Title IV Credit Balance Refunds
The U.S. Department of Education policy stipulates if the total of all Title IV funds (Federal Loans and Grants) credited to a student’s account exceeds the current allowable charge, the student is deemed to have a credit balance and is, by law, due a credit balance refund. In compliance with federal regulations Calvin must obtain written authorization from the student (and parents in the case of Federal Direct PLUS Loans) to allow Title IV funds (Federal Loans and Grants) to remain on the student’s account to pay for future charges. These authorizations are completely voluntary and can be revoked at any time. An Authorization to Hold Excess Funds Form is found here:
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The Financial Aid Office will work in concert with the Financial Services Office to identify students for whom a PLUS loan has disbursed.
The Financial Aid Office will evaluate an account balance statement (prepared by the Financial Services Office) for each student to see if any meet the Title IV credit balance threshold as stipulated above. At that point the Financial Services Office will communicate with the student to confirm the details of the distribution of the credit refund. Distribution options for the student are EFT into the account of their choosing or a paper check the student may deposit as desired. In the event that the student has not cashed the check after 240 days from the date of the check issue, Calvin will cease all attempts to disburse any Title IV funds represented in the check to the student and return the funds to the Department of Education in accordance with the Federal Student Aid Handbook.
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