Correct, CNCP is no longer subject to specific CA Ed. Code requirements by virtue of its WASC accreditation. One of those codes mandated refunds less $250.
I once was a desperate pre-pharm, so I know how it feels. Knowing what I know about this program, I would probably do the following:
If I had absolutely no other acceptances and my application was weak... I would attend the program. Why? Because they need to get accredited by 2013 or the show's over. With federal loans in play, the cost to play the game is one year of tuition. If I'm jettisoned in 2013, I'd start over at another school or on another path.
I have a deep understanding of the IBR/PSLF program and I know that my loan balance size has no bearing on what my total, bottom line "out of pocket" payments are assuming I finish 10 years in this program. Therefore the one extra "lost year" of tuition isn't an issue. I won't discuss IBR/PSLF here because this is getting long.
If I had absolutely no other acceptances but I'm a relatively strong candidate... I would actually defer. Confused? I would put in another year of work experience and take classes...either formally and earn a master's or informally and help raise my average GPA. If I'm right on the fence with getting into a good program, then it's worth pushing yourself over the threshold. Or maybe you don't interview well or you didn't select a good swath of schools, whatever it is...fix it and reapply.
Even better if you're on the waitlist somewhere.
If I had other options... Hell yeah I'd leave this school in the dust. Anyone who turns down another accredited or candidate program for this school is a fool. Usually, I'll allow "personal" exceptions like family or local ties...screw that in this case.