Financial Information

Tuition and Fees

Tuition is billed quarterly and based on the full-time rate, in accordance with the chart below, subject to change. Expected length of attendance for undergraduates is ten (10) quarters (12 quarters for BSGD students), assuming a normal rate of progress. The calendar contains four quarters. However, the academic year is three quarters.

Undergraduate

Graduate

All Programs

Part Time Students

The minimum full-time course load for undergraduate students is 12 credits per quarter and eight credits per quarter for graduate students. If a student falls below a full-time load, a per unit charge is assessed in place of the quarterly charge described above.

Textbooks

Textbook costs per quarter are dependent upon the classes for which the student is registered and the textbooks purchased. Textbooks may be purchased through the online bookstore in accordance with official University policies. At the time of issuance, textbooks become the responsibility of the student.

Financial Obligation

A student who has begun courses at the University assumes a definite financial obligation. Each student is legally responsible for his or her own educational expenses for the period of enrollment. Tuition and fees for each term are due in full prior to the start of the term. Students who are unable to pay in full prior to the start of the term must arrange a payment plan for the balance. Any student who is delinquent in a financial obligation to the University including damage to University property, library fines, or payment of tuition and fees is subject to exclusion from any or all of the usual privileges of a student at the University.

Payment Policy

The University requires that arrangements for payment of tuition fand fees or all courses in an academic yearbe completed in full at the time of registration. Students may choose to pay tuition and fees by check, cash, and/or credit card.

The University offers the services of several private companies that offer alternative methods of paying for educational costs. The Office of Financial Aid will assist students in budgeting a payment plan using a wide range of financing alternatives. Students eligible for employer-sponsored tuition reimbursement benefits may request a deferred payment plan. Further questions regarding these payment plans should be directed to a representative in the the Office of Financial Aid.

Students qualifying for federal financial assistance programs may use certain types of loans and/or grants to satisfy their financial obligations at the time of registration, even though the aid may not have been physically disbursed to them or posted to their accounts.

Students seeking to meet their financial obligations in this manner must understand that it is their responsibility to provide all information and documentation necessary to obtain all forms of financial aid by the deadlines imposed by the fund source. Failure to do so may result in the student having to provide immediate payment of all applicable tuition and fees.

Financial Assistance Information

Neumont University offers student aid for those who qualify. It is the goal of the University to assist all eligible students in procuring financial aid that enables them to attend the University. The University participates in various federal and private student financial assistance programs. Student aid programs are designed to provide assistance to students who are currently enrolled or accepted for enrollment, but whose financial resources are inadequate to meet the full cost of their education. A full description of financial aid programs is included below. Students should meet with the Office of Financial Aid to discuss the specific assistance available. The primary responsibility for meeting the cost of education rests with the student and his or her family. Student aid is awarded on the basis of need regardless of age, sex, race, color, religion, national or ethnic origin, or disability. Need is defined as the difference between the cost of education for one academic year and the amount a student's family can be reasonably expected to contribute to this cost of education for the same period.

Additional information regarding Federal student aid can be found at www.studentaid.ed.gov by searching for the Student Guide at: http://studentaid.ed.gov/students/publications/student_guide/index.html.

Consumer Information

Most of the information dissemination activities required by the Higher Education Amendments of 1998 have been satisfied within the Course Catalog. However, the Office of Financial Aid are available to discuss consumer information in more detail with current and prospective students.

Need and Cost of Attendance

Once the application fpr student aid is completed, the information is used in a formula established by the U.S. Congress that calculates need and helps determine eligibility. When combined with other aid and resources, a student’s financial aid package may not exceed the student’s calculated need.

Tuition, fees, books, ersonal expenses (room and board, and transportation), and other education expenses are considered in determining the student’s cost of attendance. Information on how those costs are derived may be obtained from the Office of Financial Aid.

Borrower Rights and Responsibilities

When a student takes on a student loan, he or she has certain rights and responsibilities:

The borrower has the right to receive the following information before the first loan disbursement:

• Fll amount of the loan,
• Interest rate,
• Commencement of loan repayment,
• Effect borrowing will have on the student’s eligibility for other types of financial aid,
• Complete list of any charges the student must pay (loan fees) and information on how those charges are collected,
• Yearly and total amounts the student can borrow,
• Maximum repayment periods and the minimum repayment amount,
• Explanation of default and its consequences,
• Explanation of available options for consolidating or refinancing the student loans, and
• Statement that the student can prepay the loan without penalty.

The borrower has the right to receive the following information before leaving school:

• Amount of the student’s total debt (principal and estimated interest), what the student’s interest rate is, and the total interest charges on the loan(s);
• Loan repayment schedule with first payment due, the number and frequency of payments, and the amount of each payment;
• FFELP loans, the name of lender or agency that holds the student’s FFELP loan(s), where to send the student’s payments, and where to write or call if the student has questions;
• Any fees expected during the repayment period
• Explanation of available options for consolidating or refinancing the student’s loans; and
• Statement that the student can repay loan without penalty

The borrower has a responsibility to:

• Understand that by signing promissory notes, the student is agreeing to repay the loan according to the terms of the note;
• Make payments on the loan even if the student does not receive a bill or repayment notice;
• Continue to make payments until notification that the request for a deferment or forbearance has been granted;
• Notify the appropriate representative (institution, agency, or lender) that manages the student’s loans when the student graduates, withdraws from school, or drops below half-time status; changes his or her name, address, or Social Security number; or transfers to another institution; and
• Complete exit counseling before leaving school.

Title IV Code of Conduct Requirements

1. A ban on revenue-sharing arrangements with any lender. This is defined as any arrangement between a school and a lender that results in the lender paying a fee or other benefits, including a share of the profits, to the school, its officer, employees or agents, as a result of the school recommending the lender to its students or families of those students.
2. A ban on employees of the the Office of Financial Aid from receiving gifts from any lender, guaranty agency, or loan servicer. This is not limited just to those providers of the Title IV loans. The statutory language refers to lenders of "educational loans" thus private education loans offered to students at your institution are covered in this provision as well. The law does provide for some exceptions related to specific types of activities or literature. This includes:
   • Brochures or training material related to default aversion or financial literacy;
   • Food, training, or informational materials as part of training as long as that training contributes to the professional development of those individuals attending the training;
   • Favorable terms and benefits to students employed by the institution unless those same terms are provided to all students at the University;
   • Entrance and exit counseling as long as University staff are in control and do not promote the services of a specific lender;
   • Philanthropic contributions from a lender, Graduate Agency or servicer unrelated to education loans;
   • State education, grants, scholarships, or financial aid funds administered by or on behalf of the State;
3. A ban on contracting arrangements whereby any employee of the school's financial aid office accepts any fee, payment or financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.
4. A prohibition against steering borrowers to particular lenders, or delaying loan certifications. This includes assigning any first-time borrower's loan to a particular lender as part of their award packaging or other methods.
5. A prohibition on offers of funds for private loans. Schools may not request or accept such offers. This includes any offer of funds for loans to students at the University, including funds for an opportunity pool loan, in exchange for providing concessions or promises to the lender for a specific number of loans, or inclusion on a preferred lender list.
6. A ban on staffing assistance from a lender. Schools may not request or accept any assistance with call center staffing or Office of Financial Aid. However, the law does not prohibit schools from requesting or accepting assistance from a lender related to:
   • Professional development training for financial aid administrators.
   • Providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials do not disclose to borrowers the identification of any lender that assisted in preparing or providing such materials.
   • Staffing services on a short-term, nonrecurring basis to assist the school with financial aid-related functions during emergencies, including State-declared or federally declared natural disasters, and other localized disasters and emergencies.
7. A ban on advisory board compensation. Employees of the University may not receive anything of value from a lender, guarantor, or group in exchange for serving in this capacity. They may, however, accept reimbursement for reasonable expenses incurred while serving in this capacity.

Policies and Procedures for Verification of Applicant Information

Some students are selected by the U.S. Department of Education for a process called verification. If selected for verification, the student must provide documentation to support the data elements contained on the FAFSA.

Generally, this documentation would include copies of income tax returns or a certification that a return was not required to be filed, sources and amounts of income, household size, number of family members attending post-secondary schools, dependency status, etc.

The following procedures are in effect for those students who have been selected for verification:

• Selected applicants must submit required verification documents within thirty (30) days of notification;
• Students are informed of their responsibilities regarding the verification of application information, including the institution’s deadline for completion of any actions required;
• Students are given a clear explanation of the documentation needed to satisfy the verification requirements and the process for document submission;
• The institution will inform students in a timely manner of the consequences of failing to complete the verification requirements and the actions the University will take if the student does not submit the requested documentation within the time period specified;
• The institution will assist the student in correcting erroneous information;
• If the student fails to provide the required documentation within the established time frame, the student is treated as a cash paying student until the documents are provided;
• If the student does not meet the deadline and is not capable of making cash payments, he or she may be dismissed from the University. If dismissed, the student may re-enter the University only when he or she can provide the documentation;
• Students are notified if the results of verification change the student’s scheduled award;
• Any suspected case of fraud are reported to the Regional Office of the Inspector General, or, if more appropriate, to a state or local law enforcement agency having jurisdiction to investigate the matter. Referrals to local or state agencies are reported on an annual basis to the Inspector General;
• No interim disbursements of Title IV aid are made prior to the completion of verification.

Entrance and Exit Interview/Loan Counseling

The U.S. Department of Education requires that any student receiving a federal educational loan must be notified concerning his or her loans. The University counsels each student regarding loan indebtedness and gives each student an entrance test and mails an exit interview regarding the loan to ensure that the student understands the amount borrowed and the student’s rights and responsibilities regarding repayment.

The student must report to the Office of Financial Aid prior to withdrawal or graduation for loan counseling. The purpose of this session is to inform the student of his/her tentative total loans received while in attendance, refunds that may be made, and to provide the student with an estimated payment schedule. If the student is unable to meet with the Financial Aid Office, an exit interview questionnaire is mailed.

Cancellations, Withdrawals and Refund Policy

Cancellations

The applicant’s signature on the Neumont University application does not constitute admission into the University until the student has been accepted for admission by the Neumont University Acceptance Committee. The applicant may request cancellation until the end of the third day of the first term of attendance. The refund is made within 30 days of receipt of such notice. First time students who withdraw within three calendar days after courses have commenced will not be assessed tuition charges.

Withdrawals and Refunds

The University employs a fair and equitable refund policy that complies with federal, state, and accreditation guidelines for the return of unearned tuition and fees in the event of withdrawal. To withdraw, a student must notify the Office of the Registrar.

Whenever possible, the withdrawal is conducted personally with the Registrar. To make an appointment for withdrawal, please contact the Neumont University Registrar.

Any monies due a student shall be refunded within 30 days of the date on which Neumont University has determined that a withdrawal has taken place. A withdrawal is considered to have occurred on the date that the student completes appropriate withdrawal forms with the Registrar. If the student ceases attendance without providing official notification, the withdrawal date used in the refund and federal Return to Title IV calculation is the last date of attendance at an academically-related activity as the withdrawal date.

If the student is unable to begin the institution’s withdrawal process or otherwise provide official notification of his or her intent to withdraw because of illness, accident, or other such circumstances beyond the student’s control, a third party may provide notice to the Registrar’s office. The date of withdrawal is the date that most accurately reflects when the student ceased academic attendance due to the circumstances beyond the student’s control.

Return to Title IV

The first calculation is done only for students who have received Title IV student financial aid and is required by federal law, which specifies the formula for the calculation (see Federal Student Aid Guide).

This “Return to Title IV” calculation is made to determine how much federal grant and loan assistance the student has earned under the federal policy. Any unearned funds must be returned to the federal student aid programs.

Institutional Refund Policy

The second calculation is to determine how much of the tuition and fees the institution may retain under the institutional refund policy. Students who have completed more than 60 percent of the quarter will receive no refund.

For students who terminate their schooling before completing more than 60 percent of the quarter, the University will perform a pro rata refund calculation.

Under a pro rata refund calculation, the University is entitled to retain only the percentage of charges (tuition, fees, etc.) proportional to the period of enrollment completed by the student. The period of enrollment completed by the student is calculated by dividing the total number of weeks in the term into the number of weeks completed in that period (as of the withdrawal date). The percentage of weeks attended is rounded up to the nearest 10 percent and multiplied by the institutional charges for the quarter.

Any unpaid balance of tuition and fees that remains after calculating the institutional refund policy and returning the amount of unearned financial aid funds, if any, based on the Federal Return of Title IV Funds policy, must be paid by the student to the institution.

Timely notification by the student will result in the student being charged tuition and fees only for the portion of the period of enrollment that he or she attended as well as ensuring a timely return of federal funds and any other refunds that may be due. Failure of students to provide official notification to the University of the intent to withdraw means that the students will continue to be obligated for the tuition and fees and will delay both the return of federal funds to the appropriate programs and the return of any other refunds that may be due.

It is extremely important that the student understand the implications of withdrawing before completing the coursework in the quarter because of its potential impact on the student’s finances. Office of Financial Aid provides assistance to students to determine the exact impact of early withdrawal on their repayment obligations.

If the student (or parent, in the case of a PLUS loan) is eligible for additional funds at the time of withdrawal, the student may receive additional SFA funds.

If the student received more SFA funds than he or she earned under the Federal Return of Title IV Funds policy, the institution, and in some cases the student, is required to return the unearned funds to the Federal program(s) or lender, as applicable.

Return of Student Financial Aid (SFA) Funds

If it is determined that SFA program funds must be returned, based on the student’s financial aid award, the return of SFA funds are made in the following order:

1. Unsubsidized Federal Direct Loan Program;
2. Subsidized Direct Loan Program;
3. Federal PLUS Loan Program;
4. Federal Pell Grant Program; and any
5. Other grant or loan assistance authorized by Title IV of the HEA.

Refunds Under Exceptional Circumstances

Tuition and fees for the current term are refunded in full under the following circumstances:

• Courses cancelled by the University;
• Involuntary call to active military duty;
• Exceptional circumstances, with approval of the President of the University (or designee).