associate degree program - Instituto de Banca y Comercio

The Educational Opportunities Act (Law 138 of 1999)Supplementary Financial Aid Programs (FSEOG) and grants for post-secondary students are composed oftwo (2) types of financial aid for students who are enrolled in post-secondary academic institutions andqualify for said aids. Both are based on the financial needs of qualified students.The grant program is available for new students in post-secondary institutions who graduated from highschool with a grade point average of 3.00 or more.AVAILABILITY OF FUNDSThe amount assigned to each student will be determined by the institution based on the cost analysis ofthe student and his/her financial needs. The amount of the aid will never be higher than the financial need.The financial aid assigned under these programs will be used with priority to pay the tuition costs of theinstitution where the student is enrolled.CONSEQUENCES OF DEFAULTING ON THESE OBLIGATIONSIf a student who receives funds from these programs does not comply with any of the obligationsestablished by regulation, the Office of Post-secondary Development of the Higher Education Councilmay suspend his/her participation in the programs and require repayment of the pertinent funds.STUDENT RIGHTSEvery student enrolled in the institution has the right to know the Satisfactory Academic ProgressPolicy and its implications on the financial aid received. Likewise, he or she may examine the documentsrelated to accreditations, permits, licenses and operational authorizations. These are available in theCampus Director’s Office.REFUND POLICYASSOCIATE DEGREE PROGRAMSInstituto de Banca y Comercio manages a refund policy in accordance with the dispositions of the refundpolicy and the regulations of the Federal Department of Education. The Refund Policy regulates the wayin which total tuition costs will be adjusted in the student’s enrollment agreement (Contract), if thestudent decides to withdraw. The policy establishes that when a student participates in Title IV funds andwithdraws from an institution during the payment period during which s/he attended, the institution mustdetermine the amount of Title IV funds the student has earned up to the date s/he withdrew from theprogram. If the amount of Title IV earned is less than the disbursed amount, the difference between eachamount will be reimbursed to the Federal Department of Education. The Financial Aid Office willdetermine the corresponding amount of grant or the necessary adjustment. Title IV funds included in thecalculation are: Direct Loan (subsidized and non-subsidized), Pell Grant, SEOG and State EducationGrant.A student’s withdrawal date is the date in which the student begins the withdrawal process, according towhat is established by the Institution; or when a student notifies, verbally or in writing, his/her intentionto stop attending class. If the student ceases to attend class without providing the oficial notification to theInstitution, then the withdrawal date is the mid-point within the established payment period in his/herprogram of study.[44]