A prorate refund pursuant to section 94910(c) or 94920(d) or 94927 of the 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 calculated as follows:
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 student attended, or was scheduled to attend, prior to withdrawal.
No refunds are due once the student has received 60% of the clock hours of instruction in any given period of attendance. For purposes of determining a refund, a student shall be considered to have withdrawn from an educational program when he or she withdraws or is deemed withdrawn in accordance with the withdrawal policy stated in this institution’s catalog.
The following is SVBI’s Refund Policy as stated in the Enrollment Agreement and Catalog：Silicon Valley Business Institute uses a TIME-BASED TERM REFUND POLICY.
- A time-based term lasts no more than 16 weeks. (SVBI offers its courses in a 15-week semester format)
- A time-based term refund policy may be applied to any course, program, or degree.
- SVBI will refund 100 percent of the tuition for any course never started.
- SVBI will clearly disclose the time-based refund schedule on its enrollment agreement.
- When enrolling students in an academic program of study comprised of two or more courses that award semester credit hours, SVBI will treat each course separately for the purposes of calculating the appropriate amount of tuition refund owed to the student.
- When a student cancels enrollment, the institution may retain the application fee and a one-time registration fee of no more than 20 percent of the tuition (not to exceed $200), and library service fees, plus a percentage of tuition paid by the student in accordance with the following refund schedule and TABLE OF REFUNDS:
LENGTH OF TERM % PER TUITION RETURNED TO THE STUDENT
AFTER (minus the Registration Fee and Technology Fee)
1st week 80%
2nd week 70%
3rd week 60%
4th week 50%
5th week 40%
6th week 30%
7th week 20%
8th week 10%
9th week 0%
The student will not receive any refund after the 9th week of classes for any semester.
The following are three (3) sample refund calculations based on the following information and assumptions for a student:
Student enrolls for his/her first semester in the MBA program for 6 semester hours.
Cost indicated on enrollment agreement:
6 semester hours x $270/semester hour = $1,620
Registration Fee (every semester/non-refundable)) = $ 50
Technology Fee (every semester/non-refundable) = $ 100
TOTAL COSTS FOR SEMESTER= $1,770
EXAMPLE 1: Student withdraws prior to the first week of classes:
The student entitled to a refund of $1,620.
($1770 minus the Registration Fee and Technology Fee)
EXAMPLE 2: Student withdraws after the start of the 4th week but before start of the 5th week:
The student is entitled to 50% refund of $1,620 ($810) minus the Registration Fee and Technology Fee
$810-$50-$100 = $660
EXAMPLE 3: Student withdraws after the 9th week of classes
The student is not entitled to any refund.
For purposes of determining a refund, 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 this institution’s catalog.
If an institution has collected money from a student for transmittal on the student’s behalf to a third party for a bond, library usage, or fees for a license, application, or examination and the institution has not paid the money to the third party at the time of the student’s withdrawal or cancellation, the institution shall refund the money to the student within 30 days of the student’s withdrawal or cancellation.
If the student has received federal student financial aid funds, the student is entitled to a refund of monies not paid from federal student financial aid program funds.
This institution shall refund any credit balance on the student’s account within 30 days after the date of the student’s completion of, or withdrawal from, the educational program in which the student was enrolled.