Institutional Refund Policy |
For all of the Pontotoc Technology Center District #14 area, if a student drops a program before completion, tuition refunds will apply as follows: No tuition refund will be given for program courses that the student has completed. If a student withdraws before classes begin a full refund will be given less a $10 processing fee. If the student has begun classes but not yet completed and drops or withdraws, a partial tuition refund may be given depending upon how far the student has progressed in the program.
No refunds will be given for books, supplies, fees, or any other non-tuition costs. Refunds are disbursed by the Business Office within ten business days after notice of a student withdrawal has been received from the Financial Aid Office. Notification of a refund is done by mail through the Business Office. If a student's tuition has been paid by an agency or through financial aid assistance, refunds will be processed in accordance with the rules and policies of the tuition source. R eturn of Title IV Funds According to Title IV regulations, PTC will determine the amount of federal student aid to return based on a prorated portion of tuition, fees, and other institutional charges for a student who withdraws, drops, or is dropped by the school for any reason. Contact: Jannice Williams at 580-310-2223 Official Withdrawal Students who wish to withdraw must contact the Director of Student Services to officially withdraw from school. A withdrawal form will be given to the student to sign in addition to obtaining the signature of the instructor(s). The student will need to return the signed withdrawal form to the main office to be processed. Contact: Phillip Whitlock at 580-310-2250. Unofficial Withdrawal Any student who has missed five consecutive days without any contact to the school will be administratively withdrawn. Office Notification and Return Order If a student has officially withdrawn, the Director of Student Services will notify the financial aid office of the withdrawal. On unofficial withdrawals, the instructor or registrar will be responsible for notification to the financial aid office. The financial aid director will determine the student's withdrawal date and will be responsible for doing the return of Title IV funds calculation. If the calculation determines the student received more assistance that was earned, the unearned excess funds must be returned to the Federal Government. The order of the return amount will first be paid back to the Federal Pell Grant program and then to the Federal Supplemental Educational Grant Program. Any additional return would go to the agency which paid tuition on behalf of the student and finally to the student. Withdrawal Date For students receiving financial aid at PTC, the student's withdrawal date is the student's last day of class attendance. Charge to Students Students at PTC are charged at the beginning of each Career Major. PTC will use the defined payment period for a career major for the basis of determining what aid was earned or unearned. Payment Period Definition PTC has two equal payment periods per standard school year. Percentage Earned This is equal to the percentage of the payment period the student completed as of the student's withdrawal date. If a student withdraws before he/she has completed 60% of the clock hours scheduled to be completed for the payment period, the percentage of time completed is the amount or percentage earned. The student may also need to return any unearned funds as determined by the return calculation. . The student will be billed for any unearned funds including the amount of institutional charges (tuition, books, supplies, fees) the school had to return on their behalf. If the student withdraws after completing more than 60% of the payment period, the student has earned 100% of the clock hours scheduled to be completed within the payment period. Example : Pell is disbursed by payment periods. Amount of Pell that could have been disbursed is $1,012.00 for the payment period in which the student withdrew. Percent of Title IV Aid Earned: 80 (hours scheduled to complete) ÷ 450 (total hours in period) = 17.77% Amount of Title IV Aid Earned by Student 17.77% x $2,366.00 = $420.43. $420.43 is the amount of aid earned by the student. If the student doesn't have any outstanding tuition or fee balance, $420.43 would be the amount that will be disbursed to the student. Once the amount of Title IV aid is determined by the Financial Aid Office the student will receive a letter stating how much Title IV aid was earned. The letter will also explain if the student has an outstanding balance that is owed to the school for tuition, fees and any other institutional charges and the due date for the payment. The student must realize that tuition and fees may be offset from the amount earned by the student if the institution so chooses. Return Due Date PTC is required to return unearned funds, for which it is responsible, no later than 45 days after the date that it determines that the student has withdrawn. Title IV Credit Balances When a student withdraws during a period and a Title IV credit balance exists, PTC will not release the credit balance until the Return of Title IV Aid calculation has been performed. Any grant overpayment that may be owed by the student as a result of the student's current withdrawal will be reduced first by the student's credit balance. Any remaining credit balance funds will be used to pay authorized charges at the institution and finally disbursed to the student. PTC does not participate in any of the loan programs. Post-Withdrawal Disbursements Occasionally, a student will withdraw and be eligible for an additional disbursement of funds referred to as a post-withdrawal disbursement. Before a post-withdrawal disbursement is given, PTC will determine if any outstanding charges exists on the student's account such as tuition and fees and other charges if the student contracts with the school. All or a portion of the post withdrawal disbursements may be used to offset these type charges. |
