River Valley School of Massage
Return of Title IV Funds Policy
The River Valley School of Massage Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed or fail to return from an approved leave of absence agreed upon date prior to completing 60% of a payment period. The federal Title IV financial programs must be recalculated in these situations. The calculation must be performed even if the student has completed 60% of the payment period to show that River Valley School of Massage determined that the student withdrew. If a student attends River Valley School of Massage and withdraws officially using the withdrawal form, the date the student completed the form will be used as the date of determination. If a student fails to return from a Leave of Absence, the student’s last date of attendance will be used as the date the student withdrew. If a student fails to attend class for 10 consecutive days, resulting in RVSM’s use of the Conditions of Dismissal policy, the 11th missed day will be used as the date of determination.
If a student leaves the program prior to completing 60% of a payment period, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula: Percentage of payment period completed= the number of clock hours scheduled to be completed on the withdrawal date divided by the number of total clock hours in the payment period.
Funds are returned to the appropriate federal program within 45 days from the determination of withdrawal based upon the percentage of unearned aid using the following formula:
Aid to be returned= (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period.
If the student earned less aid than was disbursed, River Valley School of Massage would be required to return a portion of the funds and the student may be required to return a portion of the unearned funds. Keep in mind that when Title IV funds are returned, the borrower may owe a debit balance to River Valley School of Massage.
If a student earned more aid than was disbursed to the student, River Valley School of Massage would owe the student a post-withdrawal disbursement. From the date River Valley School of Massage determined the student withdrew, grant funds must be paid within 45 days and loan funds must be paid within 180 days.
All monies paid by an applicant must be refunded if requested within three (3) days after signing a contract agreement and making an initial payment.
An applicant requesting cancellation more than three (3) days after signing a contract agreement and making an initial payment, but prior to entering the school or within the first week of class, is entitled to a refund of all monies paid minus a registration fee of $150.
The following policies apply to all programs offered by River Valley School of Massage:
an Education with a Touch!