Refund & Return of Title IV Funds Policies
Cancellation, Withdrawal, and FIDM Refund Policy
When a student cancels (Cancels or Cancellation), withdraws from all classes (Withdraws or Withdrawal), or takes an Unapproved Leave of Absence, it is necessary to make a calculation of the FIDM Refund due to Cancellation or Withdrawal as described, as well as a calculation for Return of Federal Title IV Funds, if the student received federal financial aid. 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.
Student's Right to Cancel
The student has the right to cancel an enrollment agreement and obtain a refund of institutional charges paid through FIDM's first week of scheduled classes or the seventh day after enrollment, whichever is later. Within 45 days of a written notice of cancellation, FIDM will refund all institutional charges paid, less the initial and final application fees totaling $250. If a student purchases books and/or supplies from FIDM and cancels within the cancellation period, those items may be returned to the FIDM bookstore for a full refund. Cancellation shall occur when the student gives dated, written notice of cancellation to FIDM Admissions Office, 919 South Grand Avenue, Suite 215A, Los Angeles, CA 90015. The written notice of cancellation, if sent by mail, is effective when postmarked.
Student's Right to Withdraw
A student has the right to withdraw from the College following the cancellation period. Withdrawals include withdrawing from all classes, academic dismissal and academic disqualification and may be effectuated by the student's notice or by the student's conduct, including, but not necessarily limited to, a student's lack of attendance and failure to meet financial obligations to the College. The date on which a student officially notifies the Student Advisement Office of his/her 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 the last date the College can determine that the student participated in academically related activity.
FIDM Refund Policy
Upon withdrawal, FIDM will refund tuition, course-related resources and most fees, at a prorated amount through the 60% point of each quarter. The initial and final application fees totaling $250 are non-refundable. Once the student has attended past the 60% point of the quarter, no refund will be made for that period. Upon withdrawal, Books and Supplies are refundable in accordance with FIDM's Refund Policy for Books and Supplies.
Refund Percentages for Refund Calculation of Tuition, Fees and Course-Related Resources at varying dates throughout the quarter. This example is based on a quarter that has 74 days.
| Cancellation or Withdrawal | Number of days attended in the period of attendance (one quarter) | Refund Percentage |
|---|---|---|
| Cancellation | Prior to the start of classes – no days attended | 100% |
| Cancellation | Prior to or on cancellation date shown on the Enrollment Agreement | 100% |
| Withdrawal | 10th day of the quarter | 87% |
| Withdrawal | 20th day of the quarter | 73% |
| Withdrawal | 30th day of the quarter | 60% |
| Withdrawal | 40th day of the quarter | 46% |
| Withdrawal | 45th day of the quarter | 0% |
The number of days in the quarter is based on, and includes, the first and last dates of each quarter as published in the FIDM college calendar and is the number of days used to determine the 60% point of each quarter in the refund calculation. These dates, as shown in the calendar are subject to change.
FIDM's Refund Policy for Books and Supplies:
Students who cancel an enrollment agreement within the cancellation period and who have purchased books and/or supplies from the FIDM Bookstore may return those items for a full refund. No refunds will be made for any materials not originally purchased from FIDM, or for materials that are not returned.
Students who drop a class or withdraw from FIDM after the cancellation period, and who have purchased books and/or supplies from the FIDM Bookstore, may return these items to the FIDM Bookstore no later than the last day of week three of the quarter. The returned items must be unused, in perfect condition, and accompanied by a receipt. FIDM will not accept returns of items purchased elsewhere.
If a student obtains a loan to pay for an educational program, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any refund. If the student receives federal student financial aid funds, the student may be entitled to a refund of the moneys not paid from federal financial aid funds.
Federal Return of Title IV Funds Policy
The funds will be returned by FIDM and/or the student as applicable, according to federal regulations. These federal regulations require that funds be returned to their original source in the following order. In some cases 50% of the federal portion of the Federal Pell and Federal SEOG grants is subject to return by the student.
- Federal Unsubsidized Direct Loan
- Federal Subsidized Direct Loan
- Federal Direct Graduate Plus Loan
- Federal Direct Parent Plus Loan
- Federal Pell Grant
- Federal SEOG Grant
Applicability
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 through 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.
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 (one dollar), 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.
