American Canadian School of Medicine (ASCOM)

 

 The following policies are posted on the ACSOM website in the Tuition and Fees/Financial Aid sections of our website and in the Student Handbook.  These written policies are also given to each student upon application for and disbursement of ACSOM Student Loans.   

 

ACSOM Refund Policy 

The ACSOM Refund Policy is designed to provide clarity and fairness to both our students and the institution. We understand that unexpected circumstances may arise that could necessitate a withdrawal or a leave of absence from the school Therefore, our policy is structured to outline the procedures and criteria for receiving a refund of tuition and some fees, ensuring transparency and consistency in our financial matters. It is our commitment to support students through their academic journey, including addressing financial concerns with empathy and efficiency.

Tuition Refund Policy for Withdrawals and Leave of Absence (LOA)

Students who withdraw or take an LOA, are dismissed, or otherwise fail to complete the term for which they are charged, will receive a tuition refund   on a pro rata basis up until 60 % of the term has taken place.      If a withdrawal takes place after the 60%-point, full University charges remain due. Pro-rata tuition refunds are calculated based on the number of days from the start of the term to the date the LOA begins or on the withdrawal date, excluding scheduled breaks of five or more consecutive days and days between modules.

Health insurance is non-refundable but may be retained for the entire semester.   

Housing Agreements include early departure refund policies. See section on housing. 

Timeline for Tuition Refunds 

 

• The Refund Calculation shall   be made by the Student Accounts office as soon as possible but no later than   30 business days of withdrawal date.   

 

• The Student Accounts office will   notify the student if they are owed a refund via written notice within 14 business days of the calculation.  

 

• Any credit balance resulting from the   refund calculation will be returned to the student (or lender on the student’s behalf) as soon as possible and no later than 14 days after the calculation. 

 

Attendance and Withdrawal: 

 

Students have the right to withdraw from their studies during the semester/payment period.  The date of withdrawal is the date the student submits written or verbal notice to the Registrar of their intent to withdraw or the last date of attendance, whichever occurs first. 

 

• If a student provides verbal notice to the Registrar, a written recap will be emailed to the student with the withdrawal form.

 

• Should the student submit an intent to withdrawal in writing the Registrar will email the withdrawal form. 

 

• Students are required to complete and submit the withdrawal form to the Registrar within 3 business days of providing a verbal or written notification. 

 

 The University is not required by their accreditation agency to take attendance and therefore, the “withdrawal date” is the date the student notifies the Registrar either verbally or in writing of their intent to withdraw.  If notification of their intent to withdraw is not given by the student, the last date of attendance is used as the student’s withdrawal date.  

 

 

Good Standing:  Students maintain good standing by complying with all academic rules and regulations and remaining current in all financial obligations.  

 

Housing

 

In the event students depart due to a LOA or are dismissed from the ACSOM program early, pro-rated portions of their housing can be refunded. To begin the processing of any potential proration of housing charges, students must follow the following steps: 

• The student is required to provide the Landlord with written notice of their departure or dismissal from the Medical Program within 2-7 calendar days of such occurrence know as the notice period. 
• Upon receipt of the student’s written notice to the landlord, the Lease Agreement shall be terminated effectively.
• The student shall remain responsible for paying rent for the duration of the notice period. Rent shall be prorated based on the number of days remaining in the notice period.
• The landlord agrees to forfeit the security deposit in lieu of cancelled. 

 

Return of Funds to ACSOM Student Loan (ALP) Borrowers 

 

ACSOM Loan Program (ALP) funds are approved under the assumption that the student will attend school for the entire period for which the aid is awarded. When a student withdraws or fails to complete their classes or fails to return from an Approved Leave of Absence, he/she may no longer be eligible for the full amount of loan funds that were originally scheduled to be received. 

 

The University is required by the ACSOM Loan Program to calculate the amount of earned and unearned aid each time a student withdraws.  If the amount disbursed for tuition and living expenses is greater than the amount earned while in attendance, the unearned tuition funds must be returned to the lender to pay down the student’s debt.  

 

• Any portion of the loan used to pay University tuition charges is returned to the ALP by the University using the calculations and timeline stated in the University Refund Policy.
• Any portion of the loan disbursed to the student for living expense purposes does not have to be repaid by the student at withdrawal. However, the student will fulfill this obligation as stated in the ACSOM Loan Program Manual. 

 

Post Withdrawal Disbursements 

 

In some cases, the student will withdraw while still having earned ALP funds. For instance, the student may not have received the approved loan disbursement at the time of withdrawal, but s/he did attend and thus earned a portion of the tuition paid with the loan. The University will notify the student of the determination within 30 days of withdrawal.  

 

The University will determine the amount earned for a post withdrawal disbursement within 30 days of withdrawal and advise the student   in writing that they have 14 calendar days from the date that the school sent the notification to accept a post withdrawal disbursement. If a response is not received from the student within the allowed time frame or the student declines the funds, the school will return any earned funds that the school is holding to the lender. 

Post-withdraw disbursements will occur within 90 days of the date that the student withdrew. 

 

If there are any questions regarding this Tuition Refund Policy, please contact Financial Aid at finaid@acsom.edu.dm

*Disclaimer – This policy is at the sole discretion of the ACSOM and may be amended at any time with a minimum of 30 days’ notice to the ACSOM community.