Financial Policies and Disclosures

Application Fee Policy

All application fees are non-refundable. An application fee is required for every application. If an applicant is unable to fully complete the application form for the intended semester, he or she can request that the application review be extended until the next semester.

Such a one-time, one-semester extension of application review will incur no additional application fee.

If an applicant is rejected, the file will be closed by the Admissions Office and the applicant will be required to complete a new application and submit a new application fee if he or she still wishes to pursue an education at Virscend University

 

Student's Rights To Cancel Policy

The student has the right to cancel the enrollment agreement and obtain a refund on tuition if it is requested on the first-class session, or the seventh day after enrollment, whichever is later. In such a case, the institution shall refund 100 percent of the amount paid for institutional charges, less a reasonable deposit or application fee not to exceed two hundred fifty dollars ($250). NOTE: If the student has received federal student financial aid funds, the student is entitled to a refund of monies not paid from federal student financial aid program funds. A notice of cancellation shall be in writing, and a withdrawal may be effectuated by the student's written notice to the school's Admissions Office, 16490 Bake Pkwy, suite 100, Irvine, CA 92618 or by the student's conduct, including, but not necessarily limited to, a student's lack of attendance. In addition, the school may withdraw a student from a course, if within the first two weeks of class the student has not reported to class nor communicated his intent to the instructor and admission office.

 

Refund Policy

A pro rata refund pursuant to section 94910(c) or 94920(d) or 94927 of the BPPE code shall be applied to students who have completed 60% of the clock hours of instruction in any given period of attendance. The amount refunded will be the total amount paid by the student for the academic semester minus the portion of the educational program that was provided. The calculation is as follows:

 

• The amount owed equals the total amount paid for tuition minus the daily charge for the program (total institutional charge, divided by the number of days or hours in the program), multiplied by the number of days the student attended, or was scheduled to attend, prior to withdrawal.

 

• No refunds are due once the student has received more than 60% (9 weeks) of the clock hours of instruction in any given period of attendance. For purposes of determining a refund, a student shall be considered to have withdrawn from an educational program when he

or she withdraws or is deemed withdrawn in accordance with the withdrawal policy.

 

• If an institution has collected money from a student for transmittal documents in order to act on behalf of the student to pay a third party for a bond, library usage, or fees for a license, application, or examination and the institution has not paid the money to the third party at the time of the student's withdrawal or cancellation, then the institution shall refund the money to the student within 45 days of the student's withdrawal or cancellation.

 

• This institution shall refund any credit balance on the student's account within 45 days after the date of the student's completion of, or

withdrawal from, the educational program in which the student was enrolled.

 

• Any questions a student may have regarding this catalog that have not been satisfactorily answered by the institution may be directed to the Bureau for Private Postsecondary Education at 1747 N. Market Blvd #225 Sacramento, CA 95834, P.O. Box 980818, West Sacramento, CA 95798-0818, www.bppe.ca.gov, (888) 370-7589 or (916) 574-8900 or by fax (916) 263-1897. A student or any member of the public may file a complaint about this institution with the Bureau for Private Postsecondary Education by calling toll free (888) 370-7589 toll free or by completing a complaint form, which can be obtained on the Bureau's Internet web site www.bppe.ca.gov

Tuition Refund Policy

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Total Estimated Tuition and Fees

All fees are subject to change from time to time, without notice.

Bachelor of Science in Business Administration

 

TOTAL CHARGES FOR CURRENT PERIOD OF ATTENDANCE (5 courses)

$6,870

ESTIMATED TOTAL CHARGES FOR THE ENTIRE EDUCATIONAL PROGRAM

$27,480

Master of Business Administration (MBA/Online MBA)

 

TOTAL CHARGES FOR CURRENT PERIOD OF ATTENDANCE

(3 courses)

$8,070

ESTIMATED TOTAL CHARGES FOR THE ENTIRE EDUCATIONAL PROGRAM

$26,610

Policies and Regulations Regarding Financial Aid

 

Financial Aid Policy

While Virscend is working on acquiring financial options for students, at the moment, Virscend university is not affiliated with any private or government financial institution. Students enrolled in an unaccredited institution are not eligible for federal financial aid programs. There are no loan programs or federal financial aid. Students must finance their own tuition or apply for Virscend University's academic scholarships. Currently, Virscend offers 3 types of scholarships: Presidential Scholarship, Academic Scholarship, and 5 Professional-Scholarship to qualified students. The Presidential Scholarship allows the student to waive 100% of the cost of tuition. The Academic Scholarship allows students to waive 75% of the full cost of tuition and Professional Scholarship allows students to waive 50% of the full cost of tuition. All scholarships do not waive any applicable fees such as the registration fee. Candidates who apply for scholarships are evaluated based on individual qualifications which may include the following criteria: GPA, standardized test scores, and work experience. Students must maintain satisfactory academic progress to remain eligible for the scholarships.

 

For more information on our scholarship email us at admission@virscend.com. To finance their own tuition, students either pay in-person at the Office of Admissions office or online by visiting our website: www.virscend.com. In-person, students may pay either using cash, visa, master, or American Express or a check payable to Virscend University. Online students pay using credit cards only. To apply for a scholarship, please attach a short (less than one page) narrative about why you believe you are qualified for a scholarship (either need or

merit-based).

 

Loan Repayment Policy

If a student obtains a loan to pay for an educational program, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any refund, and that, if the student has received federal student financial aid funds, the student is entitled to a refund of the moneys not paid from federal student financial aid program funds. Also, as established in BPPE Ed. Code §94911 the following actions may take place:

“An enrollment agreement shall include, at a minimum, all of the following:

(g) A statement specifying that, if the student is eligible for a loan guaran teed by the federal or state government and the student defaults on the loan, both of the following may occur:

(1) The federal or state government or a loan guarantee agency may take action against the student, including applying any income tax refund to which the person is entitled to reduce the balance owed on the loan.

(2) The student may not be eligible for any other federal student financial aid at another institution or other government assistance until the loan is repaid.”

STRF Disclosure

Student Tuition Recovery Fund Disclosures:

In compliance with BPPE code, Virscend University provides the following regulations regarding STRF.

5 CCR §76215(a)

“The State of California established the Student Tuition Recovery Fund (STRF) to relieve or mitigate economic loss suffered by a student in an educational program at a qualifying institution, who is or was a California resident while enrolled, or was enrolled in a residency program, if the student enrolled in the institution, prepaid tuition, and suffered an economic loss. Unless relieved of the obligation to do so, you must pay the state-imposed assessment for the STRF, or it must be paid on your behalf, if you are a student in an educational program, who is a California resident, or are enrolled in a residency program, and prepay all or part of your tuition. You are not eligible for protection from the STRF and you are not required to pay the STRF assessment, if you are not a California resident, or are not enrolled in a residency program.”

 

5 CCR §76215(b)

“It is important that you keep copies of your enrollment agreement, financial aid documents, receipts, or any other information that documents the amount paid to the school. Questions regarding the STRF may be directed to the Bureau for Private Postsecondary Education, 1747 N. Market Blvd #225 Sacramento, CA 95834, (916) 574-8900 or (888) 370-7589. To be eligible for STRF, you must be a California resident or are enrolled in a residency program, prepaid tuition, paid or deemed to have paid the STRF assessment, and suffered an economic loss as a result of any of the following:

 

•The institution, a location of the institution, or an educational program offered by the institution was closed or discontinued, and you

did not choose to participate in a teach-out plan approved by the Bureau or did not complete a chosen teach-out plan approved by the Bureau.

 

•You were enrolled at an institution or a location of the institution within the 120 day period before the closure of the institution or location of the institution, or were enrolled in an educational program within the 120 day period before the program was discontinued.

 

•You were enrolled at an institution or a location of the institution more than 120 days before the closure of the institution or location of the institution, in an educational program offered by the institution as to which the Bureau determined there was a significant decline in the quality or value of the program more than 120 days before closure.

 

• The institution has been ordered to pay a refund by the Bureau but has failed to do so.

 

•The institution has failed to pay or reimburse loan proceeds under a federal student loan program as required by law, or has failed to

pay or reimburse proceeds received by the institution in excess of tuition and other costs.

 

•You have been awarded restitution, a refund, or other monetary award by an arbitrator or court, based on a violation of this chapter by an institution or representative of an institution, but have been unable to collect the award from the institution.

 

•You sought legal counsel that resulted in the cancellation of one or more of your student loans and have an invoice for services rendered and evidence of the cancellation of the student loan or loans.

To qualify for STRF reimbursement, the application must be received within four (4) years from the date of the action or event that made the student eligible for recovery from STRF.

 

A student whose loan is revived by a loan holder or debt collector after a period of non collection may, at any time, file a written application for recovery from STRF for the debt that would have otherwise been eligible for recovery. If it has been more than four (4) years since the action or event that made the student eligible, the student must have filed a written application for recovery within the original four (4) year period, unless the period has been extended by another act of law. However, no claim can be paid to any student without a social security number or a taxpayer identification number.”