Refunding of Credit Balances

A credit balance occurs whenever a student has funds credited to their account which exceeds the total amount of a student's direct charges. Credit balances are refunded directly to the student as soon as possible but no later than 14 days after the first day of classes or the date the funds were applied to a student's account whichever comes last. Regulations stipulate that a student's unpaid charges on their bill must be satisfied before a refund can be processed. 

Federal Regulations also require that the University document that a student begin attending classes in order to be eligible for a refund of a credit balance. Therefore the Office of Student Accounts begins processing refunds once the add/drop period for a college has passed.

 

 

  • All payments that are received on a student account are applied by priority based on the type of payment. Due to federal regulations governing the use of financial aid provided by the federal government some of the grants and/or loans that you receive may only apply towards select charges for the term in which that aid was processed. Therefore, federal aid is applied to a student’s unpaid charges first before any refund can be processed.

  • Regulations require that any excess PLUS loan funds be returned to the parent, if the PLUS loan funds created the credit balance. Student Financial Services determines which funds create a credit balance on a student's account. In the case where the PLUS loan is the only loan on file or exceeds the total aid for a student any resulting credit balance will be refunded to the parent who took out the loan. If a parent wishes to have the funds proceeds from a PLUS loan to be given directly to the student the parent must authorize the Office of Student Accounts in writing to transfer the proceeds of a PLUS loan directly to the student. In cases where the student's non tuition specific financial aid exceeds the amount of a parent PLUS loan all resulting credit balances will be refunded to the student.

  • All payments that are received on a student account are applied by priority based on the type of payment. Due to federal regulations governing the use of financial aid provided by the federal government some of the grants and/or loans that you receive may only apply towards select charges for the term in which that aid was processed. Therefore, federal aid is applied to a student’s unpaid charges first before any refund can be processed.

  • If part of a student's existing credit balance is from a monthly payment plan the Office of Student Accounts will refund the remaining credit balance to the sponsor who is making the monthly payment plan upon the entire monthly payment plan funds being remitted to the University. The amount to be refunded to a sponsor will not exceed the entire amount of the monthly payment plan. The Office of Student Accounts reserves the right to reduce or cancel Monthly Payment Plans as a result of over payments or over budgeting.

  • The Office of Student Accounts will process a credit balance on a student's account to students who have payments on their account with a personal check or electronic check.

  • The Office of Student Accounts will process a refund on a student's account back to the original credit card up to the amount originally charged.

  • The Office of Student Accounts will adhere to any policy or restrictions as they pertain to the payment and in some cases, funds from educational loans may be returned if the third party payment brings a student over their cost of attendance for the academic period in which the third party payment is applied.

Time Frame for Returning an Unclaimed Credit Balance

If Fordham attempts to issue a refund of the credit balance by check and the check is not cashed, then Fordham returns the funds no later than 240 days after the date the Office of Student Accounts issued the check. If a check is returned to the Office of Student Accounts or an EFT is rejected, the Office of Student Accounts may make additional attempts to disburse the funds, provided that those attempts are made not later than 45 days after the funds were returned or rejected. The school must cease all attempts to disburse the funds and return them no later than 240 days after the date it issued the first check.