Refund Policy at Colorado Tech Online
The University will return eligible funds in the following order of priority:
- Funds initially will be returned consistent with the Return of Title IV Policy.
- Following the application of the Return of Title IV Policy, any remaining eligible funds received from other sources of financial aid (e.g. private loans) would be returned
- Following the return of funds to any other sources of financial aid, any remaining eligible funds would be returned to the student.
For students withdrawing from a course, but not from all courses in the:
First Session - During the first week of a student's first session, no tuition charges will be assessed for a dropped course. A prorated tuition rate will be applied to courses that are dropped after the first week (drop/add period) through the end of the fourth week of the first session.
Second Session – During the first week of a student's second session, no tuition charges will be assessed for a dropped course. Once a student enters the second week of the second session of a quarter a student may still drop one course, however, there will be no tuition adjustment.
Students withdrawing between the drop/add period through the end of the fourth week of a session will have an adjustment of tuition calculated according to the following formula:
Number of days remaining in quarter after withdrawal date
÷
Total number of days in the quarter
=
% of Refund (tuition adjustment)
Students withdrawing from all courses in a session, please refer to the Withdrawal from the University section in this catalog.
Program Charges
Students who have not made all scheduled payments will not be provided course materials for the
subsequent sessions until clearance is received from the Financial Aid or Student Accounts Department.
Return of Title IV Policy
A recipient of federal Title IV financial aid who withdraws or is dismissed from the University during a payment period or period of enrollment in which the student began attendance will have the amount of Title IV funds he/she did not earn calculated according to federal regulations. This calculation will be based on the student's last date of attendance and the date the school determines that the student has withdrawn from the University (see Withdrawal from the University) or the date of dismissal for a student who is dismissed by the University.
The period of time in which Title IV financial aid is earned for a payment period or period of enrollment is the number of calendar days the student has been enrolled for the payment period or period of enrollment up to the day the student withdrew, divided by the total calendar days in the payment period or period of enrollment. The percentage is multiplied by the amount of Title IV financial aid for the payment period or period of enrollment for which the Title IV financial aid was awarded to determine the amount of Title IV financial aid earned. The amount of Title IV financial aid that has not been earned for the payment period or period of enrollment, and must be returned, is the compliment of the amount earned. The amount of Title IV financial aid a student earned and the amount of Title IV financial aid not earned will be calculated based on the amount of Title IV financial aid that was disbursed or could have been disbursed for the payment period or period of enrollment upon which the calculation was based. A student will have earned 100% of the Title IV financial aid disbursed for the payment period or period of enrollment if the student withdrew after or was dismissed after completing more than 60% of the payment period or period of enrollment.
Once the amount of Title IV financial aid that was not earned has been calculated, federal regulations require that the University return Title IV funds disbursed for the payment period or period of enrollment and used for institutional costs in the following order:
- Unsubsidized Federal Stafford Loans
- Subsidized Federal Stafford Loans
- Unsubsidized Direct Stafford Loans (other than PLUS loans)
- Subsidized Direct Stafford Loans
- Federal Perkins Loans
- Federal PLUS Loans
- Direct PLUS Loans
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants (FSEOG)
- Other Title IV Programs
If the amount of unearned Title IV financial aid disbursed exceeds the amount that is returned by the University, the student (or parent, if a Federal PLUS Loan) must return or repay, as appropriate, the remaining amount. The student (or parent, if a Federal PLUS Loan) will be notified of the amount that must be returned, or repaid as appropriate.