91ÖÆƬ³§

Resolving Eligible Credit Balances

The University's policy is to resolve eligible credit balances in student accounts as promptly as possible - in compliance with all applicable regulations and by the end of the term in which the credit balance is created - by issuing refunds to the student.

Definitions

A credit balance results when the total of the credits posted to a student's account (e.g., payments, loan disbursements, scholarships, etc.) exceeds the total of the charges applied or applicable to the account. 

A credit balance eligible for a refund is one where all the applicable charges and credits have been posted to the account and his or her eligibility for such funds has been reviewed and confirmed or adjusted based on current eligibility, enrollment or any other applicable conditions.

Anticipated funds, including anticipated financial aid, are not considered credits to a student's account until the funds have actually been disbursed to the account.

Accounts of students on a Payment Plan are not eligible for a refund unless the Payment Plan has been completed and paid in full, and payments exceed the applicable charges.

Account Balances, Returns and Payments

In some cases, if a refund is issued and subsequently a balance is created in the student’s account, it is the student’s responsibility to return the funds to the University or pay the balance in accordance with the University’s billing and payments policies, including any applicable penalties and late fees.

A student can determine the balance in his or her student account by logging in to Self-Service Banner.

Types of Student Account Credit Balances and Refunds

Credit balances may be related to payments from several sources, including personal funds; Title IV Federal Student Aid; and non-federal aid funds, such as private loans and grants, and other external awards.

The University's policies and procedures for handling student account credit balances adhere strictly to federal and other regulatory requirements, as applicable, and vary depending on whether a credit balance is related to federal aid funds or not.

Credit balances may also be related to and affected by changes in a student's enrollment status during a term or semester; changes to expected enrollments status prior to a term, including non-enrollment; changes to academic workload (Add/Drop) that affect federal or other aid eligibility; leaves of absence; or withdrawal.

If a student's enrollment status changes as a result of adding or dropping classes, the student's federal aid award may need to be adjusted and this may affect the amount of any refunds.