Fordham University            The Jesuit University of New York
 


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Credit Balances










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 or parent as soon as possible but no late 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 unapid 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.
 
Application of Payments

All payments that are applied to a student account are applied by prioitiy based on the type of payment that is received. Most scholarships and grants including University aid are tuition specific therefore will be applied to the student's tuition charges before any educational loans including but not limited to Stafford, PLUS & Alternative loans.
 
Credit Balance from PLUS Loans

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 finacial aid exceeds the amount of a parent PLUS loan all resulting credit balances will be refunded
to the student.
 
Credit Balances from Educational Loans

All payments that are applied to a student account are applied by prioitiy based on the type of payment that is received. Most scholarships and grants including University aid are tuition specific therefore will be applied to the student's tuition charges before any educational loans including but not limited to Stafford, PLUS &
Alternative loans.
 
Credit Balances from Monthly Payment Plans

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 be refunded to a sponser 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.
 
Credit Balances from Personal Checks

The Office of Student Accounts will process a credit balance on a student's account in the students or parents who have made a payment on their account with a personal check five (5) weeks from the date that the check was posted onto the student's account. If a student wishes to have their refund sooner they will need to submit documentation demonstrarting that the check was cashed by the University and the funds have cleared.
 
Credit Balances from Credit Card Payments

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.
 
Credit Balances from Third Party Payments

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.

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