The refund amount for students withdrawing from the Institute shall be based on a pro rata percentage determined by dividing the number of calendar days in the semester that the student completed by the total number of calendar days in the semester. The total number of calendar days in a semester is calculated by using the first day of class through the last day of final exams for the Institute and excludes scheduled breaks of five or more consecutive days. Institutional charges will be refunded up to the point in time that the percentage equals 60 percent. Students who withdraw from the Institute when the calculated percentage of completion is greater than 60 percent are not entitled to a refund of any portion of institutional charges. A full refund (100 percent) will be available to students who fully withdraw from the Institute or to students who drop individual courses by the end of late registration, if they cease to be enrolled at least full time (twelve hours). No further refunds will be given for individual classes dropped after the end of late registration.