The Academy’s Financial Aid Office is governed by rules concerning Title IV Federal Student Aid funds, which include Student Loans.
The Academy awards aid to students based on 100% completion of courses. If students withdraw, the Academy must determine the percentage of financial aid “earned.” If students do not complete 60% of the academic term, they have not “earned” the full allotment of financial aid. In this case, the Academy is required to return the “unearned” portion of aid to its originating source (i.e. the student-loan lender). Upon withdrawal, if the Academy determines that a student is due a refund, it will credit the student’s account. Then, the Academy determines the amount, if any, that must be returned on his/her behalf. If return of aid is required, the Academy will use any credit balance a student may have to fulfill this responsibility. If those funds are more than the Academy is required to return, the student will receive the remainder. In most instances, however, those funds are not enough to cover the amount, which could leave the student owing the Academy a balance.
In order to determine if funds have to be returned, the Academy determines how much aid was earned. Each 16-week term contains approximately 112 class days. Once the student has completed 60% of the academic term, or 68 days, it is considered that 100% of the funds are earned. However, if the student completed only 50%, for instance, or 56 days, the Academy would be required to return 50% of aid awarded/disbursed to the student during that term. Therefore, if the Academy awarded and disbursed $2,800.00 of aid to the student, the Academy would have to return $1,400.00 to the federal government. Note that in this situation, the student would not be afforded a refund from the Academy as 56 days exceeds the 38-day maximum, as stated in the Academy Refund Policy found in Section 8 of this catalog. Students can determine the amount of their personal situations by using the same formula. The amount of days attended is determined by the shipping date of the course materials, based on seven (7) school-days per week. This number can then be compared to 112 to determine what percentage of aid was earned. That percentage, if less than 60%, can then be compared to a student’s financial aid award amount for that term to determine the amount the Academy will return on a student’s behalf to the student-loan lender.