Refunds

Students who officially withdraw from a course by the end of the third instructional day of the semester will receive no grade for the course and will receive a 100% refund of applicable tuition and refundable fees. Students who withdraw from a course after the end of the third instructional day of the semester shall receive a “W” grade and shall receive no refund of tuition and fees. Refunds, when due, will be made by debit card or direct deposit to the address shown as the student’s official home of record on the student record within 30 days of the last day of a student’s attendance if written notification has been provided by the student, or from the date the college terminates or determines withdrawal by the student in lieu of written notification. Students should notify their instructor to formally withdraw from a course or the college. Financial aid recipients should refer to the federal financial aid policy. Refunds due to students after tuition, fees, and book charges are paid will be made via BankMobile^®, which gives students two options for receiving refunds:

Deposit to a OneAccount, a non-interest bearing, internet-only checking account serviced by BankMobile^®
Deposit to another account (students must set up an account with BankMobile^® to direct refunds/deposits to personal accounts)

BankMobile^® will send each student a welcome package to the address that OFTC has on file for the student.

Students can then visit bankmobilevibe.com to set up preferences for refunds and alerts. It is important that a student update the address on file if it changes. This can be done through the Student Portal at any time.

Refunds of Textbooks

Refunds will be issued for textbooks if the student has a receipt from the bookstore, the refund is requested within five class days of the date on the receipt, and the book is not written in and is in perfect condition.

Federal Financial Aid Refund Policy

Students receiving assistance from Title IV programs (federal PELL Grant or FSEOG) will be awarded aid depending upon the amount of aid earned. If the student completed more than 60 percent of the term, he or she will have earned 100 percent of the aid for that period. If the student completed 60 percent or less of the term, the percentage of the period completed is equal to the percentage of aid earned.

The percentage completed will be calculated by counting the number of days completed up to the point of withdrawal divided by the total number of days in the term. This percentage will be applied to Title IV funds for which the student established eligibility prior to the withdrawal date.

The Title IV aid earned is first used to pay the tuition, fees, and bookstore charges the student has deferred to their Title IV aid account. If any funds remain after deducting these charges, the student will receive the balance due by debit card or direct deposit to the address shown as the student’s official home of record on the student record prior to the end of the term. If the amount of Title IV aid earned is insufficient to cover these charges and any payments already made to the student, the student is liable for these charges and they must be repaid before the student will be allowed to enroll in another term of study at OFTC. Examples are available in the Office of Financial Aid.