b. All monies paid by an applicant must be refunded if requested within three days after signing an enrollment agreement and making an initial payment. An applicant requesting cancellation more than three days after signing an enrollment agreement and making an initial payment, but prior to entering the school, is entitled to a refund of all monies paid minus a registration fee of 15% of the contract price of the program, but in no event may the school retain more than $150.

Any refund due to a student shall be paid by the school within forty-five days of the date on which the student withdraws from the program. This date shall be the earliest of:

• the date on which the student gives written notice to the school or
• the date on which the student fails to return from an approved leave of absence or
• the date on which the student is deemed to have withdrawn

In computing refunds, the college will consider the student to have been in attendance from the start date until the last date of attendance. Failure to attend class or to pay for tuition does not constitute official withdrawal from the college and does not relieve the student from financial liability.

If the student withdraws or is discontinued after instruction has begun, the college will refund tuition in accordance with the following schedule:

• 75% of tuition if withdrawal occurs during the first week;
• 50% of tuition if withdrawal occurs during the second week;
• 25% of tuition if withdrawal occurs during the third week;
• no tuition refund will be made if withdrawal occurs after the third week.

Students who withdraw prior to the 60% point (9 weeks) of the semester may lose partial eligibility for Title IV federal financial aid and thus may owe a balance to NYADI. Students considering withdrawal are strongly encouraged to meet with the Student Services Department and the Financial Aid Department.

Federal Rules regarding the return of Title IV funds may require the full or partial return of federal monies previously credited to the students account. Information and/or examples of the application of this policy and a return of federal funds Calculation Worksheet can be obtained by students upon request from the Financial Aid Office.

CREDIT BALANCES

A credit balance occurs whenever NYADI credits financial aid program funds to a student’s account and the total amount of the FSA funds exceeds the student’s allowable charges. If a disbursement to the student’s account creates a credit balance, the credit balance must be paid directly to the student or parent as soon as possible but no later than 14 days after it is credited to the student’s ledger.

The law requires any excess PLUS loan funds be returned to the parent. The parent may authorize the institution, in writing, to transfer the proceeds of the PLUS loan credit balance directly to the student for whom the loan is made. The institution will not require the student to take any actions to obtain their credit balance. It is the sole responsibility of the institution to pay or make available a credit balance within the 14-day regulatory time frame. For credit balances when a student withdraws, please refer to the institution’s refund policy.

METHOD OF PAYMENT

Full payment of all tuition and fees or establishment of Financial Aid is due in advance of the first day of class. Students who experience financial difficulty may make special arrangements with the Financial Aid Office for regularly scheduled payments, unless the F/A Director has determined otherwise. Late payments of 30 days or more could result in suspension of the student until their account is current. All unpaid tuition payments delinquent six or more weeks may be turned over to a collection agency. The collection fee will be paid by the student.