The postsecondary educational institution shall pay a refund to the student in the amount calculated under the refund policy specified in this section or as otherwise approved by the Commission/Board. The institution must make the proper refund no later than thirty-one (31) days of the student's request for cancellation or withdrawal.

(b) The following refund policy applies to each resident postsecondary educational institution, except as noted in :

1. 1. A student is entitled to a full refund if one (1) or more of the following criteria are met :
      • The student cancels the institutional student contract or enrollment agreement within six (6) business days after signing.
      • The student does not meet the postsecondary educational institution's minimum admission requirements.
      • The student's enrollment was procured as a result of a misrepresentation in the written materials utilized by the postsecondary educational institution.
      • If the student has not visited the postsecondary educational institution prior to enrollment, and, upon touring the  institution or attending the regularly scheduled orientation/classes, the student withdrew from the program within three (3) days.
   2.  A student withdrawing from an instructional program, after starting the instructional program at a postsecondary educational institution and attending one (1) week or less, is entitled to a refund of ninety percent (90%) of the cost of the financial obligation, less an application/enrollment fee of ten percent (10%) of the total tuition, not to exceed one hundred dollars ($100).
   3. A student withdrawing from an instructional program, after attending more than one (1) week but equal to or less than twenty-five percent (25%) of the duration of the instructional program, is entitled to a refund of seventy-five percent (75%) of the cost of the financial obligation, less an application/enrollment fee of ten percent (10%) of the total tuition, not to exceed one hundred dollars ($100).
   4. A student withdrawing from an instructional program, after attending more than twenty-five percent (25%) but equal to or less than fifty percent (50%) of the duration of the instructional program, is entitled to a refund of fifty percent (50%) of the cost of the financial obligation, less an application/enrollment fee of ten percent (10%) of the total tuition, not to exceed one hundred dollars ($100).
   5. A student withdrawing from an instructional program, after attending more than fifty percent (50%) but equal to or less than sixty percent (60%) of the duration of the instructional program, is entitled to a refund of forty percent (40%) of the cost of the financial obligation, less an application/enrollment fee of ten percent (10%) of the total tuition, not to exceed one hundred dollars ($100).
   6. A student withdrawing from an institutional program, after attending more than sixty percent (60%) of the duration of the instructional program, is not entitled to a refund.