(a) A private postsecondary school shall record a grade of incomplete for a student who withdraws but is not entitled to a refund under Section 1603.3603 if the student:
(1) requests the grade at the time the student withdraws; and
(2) withdraws for an appropriate reason unrelated to the student's academic status.
(b) A student who receives a grade of incomplete may reenroll in the program during the 48-month period following the date the student withdraws and complete the subjects without payment of additional tuition.