Common use of BE CALCULATED AS FOLLOWS Clause in Contracts

BE CALCULATED AS FOLLOWS. A pro rata refund pursuant to section 94919(c) or 94920(d) or 94927 of the California Code shall be no less than the total amount owed by the student for the portion of the educational program provided subtracted from the amount paid by the student and is to be paid within 45 days of the determination of withdrawal. Milan Institute is an institution that participates in the federal student financial aid programs, and, as required, Milan Institute shall provide a determination of tuition charges based on a pro rata refund of tuition based upon the students’ progress in their program of study up to point where the student who has completed 60 percent of the total charges for the current period of attendance. The amount owed equals the daily charge for the program (total institutional charge, divided by the number of days or hours in the program), multiplied by the number of days the student attended, or was scheduled to attend, prior to withdrawal. For purposes of determining a refund under this section, a student shall be considered to have withdrawn from an educational program when he or she withdraws or is deemed withdrawn in accordance with the withdrawal policy stated in its catalog. If the student obtains equipment, as specified in the agreement as a separate charge, and returns it in good condition (equipment seal cannot be broken, log-on occurred, or is marked or damaged in any way) within 45 days following the date of your withdrawal, Milan Institute shall refund the charge for the equipment paid by the student. If the student fails to return the equipment in good condition, allowing for reasonable wear and tear, within this 45-day period, Milan Institute may offset against the refund of the documented cost to the school of the equipment. The student shall be liable for the amount, if any, by which the documented cost of the equipment exceeds the pro-rated refund amount. The documented cost of the equipment may be less than the amount charged, and the amount Milan Institute has charged in the contract. For a list of these charges, see Addendum of the Enrollment Agreement If the amount that the student has paid is more than the amount that is owed for the time of attendance, and then a refund will be made within 45 days after the date of withdrawal. Milan Institute shall also provide a pro rata refund of non-federal student financial aid program moneys paid for institutional charges to students who have completed 60 percent or less of the period of attendance. Milan Institute shall also maintain a cancellation and withdrawal log, kept current on a monthly basis, which shall include the names, addresses, telephone numbers, and dates of cancellation or withdrawal of all students who have cancelled the enrollment agreement with, or withdrawn from, the institution during the calendar year. If the student has received federal student financial aid funds, the student is entitled to a refund of moneys not paid from federal student financial aid program. A student may officially withdraw by providing notification either orally or in writing to any school official. For purposes of an unofficial withdrawal and the date of determination for tuition refund and Return to Title IV purposes, the determination of withdrawal can be no more than 14 consecutive calendar days from the last date of attendance, except in those cases when a student fails to return from a scheduled leave. Milan Institute is an institution that is required to take attendance, and, as such, is expected to have a procedure for routinely monitoring attendance of its students to determine, in a timely manner, when a student ceases to be enrolled and attending. Milan Institute states that the date of determination that the student withdrew is no later than 14 days after the student’s last date of attendance as determined by its attendance records. When a student withdraws from their program, a campus is required to determine the earned and unearned portions of Title IV aid. The determination is based on the amount of time the student spent in attendance or, in the case of a clock-hour program, was scheduled to be in attendance. Up through the 60% point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the Title IV funds he or she was scheduled to receive during the period. For a student who withdraws after the 60% point-in-time, there are no unearned funds. If the amount that the student has paid is more than the amount that the student owes for the time he/she has attended, then a refund will be made within 45 days. If a student who has received Title IV, HEA program assistance is owed a refund, the school will allocate the refund in the following order: Federal Direct Loan Program, Federal Parent Loan for Undergraduate Study (PLUS), Federal Pell Grant, any other Title IV Assistance, to student. If there is a balance due, the student is responsible for paying it.