Credit Balances And Refunds Due To Federal Financial Aid
Depending on the specifics of the situation, for students who have a credit balance and are recipients of Title IV federal aid, the level of aid awarded may need to be recalculated by the school's financial aid office. We will credit Title IV federal aid funds to a student's account only against allowable institutional charges such as current charges for tuition and fees, and room and board.
Refund Processes
Our policy is to monitor credit balances daily as they are created in student accounts; with priority given to CREDIT BALANCES AND REFUNDS DUE TO TITLE IV FEDERAL STUDENT AID:
The College will automatically issue refunds for eligible credit balances related to Title IV Federal Student Aid funds.
Credit balances related to Title IV federal aid funds, per federal regulations, must be refunded no later than 14 days after either:
- The date the credit balance occurred on the student's account, if the credit balance occurred after the first day of class of a payment period, or
- The first day of classes of the payment period, if the credit balance occurred on or before the first day of class of that payment period.
Credit balances related to Title IV funds are always prioritized for refund processing, except that, as noted above, the College will hold credit balances in a student's account across terms within the same award year if the student (or parent borrower for Parent Plus Loans recipients) provides prior written authorization.
Withdrawal
If a student withdraws during a term, federal regulations require the Financial Aid Office to apply a formula established by the U.S. Department of Education to determine the amount of federal financial aid earned as of the official withdrawal date from the college. For a more detailed explanation click here.
The amount of federal financial aid is determined by the percentage of time spent in academic attendance and has no ties to the institutional charges you may have incurred. After the calculation is completed, the Financial Aid Office will notify the student and Bursar of the amount the student earned for the term. If funds needs to be returned, it may create an outstanding balance on the student's account with Bursar. The student will be responsible for any outstanding balance when funds are returned to federal programs.
Students who are withdrawing and/or taking a leave of absence will be required to complete an Exit Counseling online at www.studentloans.gov, this website will also provide explanations on grace periods and repayment options.