Consumer Information

Withdrawal from Professional Studies

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To withdraw from the College a student must:

• Provide a written request to the Dean of Student Affairs

• Satisfy all obligations to the College

 

Students considering withdrawal are advised to first meet with the Dean of Student Affairs to discuss reasons for withdrawal. The student seeking withdrawal or separation for ICO will go through a separation interview with the Dean of Student Affairs or the Assistant Dean for Student Success. Through this interview the student will be made aware of all financial and other obligations. The Registrar's Office will be notified upon completion of the separation interview. No diploma, certification of academic standing or transcript of credits will be released while a student has unmet obligations to the College, unless the withdrawal is due to a hardship appeal. Refunds of tuition fees and room charges are based on published College policy and practice.

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Students are entitled to a refund based on the "most fair and equitable" refund policy as defined by the Higher Education Amendments of 1992. Refunds for all students will be provided based upon the policy generating the greatest of either the institutional, federal or pro-rata credit amount. The charges will be based upon the federal return of Title IV funds calculation that looks at the percentage of the enrollment period completed through the 60% point of the term.

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Credit Balance Refunds - Refund checks are issued to students when excess funds exist on their accounts after crediting Title IV funds. Refunds will be issued as soon as possible but no later than fourteen (14) days after: (1) the date of the first day of class, (2) the date the credit balance occurs, or (3) the date the student rescinds authorization to hold a credit balance.

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Payment of Prior Year Charges - In general, ICO does not apply current aid funds to prior year balances. A student may request in writing to use the current year credits to cover prior year charges that are less than $100.00.

 

Request to Transfer

The Association of Schools and Colleges of Optometry (ASCO) discourages transfer of students from one institution to another. However, in certain instances a transfer may be deemed necessary for reasons disclosed by the student. To request a transfer from ICO to another institution, the student should first meet with the Dean of Student Affairs, well in advance of the anticipated transfer date to discuss their situation and to receive counsel on the procedures to be followed, as recommended by ASCO. The Dean of Student Affairs will provide a letter to the institution to which the student is applying for transfer indicating the College has been advised of the students' current enrollment status. The student must sign a release approving any additional information to be provided on the student's behalf.

 

The College policy for transfer of credit for transfer students entering ICO is to consider the content, clock hours and credit from the previous institution. Because optometry school curricula are largely individual, the decision about transfer credit is made individually by the Registrar in consultation with the Academic Dean of the College.

 

Refunds/Repayments

If a student withdraws from classes, he/she may be entitled to receive money back which had been paid to the College. ICO may be able to refund all or a portion of the tuition, fees, housing costs, etc. the student paid. If the tuition, fees, housing costs, etc. were paid with financial aid dollars, then all or a portion of the student's refund must be returned to the student aid programs from which the money was awarded according to the mandates of the “Return of Title IV Aid Requirements”. A student who received credit balance refund to assist with living expenses and then withdraws, drops out, or is expelled, may be required to repay money to the aid programs from which the money was awarded, unless the funds were borrowed under the student loan programs. Funds for living expenses that derive from federal student loans are repaid according to the terms of the promissory note.  ICO has designed the following policies and procedures to ensure proper accountability when a student leaves the College.

 

Refund Policy for all Students

• When a student withdraws on or after the first day of class during a quarter and has received (or is eligible to receive) federal student aid, a refund calculation is performed according to the “Return of Title IV Aid Requirements”.

• The refund policy reflects the standards of the school’s accrediting agency and State law.

• The date used to calculate the refund is determined as follows:

1. In the case of a student who officially withdraws, the date of the withdrawal.

2. In the case of a student who unofficially withdraws, the drop out date which is the last recorded date of class attendance as documented by the institution. The Registrar’s Office is responsible for determining and documenting the last day of attendance.

3. In the case of a student who is expelled, the date of the expulsion
    

Refund Policy for Financial Aid Recipients

Institutions are required to have a fair and equitable refund policy for students who receive financial aid. Students receiving financial assistance are subject to an additional refund analysis.

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Refund Policy for Title IV Recipients

Upon a student’s complete withdrawal from a term or program, ICO will calculate the percentage of aid and charges earned by the student and the percentage of aid required to be returned to the federal financial aid program. For Title IV refunds, ICO will identify those students as those who have received a Federal Direct Unsubsidized Loan and/or Graduate Plus Loan since Federal Work Study (FWS) funds are considered earned by the student as compensation for work completed and is not subject to a refund calculation. 

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For each term, ICO calculates the percentage earned as the number of days of the term completed divided by the total number of days in the term. Breaks of five or more consecutive calendar days are excluded from the calculation. This refund calculation applies when a student withdraws or ceases attendance before completing 60% of the term.

 

Particular break periods that occur throughout the year are:

• Academy Week (typically in October/November- Fall or Winter Quarter)

• AOA/AOSA (typically in June—Summer quarter)

• Thanksgiving Break (November—Winter quarter)

• Holiday Break (in December- early January- Winter quarter)

 

ICO will also calculate the amount of aid that has not been earned and must be returned to the program by calculating the days remaining in the term divided by the number of enrollment days in the term.

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ICO institutional charges that are subject to the refund calculation include tuition and mandatory fees and housing charges in the residential complex for those who have a housing contract in effect at the time of withdrawal. 

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Per federal formula, ICO will return unearned aid that must be refunded to the programs in the following order, as soon as possible but not later than 45 days from the determination of withdrawal or cessation of enrollment:

 

1. Direct Unsubsidized Loan

2. Direct Grad Plus Loan

3. Federal Health Professions Student Loan

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In cases where the calculation indicates that a student has received loan funds in excess of what they have earned based on enrollment, those excess funds will be subject to repayment according to the terms of the promissory note governing the funds. Since ICO students are not eligible to receive Federal Title IV grants, only loans are subject to repayment for unearned aid.

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Any credit balance that results from a refund calculation will be disbursed within 14 days after the R2T4 (Withdrawal/Return of Title IV Funds) calculation.

 

Post Withdrawal Disbursement

If the amount of aid awarded to the student that has been disbursed is less than the amount of the aid earned, ICO will calculate a post-withdrawal disbursement. The student will be informed, within the allowed 30 day period after withdrawal, that the funds are available for direct disbursement to the student and can be processed upon the request of the student within that 30 day timespan.

 

Refund Policy for Institutional Fund Recipients

ICO follows the same procedure for institutional funding.
 

Distribution of Refund Policies

ICO’s refund and repayment policies are disseminated to students in the Student Guide and are available in the Consumer Information section on ICO.EDU. Students may receive additional information by making an appointment with an Aid Administrator.

 

R2T4 (Withdrawal/Return of Title IV Funds)

If a student withdraws prior to the 60% portion of the term, the Business Office performs the R2T4 calculation utilizing Campus Nexus Student (Anthology) refund calculation tool. The Financial Aid Office verifies the calculation. The Business Office initiates any required return of funds and notifies the Financial Aid Office of the return of funds.

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Adjustment to tuition and fee charges are made based on the time period in which the student withdrew and the reason for withdrawal. Tuition may be prorated based on the R2T4 calculation of percentage earned or may be reversed due to extenuating circumstances beyond the student’s control.

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In cases of dismissal, the Financial Aid and Business Offices are notified of the decision and begin the R2T4 process. The calculation is processed the same as a withdrawal. Students who elect and are approved for a Leave of Absence have 180 days in which to return. Failure to return to the academic program within the 180 prompts an R2T4 calculation based on the student’s last date of attendance.

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Physical or Financial Hardship Withdrawal Policy

Consistent with the Illinois Student Debt Assistance Act, this policy establishes processes and procedures to assist students in limiting their student debt when a physical or financial hardship requires the student to withdraw from Illinois College of Optometry (ICO) after the 100% tuition add/drop deadline has passed, as well as implementing requirements of the Act as it pertains to access to student transcripts. This policy should be read in conjunction with other College policies related to student financial aid and student accounts.

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Official and Unofficial Transcripts

Pursuant to and in compliance with the Act,  ICO will not (i) refuse to provide an unofficial transcript to a current or former student on the grounds that the student owes a debt; (ii) condition the provision of an unofficial transcript on the payment of a debt, other than a fee charged to provide the transcript; or (iii) charge a higher fee for obtaining an unofficial transcript or provide less favorable treatment of a request for an unofficial transcript because a current or former student owes a debt.

 

For official transcripts, ICO (i) will provide an official transcript of a current or former student to a current or potential employer, even if the current or former student owes a debt to ICO; (ii) will not condition the provision of an official transcript to a current or potential employer on the payment of a debt, other than a fee charged to provide the transcript; and (iii) will not charge a higher fee for transferring an official transcript to a current or potential employer or provide less favorable treatment for such a request because a current or former student owes a debt.

 

If a hold has been placed on a student's transcript for reasons other than a debt owed, the student must contact the appropriate department to resolve the hold.

 

Physical or Financial Hardship Withdrawal Request

A student may apply for a hardship withdrawal from their academic enrollment at ICO due to an unforeseeable and documented circumstance that occurs after the 100% tuition refund deadline of end of the first week of a term, which had a significant impact on the student's ability to continue in their course of study and be successful. Examples of a physical or financial hardship include: (i) serious injury or illness; (ii) chronic illness; (iii) a serious medical issue of a family member (spouse or partner, child, parent or guardian, grandparent, or sibling) for which the student is a part-time or full-time caretaker of that family member; (iv) a mental health condition of the student; (v) a sudden or consistent lack of transportation that prohibits a student's presence in class; or (vi) a significant, non-elective cost of living increase for the student.

 

To request a hardship withdrawal under this policy, the student must submit an appeal letter to the Dean of Student Affairs requesting the Hardship withdrawal and submit supporting documentation of the physical/financial hardship evidencing the significant physical or financial hardship prior to the end of the term/semester in which they intend to withdraw.

 

Hardship withdrawal submissions will be reviewed by the Dean of Student Affairs. Students will be considered for a full or partial refund of the original tuition, fee, and any other charges for the term of the withdrawal. Outcomes will be based on the information submitted along with ICO records including but not limited to enrollment, financial aid, and billing which will be made available to the Dean of Student Affairs. Students will receive communication regarding the review outcome or any requests for further information within two weeks of submission.

 

As a general rule, students are not eligible for hardship withdrawals if they have completed all course requirements (e.g., attended the final exam or submitted the final project/paper/portfolio). If a hardship appeal is granted, a student receiving US Federal Student loans will have the portion that paid for the reduced tuition returned to the loan, any stipend received for living expenses from federal student loans will enter repayment per the promissory note requirements. 

 

A student granted a hardship appeal will have their tuition and fees for the term retroactively cancelled.  The date of withdrawal will be based upon the last date of attendance for the student.  A “W” grade would be assigned to the class per academic policy.

 

A student who files or attempts to file a fraudulent application for a withdrawal under this policy in order to avoid a failing grade or disciplinary action may be considered in violation of the Code Conduct and would be subject to disciplinary action accordingly.

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