Refunds from excess Financial Aid sources are made in accordance with the Student Assistance-General Provisions, Regulations 168.21 of Title IV of the Higher Education Act of 1965, as amended. The Cash Management Office (CMO) prepares refunds every week for those students who have received Financial Aid that results in a credit balance or who have overpaid.
The College disburses Title IV funds by crediting the student’s account. If the student has a Credit balance when the Title IV funds are applied to their account, the College generates a refund to the student via checks for the total credit balance within 14 days of the date the credit balance was created on the student’s account. The College does not mail checks to Post Office boxes. The student can request the College to hold the credit balance on their student account by submitting the Authorization to Hold Excess Funds Form to the Financial Aid Office.
(Note: the college is in the process of finalizing a direct deposit process through collaboration with Transact One. Tentatively scheduled to go live for spring 2023)
The College strongly encourages all students to pick up their refunds within 10 days after notice of a refund. If the student does not pick up the check, checks are mailed via the United States Postal Service to the address that is on file. Checks are not mailed to foreign addresses or PO Boxes.
Refunds are processed by the Cashier’s office within fourteen (14) days after the date the credit balance is generated. A student may authorize Rust College to hold a credit on their account for future charges, but all credits will be refunded at the end of the award year. Students may choose to have the balance held on their student account for future charges provided the student submits the “Authorization to Hold Excess Funds” form to the Financial Aid Office.
**Institutional Scholarships cannot be refunded to the student.
Credit balances that result from a Federal Parent PLUS loan will be refunded or held per the borrower’s written request. Parents may choose to have the balance refunded to them, refunded to the student, or held on the student’s account for future charges provided the parent submits the Authorization to Hold Excess Funds form to the Financial Aid Office. Checks will be mailed to the address on file. If a student or parent cancels an authorization to hold excess Title IV funds, the funds must be paid directly to the student or parent as soon as possible but no later than 14 days after the Business Office receives the notice. Regardless of any authorization provided by the student and/or parent, credit balances that resulted from a federal loan will be refunded to the student/parent at the end of the award year in which they were disbursed. Uncashed and unclaimed refund checks will be credited back to the student’s account and the funds returned to the appropriate federal program from which received them.
DISBURSEMENT SCHEDULE
The first refund resulting from excess Financial Aid for each semester will be available soon after the third or fourth week of class. To receive a refund at that time, your financial aid must have been processed prior to the financial aid deadlines. Financial Aid will be transmitted weekly. The tentative refund dates, as scheduled below, are in conjunction with the disclosure statement, which can be found at studentaid.gov
The tentative first disbursement dates for the year are (Tentative refund dates are subject to change:
Note: These refund dates are tentative and subject to change without notice. To inquire about the availability of a refund, use Sign In – Rust College Self-Service.