Refund and Withdrawal Policy
Students who wish to withdraw from school after attending classes must have an exit interview with the Registrar and complete a Notification of Withdrawal form. Students that do not officially withdraw and stop attending, will be withdrawn 14 days from their last day of attendance. Withdrawal is complete when all forms have been processed and all financial obligations have been met. Transcripts of credits earned are issued only after withdrawal conditions are satisfied.
If a student withdraws from the Academy in good standing, the student will not be required to repeat the interview process upon returning to the Academy. However, if the degree requirements change during the student’s absence, all new requirements, as listed in the new Enrollment Agreement must be met.
Cancellation and Refund Policy
1. REFUNDS: All monies shall be refunded to applicants that did not meet all admission requirements and/or their application was rejected by the Academy.
2. THREE-DAY CANCELLATION: All monies paid by an applicant will be refunded if notice is received in the school office within 3 days after signing an enrollment agreement and making an initial payment.
3. CANCELLED RESERVATION: Applicants requesting cancellation more than 3 days after signing an enrollment agreement and making an initial payment, but who do not report for class, may request a refund of monies paid to the school. All tuition and related fees except the $150.00 reservation fee will be refunded.
For a student who begins classes, the following policy will apply. As the American Academy of Art College charges tuition and fees on a per semester basis, in all cases, the reference to tuition refers to the charges for the semester.
1. FIRST WEEK WITHDRAWAL: For a student withdrawing after entering school and attending class but within the first week of the semester, the school shall retain 10% of the tuition, the activity fee, and the $150.00 reservation fee.
2. AFTER FIRST WEEK WITHDRAWAL: For a student withdrawing after one week, but within the first four weeks of the semester, the school shall retain 45% of the tuition. The activity fee and the reservation fee are also retained.
3. AFTER THE FOURTH AND THROUGH THE EIGHTH WEEK OF THE SEMESTER: The school shall retain 70% of the tuition. The activity fee and the reservation fee are also retained.
4. AFTER THE EIGHTH WEEK OF THE SEMESTER: The school shall retain 100% of the tuition. The activity fee and the reservation fee are also retained.
Please note: Technology fees are refunded at the same percentage and on the same schedule as tuition charges for students who withdraw from school.
Withdrawal Recalculation of Title IV Aid Eligibility
If a student drops before 60 percent of the term has been completed, a portion of the federal aid received may need to be returned to the government. Thus, it may be the case that it was expected that financial aid would cover the full costs of education, but that because of the student’s drop status, a portion of the funds must be returned. Moreover, because of the recalculation of the student’s eligibility for aid, the student may owe the school additional amounts for tuition, fees, and books and supplies. The student may also owe funds back directly to the government, if he/she received funds for living costs.
For example, if you dropped after four weeks, the school would have earned 70% of your semester’s tuition, but the government would only consider you as eligible for 26% of the aid you would have received had you completed the semester. This would mean that you would be responsible for paying the Academy the difference.
If federal aid is to be returned to the government, funds will be returned within 45 days to the financial aid programs in the following order:
- Unsubsidized Federal Direct Loan.
- Subsidized Federal Direct Loan.
- Federal Direct PLUS Loan.
- Federal PELL Grant.
- Other private or institutional aid.
- The student or the student’s parent.
The Academy uses the U.S. Department of Education calculator system called the R2T4 to determine the amount of aid that a student is eligible for upon withdrawing from school. The calculation is based on the student’s last day of attendance and the credit hours taken during the period of enrollment.
In some instances, a withdrawn student may not have received all eligible financial aid. The student will be notified in writing within 30 days of the school’s determination of withdrawal that additional funds are available. Upon written request from the student, a disbursement can be made that will be applied to the account balance to cover unpaid charges.
Any disbursements from Direct Loan funds will need to be repaid according to repayment policies of the U.S. Department of Education.
Insofar as refunds apply, termination will be as of the last date of attendance. All refunds shall be based on the student’s time in attendance, the tuition costs for the semester, and the Academy’s Cancellation and Refund Policy. Any monies due the student shall be refunded within 14 days of the date that the school performs the return calculation.