TERMS AND CONDITIONS OF ENROLLMENT

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1 TERMS AND CONDITIONS OF ENROLLMENT Deposit To confirm your enrollment at Sotheby's Institute of Art, we require your payment of a nonrefundable $1,000 deposit, due May 1, Payment of this deposit is regarded as your acceptance of these Terms and Conditions of Enrollment. Upon enrollment, the deposit will be credited to your tuition. Tuition and Travel Fees The program tuition fee charge covers all lectures and seminars only. The cost of housing, meals and all other personal expenses are the student s responsibility. The travel fees cover all required study trips including air and ground transport and lodging. All other costs and expenses for meals, or changes in accommodations are the student s responsibility. Payment Payment of tuition and fees is required by semester, with the exception of the initial deposit. Payment deadlines are clearly outlined on the enclosed Tuition and Fee Payment Schedule. Methods for Deposit Payments Payment of the deposit may be made by check, credit card, or electronic transfer. By Check Checks should be made payable to Sotheby's Institute of Art NY. Please include student s name and the name of the degree program on the check, and mail to: Sotheby's Institute of Art 570 Lexington Avenue, 6 th Floor New York, NY Attn: Finance Department All checks should be drawn on a US bank account and be in US dollars.

2 By Electronic Transfer If paying by Electronic Transfer, please add $30 to the total payment to cover incoming wire fees. Failure to do so could result in delays in the processing of your payment. All electronic transfers must be made to the following bank: Bank of America Direct 1101 Wootton Parkway, 4th Floor Rockville, MD Account Name: Institute of Art New York LLC Account Number: Routing Number: ACH: If a wire transfer is made in US dollars, use SWIFT Code: BOFAUS3N and for wire transfers made in a foreign currency, use SWIFT Code: BOFAUS6S. It is imperative that your bank indicates your name and program on the payment statement. Failure to do so could result in delays in processing of your payment. Please indicate on the Candidate Reply Form that you are paying the deposit by electronic transfer and the Finance Department at finaidny@sothebysinstitute.com. By Credit Card You may charge your deposit on Visa, MasterCard or American Express by contacting Please note that an administrative fee of 3.0% will be added to payments made via credit card. All Tuition and Travel Fee Payments Students who have a US bank account are required to pay their tuition through the Institute s third party provider, NelNet Business Solutions. Nelnet allows students to pay tuition in installments automatically, by charging a credit card or debiting a bank account. International students who have a US bank account can also use Nelnet Business Solutions.

3 Refund Policy Prior to Registration This policy applies to students who voluntarily withdraw from the Institute. The policy does not apply to any student who is asked to leave as a result of a violation of Institute policy, failing academic work or disciplinary procedures. Students who are asked to leave the Institute will not be entitled to any refund. Tuition fees are refundable in full if notice of withdrawal is received in writing before the beginning of the semester. If a student withdraws during the first four weeks of any program, the semester s tuition will be calculated based on the refund schedule. Any student who withdraws after week four of any semester in any program is not entitled to any refund. If a student withdraws on Monday, this will be considered a full week. In all cases, the $1,000 deposit fee is non-refundable. Refund Schedule Courses dropped % of Semester Tuition Charges Refunded Before semester begins 100% Within first week of semester 90% Within second week of semester 80% Within third week of semester 70% Within fourth week of semester 60% After fourth week of semester No refund Tuition deposits for new students are non-refundable.

4 Refund requests take approximately four weeks to process. Failure to complete payment prior to withdrawal does not relieve a student of financial liability. This refund policy does not apply if you are asked to leave as a result of failing academic work or disciplinary issues, as outlined in the student handbook. Deferral of Enrollment Deferrals are granted under limited circumstances. The Institute requires a nonrefundable $1,000 Deferral Fee in addition to the $1,000 Tuition Deposit to hold a place in the program for the following academic year. The deferral fee will be credited to your tuition at the time of enrollment. Sotheby s Institute of Art will hold the funds on your account for one year and if you have not enrolled at the Institute within this time we will no longer hold a place for you and we will retain all funds on your account. For more information on deferrals, please contact Anupama Chakravartti at a.chakravartti@sothebysinstitute.com. Transfer Requests Students who have been offered a place at the New York campus are not guaranteed a place in the same program at the London or Los Angeles campus. If you would like to transfer your admission, you may contact Anupama Chakravartti a.chakravartti@sothebysinstitute.com. If space is available in the chosen program in London or Los Angeles the academic program director in will review your credentials and determine whether you are eligible to transfer to the respected campus. You will likely be contacted for an interview before a final decision is confirmed. Funds are collected in local currencies and based upon prices per campus; therefore a student who transfers may owe additional fees for tuition and payment will be requested as required. Administrative Probation Failure to comply with Requirements of Admission, or to provide documentation for NYS Immunization, or Health Insurance regulations may result in a student being placed on Administrative Probation. It is the student s responsibility to comply with these requirements within four weeks of beginning classes or he/she will be placed on Administrative Probation and barred from attending classes. Admissions Requirements The New York State Board of Regents requires that the Institute obtain all required documents from students attending classes, including official diplomas and/or transcripts indicating the conferral of a four-year bachelor s degree, or equivalent.

5 New York State Immunization Requirements New York State Public Health Law 2165/2167 requires that all students taking six or more credits in a degree-granting program must provide proof of immunity to measles, mumps and rubella and acknowledge receipt of information regarding the disease meningitis. The Institute will provide all students with a form that must be completed by a doctor and returned to us. Health Insurance The Institute requires all full-time students to have proof of medical insurance. The Institute offers an insurance option through the GradGuard Student Health Plan sponsored by College Parents of America. Plans are offered for both domestic and international students. All students are required to complete the Proof of Insurance Form, indicating the student s insurance choice. If the student waives the right to purchase a policy through GradGuard, he/she must include on the Proof of Insurance Form details of the insurance that is carried, including coverage during the duration of the student s studies. Student Handbook and Conduct You agree to abide by the policies and follow the required procedures outlined in the Sotheby s Institute of Art Student Handbook. Access to the Handbook will be made available on the Welcome Site and all students will be required during Orientation to acknowledge that they have reviewed its contents and agree to comply with such policies and procedures. The Programs The published program outline is an indication of the scope of the program. The Institute reserves the right to modify the curriculum, study trips, faculty and class schedules as it considers necessary.