Paying student credit balances
The University’s policy on paying all Student Credit Balances is modeled after the requirements of Title IV student credit balances. A Title IV credit balance occurs whenever the University credits Title IV program funds to a student’s account and those funds exceed the student’s charges.
Title IV funds consist of federal student aid awarded from programs administered by the U.S. Department of Education. Title IV funds include:
- Direct Unsubsidized loan
- Direct Graduate PLUS Loan.
The University pays by check the excess Title IV program funds (the credit balance) directly to the student as soon as possible, but no later than 14 days after
- The date the balance occurred on the student’s account, if the balance occurred after the first day of class of a payment period; or
- The first day of classes of the payment period if the credit balance occurred on or before the first day of class of that payment period.
Holding credit balances
The University may hold excess FSA funds (credit balances) if it obtains a voluntary authorization from the student. Because FSA funds are awarded to students to pay current year charges, notwithstanding any authorization obtained by the University from a student, the University must pay
- Any remaining balance on loan funds by the end of the loan period, and
- Any other remaining FSA funds by the end of the last payment period in the award year for which they were awarded.
For Information about MUIH Refund Policy click here