Currently we can only specify the number of days into the term that a refund can occur. Unfortunately for us, we have a variety of course lengths in one term and aren't able to use this feature.
In one term we have both short module classes (1 week), short term classes (4 weeks) and long term classes (8 weeks). Students can register for a module class up until the day it starts, and if they drop the class before noon on the first day they get a complete refund. Anytime after noon and they get a reduced refund. If they register for a short term class, they have a few days to drop the class to get the full refund. So we can't simply setup a refund policy based on the number of days into the term.
There may be a few possible ideas to resolve this. One would be to have refunds based on course start dates rather than term start dates. Alternatively, even if our business office could be notified of enrollment changes so manual adjustment could be done, that would be helpful too.