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Bison Connection

 


What is a Credit Balance?

When the payments or credits applied to an account are greater than the charges or costs on an account a credit balance is generated.  Credit balances sometimes result in the issuance of a refund.  

A credit balance occurs when:

  • Disbursed financial aid such as loans, grants or scholarships exceed account charges.
  • Payments are made in excess of the account balance.

A credit balance can also occur if there is a decrease in charges on an account that has been paid in full. This can occur when: 

  • A waiver is applied to an account after charges have been paid.
  • A student drops a class or withdrawals from a term resulting in a reduction in tuition and fee charges.
  • A student is eligible for a tuition residency change that results in a lower tuition rate.
  • A department decreases charges by issuing a credit for an expense.  This may include credits for housing charges, meal plan charges, bookstore charges, and parking permit.

Refunds

When a credit is posted to an account, whether it is a reduction in charges or a payment (including financial aid) NDSU will apply that credit to any eligible outstanding charges first.  If all eligible charges are paid then the credit may result in a refund. 

Refund processing may be delayed if further review is necessary to ensure the refund is in compliance with federal and state regulations and NDSU refund policies. 

If a student is not fulfilling the requirements to earn financial aid then the NDSU Student Financial Services Office may reverse the financial aid.  

For more information about the return of federal financial aid (Title IV) funds click HERE

Students are financially responsible for outstanding balances due to a return of financial aid.

If a credit is still remaining on the account after all charges have been paid and, if necessary, unearned aid has been returned then a refund is issued.  

Start of Spring Term Refund Distribution Schedule

Spring 2014 

  • January 29th through February 5th Customer Account Services will only process refunds for students enrolled in Direct Deposit.
  • February 6th and 7th from 9:00 a.m. to 4:00 p.m. students may pick up their checks at the Bison Connection Desk in the Memorial Union. 
  • Starting February 10th students may pick up their refund checks in the Customer Account Services office in Ceres Hall 302. 
  • On February 13th refund checks will be mailed to dorm addresses for on-campus students or to home addresses for off-campus students.
    • Update your address on your Campus Connection account to be sure checks are mailed to the correct address. 
    • Refund checks will be mailed on Thursdays of each week. 

Refund Processing

Three weeks after the semester financial aid disbursement date Customer Account Services will resume normal credit balance refund processing. 

  • Refunds resulting from excess aid and/or overpayments with cash or check will be processed Monday, Wednesday and Friday.
  • Refunds for credits from online check payments are processed every Friday.
  • Refunds for credits resulting from Direct Plus loans are processed every Wednesday and mailed to the home address listed for the parent. 
  • Refunds for credits from returned housing deposit payments, paid by cash or check, are processed on Mondays.
    • Housing deposits paid online are processed daily and are refunded to the original form of payment. 

Direct Deposit

Students are encouraged to enroll in direct deposit to reduce the amount of time it takes for them to receive their refund.  

Click to access the NDSU Student Finance Direct Deposit Authorization Form 


Resources from the Consumer Financial Protection Bureau - Learn more about successful money managment decisions for college students.

Student Banking: Managing your College Money

 

 


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North Dakota State University
Phone: +1 (701) 231-6200 / Fax: (701) 231-8297
Campus address: Memorial Union 176
Physical/delivery address: 1401 Administrative Ave., Fargo, ND 58102
Mailing address: NDSU Dept. 5290 / PO Box 6050 / Fargo, ND 58108-6050
Page manager:Bison Connection

Last Updated: Monday, March 24, 2014 3:33:05 PM