AVTEC is required to have a fair and equitable refund policy. Using the appropriate refund policy for the student’s financing and program length, a refund is calculated if a student withdraws, drops out, is terminated, or otherwise fails to complete the student’s contracted training program on or after the first day of training. The school’s policy is considered fair and equitable if the policy provides for a refund of the larger of the calculations required for the type of financing the student is receiving.
REPAYMENTS – TITLE IV FEDERAL POLICY
Students receiving any Federal Title IV aid, such as Federal Pell Grants, Federal Direct Loans, and Federal Parent PLUS loans are subject to the regulations of that program as written by the Federal Government under the Higher Education Act of 1965 (as amended).
Students who withdraw from class, are terminated by the institution, or otherwise do not complete their contracted class prior to completing more than 60 percent of the payment period will have their eligibility for aid recalculated based on the percent of the term that has elapsed and that the student has completed. For example, when a student withdraws and has only completed 30 percent of their first term of training, it will be determined they have only “earned” 30 percent of the Federal Title IV aid that has been disbursed or could have been disbursed for that term. The other 70 percent of the funds must be returned by the student/school, as those funds are considered “unearned” funds.
If the amount of aid that is considered “unearned” and must be returned by AVTEC is more than the amount that the student has on their account at AVTEC, the student must repay AVTEC. The student will not be able to attend AVTEC until that debt is repaid. The funds will be returned to the appropriate Title IV programs in this order: Unsubsidized Federal Direct Loans, Subsidized Federal Direct Loans, Federal Parent PLUS Loans, Federal Pell Grants.
Once the school returns the portion of aid they are required to return and there is still an amount considered “unearned” and due, the student is responsible for repaying that debt to the US Department of Education. This information will be referred to the US Department of Education by AVTEC. Failure to repay these funds may result in the inability to receive Federal Title IV aid, tax refund garnishment, and other consequences.
When it is determined that a withdrawing student has more aid earned than has actually been disbursed as of the withdrawal date, AVTEC may apply “post-withdrawal disbursements” to any current year charge owed AVTEC without the specific permission of the student, providing the student would have been otherwise eligible for the aid as of the withdrawal date. Should any of the “post-withdrawal disbursement” aid remain after paying amounts owed to AVTEC, withdrawing students (or their respective PLUS borrower) will be offered, in writing, post-withdrawal disbursements of the funds within 30 days of the withdrawal/termination date. The withdrawing student must accept the balance of the “post-withdrawal disbursement” within 14 days, and AVTEC must provide the funds to the withdrawn student within 90 days of the withdrawal date. If the student (or parent for Parent PLUS loans) does not respond within the 14-day window, AVTEC is not required to make the disbursement, but may do so at its discretion.
The fees, procedures and policies listed above supersede those previously published and are subject to change.
SECURITY DEPOSIT – FAMILY HOUSING
Depending on the amount of the charges incurred by the student, there may be full, partial, or no refund. Refunds will be mailed to the person who made the payment within 30 days of the date of graduation, termination, or withdrawal date.