FIDM'S REFUND POLICY FOR BOOKS AND SUPPLIES
Students who cancel an enrollment agreement within the cancellation period and who have purchased books and/or supplies from the FIDM Bookstore may return those items for a full refund. No refunds will be made for any materials not originally purchased from FIDM, or for materials that are not returned.
Students who drop a class or withdraw from FIDM after the cancellation period, and who have purchased books and/or supplies from the FIDM Bookstore, may return these items to the FIDM Bookstore no later than the last day of week three of the quarter. The returned items must be unused, in perfect condition, and accompanied by a receipt. FIDM will not accept returns of items purchased elsewhere.
If a student obtains a loan to pay for an educational program, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any refund. If the student receives federal student financial aid funds, the student may be entitled to a refund of the moneys not paid from federal financial aid funds.
Return of Title IV Funds
FEDERAL RETURN OF TITLE IV FUNDS POLICY
The funds will be returned by FIDM and/or the student, as applicable, according to federal regulations. These federal regulations require that funds be returned to their original source in the following order. In some cases 50% of the federal portion of the Federal Pell and Federal SEOG grants is subject to return by the student.
- Federal Unsubsidized Direct Loan
- Federal Subsidized Direct Loan
- Federal Direct Graduate Plus Loan
- Federal Direct Parent Plus Loan
- Federal Pell Grant 6. Federal SEOG Grant
REAPPLY FOR FINANCIAL AID
Students returning from any absence must reapply for financial aid upon returning to FIDM. Previously awarded financial aid may not be available upon returning depending on funding levels and the remaining units in the student's program.
STUDENTS WHO ARE SUBJECT TO THE RETURN OF TITLE IV FUNDS POLICY ARE:
A. Students who are awarded Title IV loans and/or grants in the quarter in which they have withdrawn. This includes funds that were or could have been disbursed under federal regulations, as students may be entitled to a Post Withdrawal Disbursement for funds that could have been disbursed by the withdrawal date but were not.
—AND—
B. Students who withdraw through the 60% point of the quarter. The percentage is calculated by dividing:
- the number of days from the first day of school to and including the withdrawal date by b. the total number of days in the quarter from the first day to and including the last day of the quarter.
THE FOLLOWING APPLIES TO BOTH THE REFUND AND RETURN OF TITLE IV FUNDS POLICIES
Debit Balances
In some instances, the FIDM Institutional Refund and/or Return of Title IV Funds Policies may result in funds being returned by FIDM on behalf of the student to the Federal and/or other financial aid programs. The student agrees that any moneys owed to FIDM, including those as a result of the FIDM Institutional Refund and/or Return of Title IV Funds Policies, are payable within 30 days.
Credit Balances
If the student has a credit balance on his/her account after any FIDM Institutional Refund and/or Return of Title IV Funds calculations, the funds will be returned to the original source, according to the rules set forth by the source, and then to the student or parent (if a PLUS loan recipient) by credit to charge card(s) or by check as applicable. If the amount to be returned to a student who received only Title IV Funds is less than $1 (one dollar), the amount will be retained by FIDM and no return will be made; for all other students, balances of $25 or less will be retained.