Student Credit Balance Policy
Student refund requests are prepared & signed by the director of student accounts & submitted to accounts payable for processing.
For students with no Title IV credit balance (i.e. FSA funds credited for the semester do not exceed charges for the semester):
- Student submits Student Refund Request form to the Business Office
- Director of Student Accounts reviews refund request for:
- Outstanding payment plan payments due
- Prepaid outside scholarships/loans
- Credit balances created by credit card payments (must be refunded to the credit card).
- Credit balances created by Parent PLUS Loans (must be refunded to the parent who borrowed the loan, unless the parent chose for any credit balance to be issued to the student).
- Outstanding College Store charges.
For students with a Title IV credit balance (FSA funds credited exceed charges for semester):
- Director of Students Accounts runs a report weekly to capture student account credit balances.
- If the college has a signed Federal Student Aid Authorization form on file for the student, the credit balance can remain on the account to cover current and future charges including charges other than tuition, fees, room, and board. These other charges may include but are not limited to College Store purchases, vehicle registrations, and parking fines. Federal Student Aid includes Pell Grant, TEACH Grant, Direct Stafford Loan, Perkins Loan, and PLUS Loan.
- If there is no signed authorization form on file, the Director of Student Accounts reviews to see which Federal Aid was last posted to the account, creating the Title IV credit balance. If the credit was created by Federal student aid/loans, a refund request form will be completed and approved by the Director of Student Accounts.
- Once approved, requests for refund are forwarded to Accounts Payable for check issuance, no later than 14 calendar days following the date the Title IV credit balance occurred on the account.
Following the close of the academic year, all student account Title IV credit balances are refunded to students (or parents if applicable) regardless of whether a signed Federal Student Aid Authorization form is on file. Non-Title IV credit balances are refunded to students if they are $5.00 or more, or are left on the student account toward future charges if they are $4.99 or less.
- This is because FSA funds cannot carry over from one academic year to the next.
- Since summer sessions are considered part of the new academic year, credit balances from spring semesters cannot carryover to cover summer charges.