Student Accounting Policies
NOTICE TO READER:
Segments of this document in bold, italic print represent policy which can be changed only by authorization of the VMI Board of Visitors. All other segments represent procedures which may be changed by authorization of the Superintendent.
TABLE OF CONTENTS
70100 Payment Policies
70100 Payment Policies[Return to top]
Unless stated otherwise in the annual operating budget adopted by the Board of Visitors, cadets shall pay all applicable fees as of 1 August for the first semester and 15 December for the second semester. VMI shall assess a late fee of $100 or 10% of the unpaid balance, if less, for failure to pay tuition, fees, and deposits by the due date.
VMI may dismiss cadets from the Institute for failure to pay tuition and fees or any other financial obligation to the Institute as required. In addition, the Institute reserves the right to hold grades, credits, transcripts, and diplomas until all financial obligations to the Institute have been satisfied. Cadets shall satisfy all financial obligations to the Institute for past semesters or terms before they are allowed to register for any succeeding semester or term.
The Board of Visitors reserves the right to change tuition and fees at any time as economic conditions warrant.
70110 Refund Policy[Return to top]
Tuition and fees are refundable in part only upon official notice of withdrawal to the Commandant. VMI shall make full refunds, less $800, for withdrawals prior to the first day of classes. On or after the first day of classes, VMI shall prorate the refund through the fifth week. VMI shall not make any refunds after the fifth week of classes.
Cadets receiving Title IV financial aid will receive a refund in accordance with applicable federal law.
All refunds are made payable to the cadet and sent to the cadet's address of record, with the exception of refunds for Title IV PLUS Loans which are made to the borrower.
The Comptroller’s Office shall distribute the prorated refund schedule for both semesters in a memorandum prior to the beginning of the first semester. Persons with questions pertaining to refund amounts should contact the Student Accounting office at 540-464-7217.
70120 Appeals [Return to top]
VMI will make exceptions to the refund policy only in extraordinary circumstances. The Tuition and Late Fees Appeals Committee shall consider appeals for exceptions to the refund policy upon written request by the applicant to the Comptroller, no later than 90 days after the cadet's withdrawal from VMI for tuition appeals, or assessment of late fees and interest.
The Student Accounting Office shall not make any refunds until all issued military uniforms and equipment required to be turned in have been received in good condition by the Commandant and the Military Store. VMI shall charge cadets for issued military uniforms and equipment that are not returned as required.
70130 Summer School [Return to top]
With the adoption of this Manual, the Board of Visitors hereby delegates to the Deputy Superintendent (Finance, Administration and Support) the authority to establish the refund policies for Summer School terms. The Summer School Director shall publish this policy in the Summer Session Catalogue.