Refund Policies automatically calculate refunds for invoiced charges when a student withdraws from courses. Here's how they work:
- You create a refund policy, specifying refund details within the policy's brackets and other options.
- You add the policy to a student account,whether on an individual student's profile, or by making it the default for a particulartuition schedule.
- The student enrolls in courses, generating tuition charges (and other fees). You invoice those charges.
- At a certain point in the term, the student withdraws from some or all of his courses.
- When the withdrawal occurs, if it's within the timeframe of the refund policy, a pending credit is created for the refundable charges (tuition and any fees markedrefundable).
- Refunds are only calculated for charges that were generated by a tuition schedule or fee rules. If you manually add a fee, the refund policy won’t catch it.
Refund Policies, whether or not we imported data for you, will be empty when you begin setup. Start by going to Billing > Settings > Refund Policies and clicking Add Refund Policy. Read more about setting up refund policies.