning; or the date the student was expelled by the school if applicable.
INSTITUTIONAL REFUND POLICY
If a student decides to cancel his/her enrollment agreement after three (3) business days of signing this agreement, and prior to entering class, the student is entitled to a full refund of the of the monies paid with the exception of the registration fee and the Cosmetology kit money.
REFUND SCHEDULE: For students, who enroll in classes, the following schedule of tuition adjustment will be considered to meet minimum standards for refunds; all refund calculation is determined and refunds are provided by the school’s Director and the school Financial Aid Officer/ Registrar.
Tuition Adjustment Guidelines
Percentage length completed Amount of total Tuition
To total length of program owed to the school
0.01 % - 04.9% 20 %
0.05 % - 09.9 % 30 %
10.0 % - 14.9 % 40 %
15.0 % - 24.9 % 45 %
25.0 % - 49.9 % 70 %
50.0 % - and over 100%
Students wishing to terminate their program are required to meet with the school Director and the school Registrar. Termination appointments are available on Mondays, during which the following information is discussed. (Must fill out a withdrawal form).
Reason for termination
Fees due to the school
If a student cancels his/her enrollment more than three (3) business days after signing of his/her enrollment or contract and prior to attending classes, he/she shall be entitled to a refund of all monies paid to the school except the Registration/enrollment Fee. A student must notify the school of withdrawal, otherwise it will be considered an unofficial withdrawal and a
Any monies due to a student who unofficially withdraws from the institution shall be refunded with thirty (30) days of a determination by the institution that the student has withdrawn without notifying the institution. Actual refund amounts and timelines are determined based on thirty (30) days from the student’s last day of physical attendance. When situations of mitigating circumstances are in evidence, the school may adopt a policy wherein the refund to the student may exceed the cancellation and settlement policy and minimum refund guidelines.
STUDENT (S) OFFICIAL CANCELLATIONS OR WITHDRAWALS.
The cancellation date will be determined by the post mark or written notification, or the date in which it was delivered to the school administrator or owner. CANCELLATION AFTER 30 DAYS: If the student withdrawal was a formal withdrawal the institution will cancel after thirty (30) calendar days. Every hour and contract will be cancelled and the student shall start as a new student. RE – ENTRY if a student voluntarily withdraws from the program and at the time of withdrawal was meeting satisfactory academic and attendance standards, that student may reenter the school at any time. If a student was involuntarily dropped from the program and was not making satisfactory academic and attendance progress, the student may apply to the Director to be reinstated. The Director may decide to allow the student to be reinstated unconditionally, reinstated with condition or not allowed the reinstatement. The decision of the Director is final.
If there is a tuition increase during the period the student was not enrolled, the student who is allowed to re–enter must pay the higher tuition rate for all remaining hours. The student will proceed with the program beginning at the point that they ended. For a student on an approved Leave of Absence who notifies the school that the student will not be returning to school, the date of withdrawal shall be the earlier of the date of expiration of the Leave of Absence; or the date that the student notifies the Institution that the student will not be returning; or a student is expelled by the school.