Institutional Refund Policy
For students who terminate their enrollment prior to completing 60 percent of the quarter, the College will perform a pro rata refund calculation. If a student has completed more than 60 percent of the quarter. the student will receive no refund.
Under a pro rata refund calculation, the College 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 attended (based on the official or unofficial date of withdrawal) by the total number of weeks in the quarter.
There are eleven (11) weeks in each quarter. The percentage of weeks attended is rounded up to the nearest ten (10) percent and multiplied by the institutional charges for the quarter. Examples are indicated below:
| Students Withdrawing |
Calculation |
Refund % |
| Prior to the end of Add/Drop |
|
100% |
| 1 Week Completed |
1 ÷ 11 = 9% Rounded to 10% |
90% |
| 2 Weeks Completed |
2 ÷ 11 = 18% Rounded to 20% |
80% |
| 3 Weeks Completed |
3 ÷ 11 = 27% Rounded to 30% |
70% |
| 4 Weeks Completed |
4 ÷ 11 = 36% Rounded to 40% |
60% |
| 5 Weeks Completed |
5 ÷ 11 = 45% Rounded to 50% |
50% |
| 6 Weeks Completed |
6 ÷ 11 = 54% Rounded to 60% |
40% |
| 7 Weeks Completed |
7 ÷ 11 = 63% Rounded to 70% |
0% |
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 they attended as well as ensuring a timely return of federal funds and any other refunds that may be due. Failure of a student to provide official notification to Neumont of the intent to withdraw means that the student 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 understands the implications of withdrawing before completing the coursework in the quarter because of its potential impact on the student’s finances. The Office of Financial Aid provides assistance to students to determine the exact impact of early withdrawal on their repayment obligations.
If the student received more student financial aid funds than they 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.