For Students Receiving Federal Financial Assistance
A student is entitled to their full federal financial aid after completing at least 60% of a given payment period. For our 700 hour massage program, each payment period is 350 hours. If a student receives federal aid and withdraws or is terminated before completing 60% of the respective payment period, then they will be entitled to a percentage of the total grant according to the following formula:
|Percent earned||=||Number of clock hours scheduled to complete|
|Number of clock hours in the current payment period|
To determine the amount that must be returned to the federal program, the percent earned is subtracted from the total award:
100% of award – percent earned = aid to be returned
The institute will return to the federal program any unearned funds as soon as possible, but no later than 45 calendar days after the date of determination of withdrawal. In the event that the student received grant funds (Pell) in excess of tuition and fees, they will be responsible for repaying that grant.
If the student’s earned financial aid does not cover the tuition owed after applying the withdrawal and refund policy above, the student will be responsible for the balance to the school.
Example: If a student withdrew after attempting 100 clock hours of the program, they would be eligible for 28.6% of their Pell grant (100 hours divided by 350 hours in the first payment period). If their Pell grant had been $4000, they would have received $2000 in the first payment period, and would have earned $572. At current tuition rates (2/14), the student would be responsible for one quarter of the total tuition according to the refund policy, which is $2,000. The institute would return $1428 (Pell grant applied to tuition minus earned percentage of Pell grant) to the federal program. The student would be responsible for paying the remaining tuition owed to the school if it had not already been paid by other means.
Unearned financial aid funds will be returned to Title IV in the following order: Unsubsidized Direct Loans, Subsidized Direct Loans, Direct PLUS Loans, then Pell Grant. We will provide simultaneous written notice to the borrower if the school pays a refund or return of Title IV, HEA program loan funds to the Secretary on behalf of the borrower.
In the event that the student’s earned aid is greater than their disbursed aid, the student will receive a post-withdrawal disbursement. Grant funds will be disbursed to the student within 45 calendar days. Loan funds will not be disbursed without confirmation from the borrower.