Per Department of Education regulations Title IV funds are to be used to pay for educationally related expenses a student incurs in the period for which the funds are provided. Whenever an institution disburses Title IV funds by crediting a student’s account and the total amount of the Title IV funds credited exceeds the amount of tuition and fees, room and board, or other authorized charges the institution assesses the student, a Title IV funds credit balance in created. The institution is required to pay the resulting balance directly to the student or parent as applicable not later than 14 days after the later of:
Refunds of student account credits are processed automatically — students do not need to contact the Division of Business and Finance to request that a refund be processed.
Students should keep in mind that changes to their account that occur after a refund is processed (housing/meal plan changes, financial aid adjustments, etc.) may result in a balance due to the university.
Some charges, such as book vouchers, parking, cannot be paid with federal (Title IV) funds without prior authorization. Additionally, any credit balance from the current term created by Title IV funds cannot be applied to an outstanding balance from a prior term greater than $200. Students or parents who receive a refund triggered by the disbursement of Title IV funds may, therefore, still owe a balance to the university. Upon receipt of a refund, students should verify whether any balance remains on the account and, if so, promptly submit payment to avoid account holds.
Refund checks are available each Friday if no exceptions are made. In cases of exceptions, students are notified of the day that checks are available. Checks are held for pick-up in the Division of Business and Finance for 14 days before being mailed to the home address on record. Students must present photo identification to pick up your refund check.
Refunds of Parent PLUS loans are not held for pick-up and are automatically mailed to the borrower’s home address unless the Parent PLUS funds have been authorized to be issued to their student.
If a student account incurs any additional charges before the check is picked up, the student will be required to pay those charges at the time of pick up. If the student is unable to pay the balance due on the account, the refund check may be cancelled and reissued less the balance due.
Federal funds are not drawn down until they have been spent. Before each drawdown, the Division of Business and Finance reviews the general ledger after the funds have been posted to student accounts by the Bursar Office. The draw down process is performed by an accountant in Business and Finance.
Advancements are not a common occurrence and the funds will not be drawn down from G5 no earlier than 10 days before the start of the academic term.
Refunds are issued to parent PLUS loan borrowers when the PLUS loan disbursement results in an federal student aid overpayment of the student account (as described in the above section). If a balance is owed on the account at the time of the PLUS loan disbursement, no refund will be issued to the PLUS loan borrower. If the account enters into a credit balance at a later date due to additional payments or credits, the resulting refund will be issued to the student rather than to the PLUS loan borrower.
The Office of Financial Aid and Scholarships provides the listing of Parent PLUS borrowers who wish to have refunds of Parent PLUS funds issued to their student.
Refunds for students with non-FSA credit balances are not required to be processed within fourteen (14) days but are processed automatically on an ongoing basis throughout the semester.
In an occurrence where an advance drawn down from the G5 is performed, the Office of Financial Aid disburses those funds.
A check that is not cashed or a rejected EFT that is a result of a credit balance after the university has attempted to contact the student no later than 45 days of the return or during the academic year will be returned to the Department of Education in July.
In any case where the University has not returned funds for a credit balance after 240 days, we will request permission to make a change to the FISAP after December 15 following the close of the award year.
Grant funds excluding than FSEOG and Iraq and Afghanistan Service Grants: