Under the provisions of the Higher Education Act of 1965, as amended, (HEA) Amendments of 1998, institutions must first determine the amount of any federal financial aid program funds that the student and the institution have earned and are permitted to retain. See the section entitled Return of Federal Student Aid (Title IV Funds) in this guide for details on the Return of Title IV calculation.
Tuition and fee refund policies as required by applicable state law are contained in the Catalog. The student’s initial obligation to UTI/NASCAR Tech/MMI is determined using the amount calculated under (1) the requirements of an applicable state law, or (2) the applicable Institutional policy if no state policy exists. Where both a state and Institutional policy exist, UTI/NASCAR Tech/MMI will perform both calculations and provide the student the greatest refund and lowest possible obligation.
Federal financial aid program funds earned and any other funds paid on account are then deducted from the lowest initial financial obligation determined from the state (if applicable) and Institutional policies to arrive at a final financial obligation. The student will then receive any refund due or be billed for any outstanding financial obligation owed.