Example of calculating a prorated refund.
A student has completed 16 hours out of 120 hours of tuition, and by the time of withdrawal paid $500.00 for the course. The total fee for the course is $3,000.00. The registration fee of $72.50 and STRF fee of $7.50 is non-refundable. The hourly charge for tuition is ($3,000.00 – $80.00)/120 = $24.33. The fee for tuition received is 16 x $24.33 = $389.33.
The total amount owed by the student is $389.33 (tuition) + $80.00 (non-refundable fees) = $469.33
The student has received 16/120 = 13.33% of tuition and is entitled to a refund.
The School will refund $30.67 (thirty dollars sixty seven cents): $500.00 (paid by the student) - $469.33(owed by the student) = $30.67
ANY HOLDER OF THIS CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES THAT THE DEBTOR COULD ASSERT AGAINST THE SELLER OF EDUCATIONAL SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF, RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED THE AMOUNT PAID BY THE DEBTOR HEREUNDER.
I certify that Portnov Computer School has met the disclosure requirements conforming me with the Sections 94931(d)(8) and 94816 of the New Private Postsecondary and Vocational Education Reform Act of 1998.
Director of Operations: Sofia Pravdina
Date: Sunday, December 11 2016
P.S. In a force majeure situation of economics, job market, student’s marketability, etc. the School GUARANTEES to provide in-house 2-3 months internship opportunity to every student.
Memorandum of Understanding is to be acknowledged and signed at the time of entering the internship. Students agree to submit weekly Internship Status Reports as the part of their internship training.