Every applicant who has been accepted for admission into Felbry College- School of Nursing and signs an enrollment agreement has the legal right to rescind or cancel their enrollment without penalty within three (3) business days after signing the agreement. In these cases, the student is entitled to a full refund of all monies paid, excluding the registration fee.
When a student withdraws or is withdrawn from the program, Felbry College- School of Nursing uses a two-part process to determine whether the student is entitled to a refund or whether the student owes tuition and fees to the school and whether any Title IV financial aid awarded to the student must be returned to the U. S. Department of Education (ED).
After the 3-day rescission period, Felbry College- School of Nursing uses its “Tuition Earned” schedule to determine how much of the total program tuition the school has earned based on how long the student remained in the program. It then uses ED’s “Return to Title IV” (R2T4) policy to determine how much of the Title IV funding, if any, awarded to the student Felbry College- School of Nursing has earned and can keep to apply to the student’s tuition debt and how much, if any, of those Title IV funds must be returned to the Department. Both of those schedules are presented below.
After these calculations have been made, if there is a credit balance due to the student, the credit will be refunded within 45 days after the student withdraws or is withdrawn or dismissed.
Students who, at the time of their withdrawal, have not paid the full amount of tuition Felbry College- School of Nursing has earned are legally obligated to pay the institution any difference between the amount paid and the amount Felbry College- School of Nursing has earned.
TITLE IV RETURN CALCULATION:
To determine how much financial aid, if any, must be returned to the U.S. Department of Education, Felbry College- School of Nursing uses the formula below. The top number, or the numerator, is the total calendar days completed by the withdrawn student before the withdrawal. The bottom number, the denominator, is the total calendar days in payment period. For Felbry College- School of Nursing, the normal payment period varies depending on the program and semester. The total number of days completed are counted from the student’s first day of attendance to his or her last known date of attendance.
Important Note: If a student attends more than 60% of total calendar days in the payment period, no return of Title IV funds is required.
Total calendar days completed /Total calendar days in payment period = % of Title IV Aid Earned
Missy started school on September 1st and withdrew on October 9th. There was one Monday holiday during that time. The semester calendar days runs through to December 18th. Missy attended a total of 28 days of 79 calendar days in the semester.
Total calendar days completed/Total calendar days in payment period = 28/79 = 35.44%
In this example, only 35.44% of the Title IV financial aid received was earned. The remaining funds must be returned to the U.S. Department of Education according to the order listed in the next section.
Note: Students should understand that, even though Felbry College- School of Nursing may be required to return Title IV funds to the U. S. Department of Education, the student will still be financially responsible to pay Felbry College- School of Nursing for any tuition owed after those Title IV funds have been returned.
ORDER OF RETURN OF TITLE IV FUNDS:
Felbry College- School of Nursing must return to the U.S. Department of Education any Title IV funds that it collected for a student but, based on refund calculations; the student was not in school long enough for all of the Title IV financial aid to be given to the student or kept by Felbry College- School of Nursing.
The financial aid must be returned to the Title IV program(s) that the money came from. If the aid came from more than one Title IV program, it must be returned in the priority order listed below. Note that this list contains only those programs in which Felbry College- School of Nursing is currently eligible to participate.
- Unsubsidized Direct Loans (other than Direct PLUS Loans)
- Subsidized Direct Loans
- Direct PLUS Loans
- Federal Pell Grants for which a Return is required
RETURN OF TITLE IV FUNDS:
Felbry College- School of Nursing has 45 days from the date it determines that a student withdrew to return all unearned funds for which it is responsible. The school will notify the student in writing if he or she owes a repayment.
The school will advise the student or parent that they have 14 calendar days, from the date that the school sent the notification, to accept a post-withdraw disbursement, if there is any. If a response is not received from the student or parent within the allowed time frame or the student declines the funds, the school will return any earned funds that the school is holding to Title IV, HEA programs.
Felbry College- School of Nursing responsibilities regarding the return of Title IV funds are to:
- Provide students with information on the return policy;
- Identify students for whom return calculations should be made and to complete those calculations; and,
- Return any Title IV funds that are due to the correct Title IV programs.
OVER-PAYMENT OF TITLE IV FUNDS:
Any amount of unearned grant funds that a student must return is called an over-payment. You must make arrangements with Felbry College- School of Nursing or the U. S. Department of Education to return the amount of unearned grant funds.
STUDENT RESPONSIBILITIES REGARDING THE RETURN OF TITLE IV FUNDS:
Students must do the following, related to Title IV funds:
- Return to the Title IV program(s) any funds that he or she received but for which he or she was determined to be ineligible based on the Return to Title IV calculations;
- Notify the Program Administrator and /Registrar in writing of his or her intent to withdraw or of the decision not to return to school (to drop) following the completion a course.
- Notify the Program Administrator and /Registrar in writing that the student is rescinding his or her notification of intent to withdraw.