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 For purposes of determining a refund, a student shall be considered to have withdrawn from an educational program when he or she withdraws or is deemed withdrawn in accordance with the withdrawal policy stated in this institution’s catalog.
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 45 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 money not paid from federal student financial aid program funds.
This institution shall refund any credit balance on the student’s account within 45 days after the date of the student’s completion of, or withdrawal from, the educational program in which the student was enrolled.