Policy and regulations of the institution relative to the refund of the unused portion of tuition, fees, and other charges in the event the student does not enter the course or withdraws or is discontinued there from. For institutions receiving federal funds, the policy and regulations shall require the institution to comply with federal law requirements for refunds. For all other institutions, the policy and regulations shall provide for, at a minimum, the following.
1. If any of the following occur prior to the first day of class, a student shall receive a one hundred percent (100%) refund, including non-refundable fees already paid:
I. The student withdraws.
II. The student is caused to withdraw by the school.
III. The school cancels the class.
2. If the student withdraws or is caused to withdraw by the school on or before completing twenty-five percent (25%) of the period of enrollment for which the student was charged, the student shall receive a refund of seventy-five percent (75%), excluding any disclosed nonrefundable fees.