Financial Refunds
SOMI provides financial refunds to students, which occur in a variety of scenarios. Most Financial Refunds are processed within forty-five (45) calendar days of the occurrence, except for certain Title IV Financial Aid scenarios, which may occur sooner. The full scope of Financial Refund scenarios and information is contained in ADM 5.01 Financial Refunds policy.
Enrollment Cancellation
In accordance with § 23.1-215 B of the Code of Virginia, an applicant who provides written notice of cancellation of enrollment within three (3) business days, excluding weekends and holidays, of executing the Enrollment Agreement is entitled to a Financial Refund of all monies paid, less the non-refundable $75.00 application fee. A request for enrollment cancellation more than three (3) business days after executing the Enrollment Agreement and making an initial payment, but prior to the first day of Semester in which the student is enrolled will result in a Financial Refund of all monies paid, less a maximum fee of 15% of charges indicated on the Registration Bill or
$100, whichever is less.
Student Overpayment
In the event that a student remits payment (self-pay) in excess of Charges of Tuition and Fees in a specific semester, a Financial Refund will be processed unless the student authorizes SOMI to hold the credit balance and apply it to future charges in a subsequent Semester.
Withdrawal or Permanent Resignation
In the event that a student withdraws from a (or all) course(s) or permanently resigns from SOMI after completion of the Add/Drop Period, but prior to sixty (60) percent completion of the Semester, a Financial Refund of SOMI Tuition and Fees (Charges) will be made in accordance with the SOMI Charges Refund Schedule, as outlined below.
In cases of Withdrawal, students should reference ADM 3.08 Student Withdrawal policy in conjunction with ADM 5.01 Financial Refunds policy. In the event that a student ceases to attend classes for a period of fourteen (14) consecutive calendar days, the student may be determined as Unofficially Withdrawn. In such circumstances, SOMI will contact the student to determine whether the student intends to return to classes or permanently withdraw.
The percentage of a Semester completed is calculated by taking the number of completed calendar days up to and including the Date of Determination (DOD) divided by the total number of calendar days in the Semester, less any scheduled breaks of five (5) or more consecutive days.
SOMI Charges Refund Schedule
|
PROPORTION OF SEMESTER
COMPLETED AS OF THE
DATE OF DETERMINATION (DOD)
|
% OF TUITION
AND FEES
TO REFUND
|
|
Less than 10%
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90% Refund
|
|
10% up to but not including 20%
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80% Refund
|
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20% up but not including 30%
|
60% Refund
|
|
30% up to but not including 40%
|
40% Refund
|
|
40% up to but not including 60%
|
20% Refund
|
|
60% or greater
|
No Refund
|
Other Charges
As further outlined in ADM 4.04 Student Accounts policy, certain items such as uniform(s) and SOMI-issued laptop computer bundles (when applicable) are not refundable. In the event that a student purchases books through SOMI’s Online Bookstore that are subsequently returned, students may incur a shipping charge for such returned books. In such cases, any Financial Refund associated with book return will be credited to the Student Account and it is the student’s responsibility to submit payment for the difference, including any applicable shipping charges.
Title IV Financial Aid
Title IV Credit Balances
Title IV Credit Balances are created when a student receives Title IV Financial Aid in excess of Charges, thus creating a negative student account balance. A refund of Title IV Credit Balance, typically referred to as a Stipend, is processed as payment back to the student (or parent) within fourteen (14) calendar days of occurrence (i.e., the date that the Title IV financial aid funds were disbursed to the student account and applied to posted charges), in accordance with Federal Regulations. A student (or parent) may authorize SOMI to retain a Title IV Credit Balance and apply the credit balance to a future Semester within the same academic year. In such cases, a Title IV Credit Balance Authorization form must be submitted to the Bursar prior to the start of each Semester, as applicable.
A parent is the borrower under the Federal Direct Parent PLUS Loan program. As such any Title IV Credit Balance from a Federal Direct Parent PLUS Loan will be remitted to the parent unless the parent authorizes SOMI to apply the credit balance to a future Semester within the same academic year or authorizes SOMI to remit payment to the student. In either situation, a Title IV Credit Balance Authorization form must be submitted to the Bursar prior to the start of each Semester, as applicable. The Title IV Credit Balance Authorization form is published on the SOMI website.
Return of Title IV (“R2T4”)
In certain cases of withdraw, if the student is eligible to receive, or has received (disbursed), Title IV Financial Aid, a Return to Title IV (R2T4) calculation must be performed in accordance with Federal Regulations to determine the amount of Title IV Financial Aid the student has earned and when applicable, the amount of Title IV Financial Aid that must be returned to the U.S. Department of Education (ED). Title IV funds are earned in direct proportion to the length of time that a student remains enrolled. Up through the 60% point during the period of enrollment (Semester) a pro-rated schedule is used to determine the amount of Title IV Financial Aid that the student has earned. Once 60% of the period of enrollment (Semester) is complete, 100% of Title IV Financial Aid is earned by the student and is not required to be returned. Within thirty (30) calendar days of the Date of Determination, the Director of Financial Aid is required to complete the Treatment of Title IV Funds When a Student Withdraws from a Credit- Hour Program (R2T4 Calculation) worksheet, which identifies any Title IV funds that SOMI and/or the student is responsible for returning to the ED. In the event that Title IV funds are required to be returned, the R2T4 will be processed within forty-five (45) calendar days of the Date of Determination.
R2T4 Refunds are made in the following order
- Federal Direct Unsubsidized Loans
- Federal Direct Subsidized Loans
- Federal Direct Parent PLUS Loans
- Federal Pell Grant
Third-Party Payors
In the event that SOMI has a written agreement with a Third-Party Payor in which SOMI invoices the Third-Party Payor directly on behalf of the student and the student subsequently withdraws from a course(s) or permanently resigns from SOMI, SOMI will process any related Financial Refunds to the Third-Party Payor by the terms contained in the agreement. Financial Refunds with respect to the U.S. Department of Veteran Affairs (VA), including the U.S. Department of Defense, are processed in accordance ADM 4.07 Establishing Principles of Excellence policy under Section B — Financial Refunds — General.