If it becomes necessary for a student from the college, tuition refunds are based upon the time elapsed between the first day of the term and the last date of attendance.
Institutional Refund Policy
- 100% tution refund if the student withdraws during hte first two weeks of classes
- 75% tuition refund if the student withdraws during the third and fourth week of classes
- 50% tuition refund if the student withdraws during the fifth and sixth week of classes
- 25% tuition refund if the student withdraws during the seventh and eighth week of classes
- No refund if the student withdraws after the eighth week of classes.
- Fees are not refundable
Federal Student Aid
Refunds of federal student loans are set by federal regulations. Recipients of federal student loans who withdraw within 60% of the start of the term will be required to return all or a portion of their Federal Subsidized and Unsubsidized Stafford Loans and Federal Graduate PLUS Loans according to federal regulations. The federal refund formula requires the Financial Aid Office to determine what portion of federal aid that was received for the term has been "earned" and what portion must be considered "unearned." Up through the 60% point in time, the percentage of aid earned is equal to the percentage of the term completed as of the date of withdrawl. If the withdrawl occurs after the 60% point, the percentage of aid earned is 100%. Differences between federal aid received and federal aid earned is the unearned aid and is the amount that must be returned to the federal government. Refunds will be distributed among the Federeal Subsidized and Unsubsidized Stafford Loans and Federal Graduate PLUS Loan. The required calculation of the return of these funds may result in the student owing a balance to MICA and/or the federal government.
The Financial Aid staff is available to meet iwth students to review these federal regulations regarding the return of federal aid funds and the consequences.