Two Separate Calculations

Institutional Refund Policy vs. R2T4

The institutional refund policy determines the amount of Summit Salon Academy charges the student is responsible for after cancellation, termination, or withdrawal.

For a Title IV recipient, Summit separately performs the federal R2T4 calculation to determine how much Title IV aid was earned and how much unearned Title IV aid, if any, must be returned.

This Summit Salon Academy policy complies with any mandated state or federal policies related to enrollment cancellation. Any cancellation request by a student must be made in person or in writing.

This refund policy applies to all terminations for any reason, by either party, including student decision, course or program cancellation, or Academy closure. This policy complies with any mandated state or federal policies for each student. All refund calculations are performed, and refunds made in a timely manner.

If the student (or parent or guardian if the student is a minor) cancels the registration in person or in writing within three business days of the execution of this agreement, all monies paid herein, including the registration fee, shall be refunded by the Academy to the Student. This policy applies regardless of whether or not the student has actually started training.

Cancellation Period

3 Business Days

The Academy's policy provides for a refund of all monies paid, including the registration fee, when the applicable cancellation occurs within three business days of execution of the Enrollment Agreement.

Policy 1

Cancellations must be made in person or by mail.

Policy 2

All monies will be refunded if the academy does not accept the applicant or if the student cancels within three (3) business days after signing the Enrollment Agreement and making initial payment.

Policy 3

Cancellation after the third (3rd) business day, but before the first class, will result in a refund of all monies paid, with the exception of the registration fee. NOTE: IF TEXTBOOK (S) AND THE SUPPLIES KIT WERE PURCHASED FROM SUMMIT SALON ACADEMY, USED BOOKS and/or OPENED KITS ARE NON-REFUNDABLE.

Policy 4

Withdrawal after attendance has begun, but prior to 40% completion of the program, will result in a pro rata refund computed on the number of scheduled hours to the total program hours, with the exception of the registration fee and the books and kits fee. NOTE: USED BOOKS and/or OPENED KITS ARE NON-REFUNDABLE.

Institutional Refund Threshold

40%

Under Summit Salon Academy's institutional refund policy, withdrawal after completing 40% of the program's scheduled hours results in no institutional refund and the student is responsible for the full cost of the program.

Policy 5

Withdrawal after completing 40% of the program's scheduled hours will result in no refund. After this point, students are responsible for the entire cost of the program.

Policy 6

Termination Date: The termination date for refund computation purposes is the date the institution has determined that the student has withdrawn unless written notice has been received.

Policy 7

All institutional refunds will be made within 30 days of termination or receipt of cancellation notice.

Policy 8

A student can be dismissed, at the discretion of the Director and consistent with Academy policy, for insufficient progress, non-payment of costs, or for failure to comply with rules and policies established by the institution as outlined in its catalog and this agreement.

Policy 9

Students who drop and are receiving veteran's educational benefits shall be refunded their fees based on a pro-rata formula. (Hours remaining divided by Total Required Hours multiplied by the Tuition Charged). Note: USED BOOKS and/or OPENED KITS ARE NON-REFUNDABLE.

Policy 10

All students should understand that once they have completed 40% of the scheduled hours of their academic program, they are financially obligated to the Academy for the full cost of the program.

Students who receive Title IV student financial aid must understand that even though they were awarded Title IV funds, they are only entitled to all of those funds if they complete at least 60% of the scheduled hours in each of the payment periods that the Title IV funds are requested for them by the Academy.

If the student completes less than 60% of the scheduled hours in the payment period, the Academy will perform a calculation required by the U.S. Department of Education to determine how much of the Title IV funding must be returned to the Department because the student did not earn the full amount. After this calculation, the Title IV-recipient may still owe and will be personally liable for any unpaid tuition and fees.

40% and 60% Mean Different Things

The 40% threshold belongs to Summit Salon Academy's institutional refund policy and determines the applicable institutional refund and student financial obligation under that policy.

The 60% threshold belongs to the federal R2T4 calculation and is used to determine when a student has earned 100% of the applicable Title IV aid for the payment period.