Students who have a credit balance on their account are eligible to receive a refund. The type of credit on a students’ account will determine the method of initiating the refund and the length of time for a student to receive their refund. If a student has a Title IV credit on their account then the credit balances related to Title IV federal aid funds, per federal regulations, must be refunded no later than 14 days. If a student’s change of enrollment results in a withdrawal from the school, the level of Federal Student Aid awarded may need to be recalculated by the school’s financial aid office, along with any aid earned or not earned by the student, and returned to the federal source or refunded to the student, depending on the specifics of the situation. The amount of federal aid that may need to be adjusted and the pro-ration of the tuition, if any, are based on the date of withdrawal.
Students who have had a change in enrollment or who are withdrawing from the school must consult their school’s financial aid office to determine a refund. Credit balances may be related to
payments from several sources, including from personal funds; Title IV Federal Student Aid; and non-federal aid funds, such as private loans and grants, and other external awards.
The School 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; changes to expected enrollments status prior to a term, including non-enrollment; changes to academic workload that affect federal or other aid eligibility; leaves of absence; or withdrawal. If a student’s enrollment status changes as a result of withdrawal, the student’s federal aid award may need to be adjusted and this may affect the amount of any refunds.
Depending on the specifics of the situation, 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. If a student or parent overpays the student’s account, related credit balances will be refunded to the student, regardless of the source of the payment. For students who did not enroll during the term for which a credit balance exists in the student’s account, the credit balance will be refunded to the student. If a credit balance on a student’s account is related to other, non-Title IV Federal Student Aid funds (for example, external awards, such as scholarships, grants, or private loans) the credit balance in the account may be reduced, may be returned to the source, or may be refunded to the student, depending on the specifics of the situation and the conditions of the award.
Piberry monitors student credit balances daily and also review student accounts for accuracy of charges and funds posted, as well as possible pending charges, and 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 by 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, the school may 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.