POLICY

If there is a credit balance remaining on a student’s account after all obligations are paid, a financial aid refund will be generated. Credit balance refunds will be issued to students within 14 calendar days unless the student has authorized a credit balance hold via the Authorization Statement (Pell – cannot be held from AY to AY, Loan – cannot be held past the loan period). Refunds will be issued in the form of a paper check mailed via the United States Postal Service to the address contained in the student’s file unless a Direct Deposit Authorization has been received by the Bursar.

PROCEDURE

Once federal funding has been initiated in G5 and the University has a Disbursement Batch Report from Campus Ivy, the Bursar will verify and approve the Disbursement Batch in Populi and then post to the student accounts in both Populi and QuickBooks. Within each student account record, the financial tab will then indicate any credit balance due to the student. The Bursar will initiate an aid refund in Populi to record the credit balance refund due to the student, the student’s account in QuickBooks will also be updated and checks printed via this system. Students may also elect to have direct deposit set up by the Bursar.

The Bursar will issue credit balance refunds to students within 14 days unless the student has authorized a credit balance hold via the Authorization Statement. Students with a current credit balance hold will have a tag in Populi indicating this status.

Student disbursement and credit balance records are double-checked with the financial aid records for accuracy and then filed.