Refund & Return of Title IV Funds Policies

Policies and important timelines

The FIDM Institutional Refund (Refund) and Federal Return of Title IV Funds (Return) policies are required when a student withdraws from all classes (Withdraws) or takes an Unapproved Leave of Absence. These policies have been updated effective July 1, 2011, in compliance with Federal Register dated October 29, 2010, section 668.22(b)(3)(i).

An Approved Leave of Absence occurs when a student leaves for a full quarter with the stated intention to return. An Unapproved Leave of Absence occurs when a student takes a leave during the quarter or takes more than one quarter off within a 12-month period. Requests for all Leaves of Absence must be submitted in writing to the Student Advisement Office prior to the leave. A request not so submitted to the Student Advisement Office is "not approved".

Withdrawals include withdrawing from all classes, academic dismissal and academic disqualification. The date on which a student officially notifies the Student Advisement Office of their intent to withdraw will be used as the basis for calculating refunds and returns. In the absence of official notification of withdrawal, the withdrawal date will be determined in accordance with Federal Title IV requirements.

Federal Return of Title IV Funds Policy

Title IV funds will be returned by FIDM and/or the student as applicable, according to federal regulations. Federal Pell and Federal SEOG grants can be subject to return under the Title IV return calculation. Federal regulations require that funds be returned to their original source in the following order.

1. Federal Unsubsidized Stafford Loan Program
2. Federal Subsidized Stafford Loan Program
3. Federal Perkins Loan Program
4. Federal PLUS (Parent) Loan Program
5. Federal Pell Grant Program
6. Federal SEOG Grant Program

Students who are subject to the Return of Title IV Funds Policy are:

A) Students who are awarded Title IV loans and/or grants in the quarter in which they have withdrawn. This includes funds that were or could have been disbursed under federal regulations, as students may be entitled to a Post Withdrawal Disbursement for funds that could have been disbursed by the withdrawal date but were not.
AND
B) Students who withdraw before the 60% point of the quarter. The percentage is calculated by dividing (a) the number of days from the first day of school to and including the withdrawal date by (b) the total number of days in the quarter from the first day to and including the last day of quarter.


FIDM Institutional Refund Policy

All students are subject to FIDM's Institutional Refund Policy. Shown below are examples of the terms of tuition refunds for nine and twelve-month contracts. Examples for other lengths of contracts are available from the Admissions Advisors.

For 9 month
Contracts
For 12 month
Contracts
Percentage Refunded
Prior to 1st day
of class
Prior to 1st day
of class
100% of entire tuition
(except for the application fees)
Week 1-2 Week 1-3 90% of entire tuition book and supply costs*
Week 3-4 Week 4-5 80% of entire tuition book and supply costs*
Week 5-7 Week 6-9 70% of entire tuition book and supply costs*
Week 8-11 Week 10-12 55% of entire tuition book and supply costs*
Week 12-16 Week 13-22 30% of entire tuition book and supply costs*
Week 17-33 Week 23-44 No refund of tuition or book costs
*Based on actual books and supplies received


Application Fees

Application fees, including Out-of-State, International, and Housing Placement fees are non-refundable. All other fees, including taxes, are non-refundable after the student has attended one day of class.

Books, Equipment and Supplies

Students withdrawing from FIDM may, for the classes in which they do not complete or receive a final grade, return unused books, equipment, and supplies in perfect condition for a full refund, subject to a 25% restocking charge. The books, equipment, and supplies must be returned by appointment to the College Services Office within 20 days from the student's withdrawal date. Used items are non-refundable.

Used items include those with writing or highlighting on them, original packaging removed or damaged, or any sign of wear. College Services will make the final determination of whether items will be considered new or used.

Contract Length

The contract length, not the program length, shall determine the number of weeks used in the refund calculation. The student’s contract specifies the duration thereof. Each week in the calculation begins on the same day of the week as the first day of the quarter. Arrangements for financial aid or for additional time in which to complete courses do not change the contract duration for refund purposes. For contracts of three months or less, or any addendum to a contract, no refund will be made after the student has attended any class session. First dates of class each quarter are published in the FIDM College Calendar. These dates are used in the calculation, and are subject to change. Transferred-in units may change the contract length, and may reduce the cost of course and therefore, reduce the refund amount, if any.

Debit Balance

In some instances, the FIDM Institutional Refund and/or Return of Title IV Funds Policies may result in funds being returned by FIDM on behalf of the student to the Federal and/or other financial aid programs. The student agrees that any monies owed to FIDM, including those as a result of the FIDM Institutional Refund and/or Return of Title IV Funds Policies, are payable within 30 days.

Credit Balance

If the student has a credit balance on his/her account after any FIDM Institutional Refund and/or Return of Title IV Funds calculations, the funds will be returned to the original source, according to the rules set forth by the source, and then to the student or parent (if a PLUS loan recipient) by credit to charge card(s) or by check as applicable. If the amount to be returned to a student who received only Title IV funds is less than $1.00, the amount will be retained by FIDM and no return will be made; for all other students, balances of $25.00 or less will be retained.


Questions?

Additional examples and further assistance are available from the Admissions Advisors and the Fiscal Counselors in the Student Financial Services office.