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Financial Policies

Payment Procedures

Full tuition and fees are due and payable on the start date of each quarter. A ten-day grace period follows. Payments received after the grace period will incur a late fee of $50. Interest will be charged on past due balances. A student may not proceed from one academic year to the next without having fully paid the previous year’s tuition and fees. Any exceptions must have prior approval of the administration.

Tuition Refund Policy

A withdrawal is considered official when written notification has been received by the Vice President for University Student Affairs stating the student’s intention to withdraw from the university. All refunds are subject to review by the Vice President for University Student Affairs. For official withdrawals, tuition will be prorated at following intervals:100% before the first day of the quarter; 1st week – 90%; 2nd to 3rd week – 75%; 4th to 6th week – 50%; 7th to 8th week – 25%; and After week 8 – 0%.

Return of Title IV Funds

The 1998 Reauthorization of the Higher Education Act stipulates that students who withdraw prior to completing 60% of the quarter for which they received federal student aid may be required to return some of the aid they were awarded. MBKU will restore to the appropriate federal fund source a proportional share of institutional charges that the borrower has paid. If there is an amount still owed to the government after MBKU returns funds, the student will be responsible to return a portion of unearned funds. If the student is entitled to a refund from the University, any refund will be first applied to his or her obligation to return unearned aid before he or she receives money back. Thus, portions of institutional refunds may be applied on the student’s behalf to his or her outstanding Direct Loan and not actually refunded directly to the student. Non-federal aid is not included in the calculation.

Tuition Prepayment Policy

Any student requesting to prepay his or her tuition for one or more years beyond the current year’s tuition may prepay his or her future tuition at the current year’s tuition rate provided the full payment for the current year and for each subsequent year(s) is received by MBKU Student Accounts Services no later than thirty (30) days following the first day of the current year Fall Quarter. Future annual tuition increases will not be charged to those students who have elected to fully prepay their future tuition. Any student who is dismissed or officially withdraws from the program, as per the requirements stated in the MBKU catalog, will have his or her prepaid tuition returned, except for the current year’s tuition, which will be refunded as per the policy stated in the current MBKU catalog.