Title IV and institutional Credit Balance policy
Title IV credit balances are identified when Title IV funds have been deposited to a student account and the student ledger is updated. Financial aid administrators and/or student liaisons review the student’s ledger at the time of automatic import. In the Genesis software, if a Title IV credit balance is generated, a negative balance appears in the student’s ledger card. The financial aid administrator and/or student liaison then prepares a Notification of Credit Balance Form provided to the Director of Education, partially completed. The only sections of the form that the Financial Aid administrator and/or student liaison is to complete are: the student’s name, the total credit amount, and at the very bottom of the form indications the proper categorization of Title IV funds into the Genesis software (ex. Rfd Pell Stdnt Curr Yr.; amount; and award year). The refund check is written by the Chief Financial Officer. The CFO notifies a student liaison that the refund check has been written, the student liaison enters the refund into the student’s Genesis student ledger, and the CFO updates QuickBooks with the refund information from the student’s Genesis ledger. The CFO contacts the student at this time to make them aware of the credit balance and whether they’d like to sign for and pick up the check from front desk staff or if they’d prefer it to be mailed.
Before the refund check is provided to the student, the student signs a form requesting that their credit balance is refunded to them and signing that they’ve received their Title IV credit balance (if the check is available at that time). Financial aid administrators are not involved in the process of issuing credit balances to students. They do not provide the Notification of Credit Balance to the student nor do they physically issue the check to the student.
If there is an institutional credit balance, the same process is followed. Students will sign a form acknowledging refund receipt.
Before the refund check is provided to the student, the student signs a form requesting that their credit balance is refunded to them and signing that they’ve received their Title IV credit balance (if the check is available at that time). Financial aid administrators are not involved in the process of issuing credit balances to students. They do not provide the Notification of Credit Balance to the student nor do they physically issue the check to the student.
If there is an institutional credit balance, the same process is followed. Students will sign a form acknowledging refund receipt.
