Student's Name:
Student SSN:
Campus:
The Higher Education Act states any Federal Student Aid (FSA) awarded to a student in excess of educational charges must be refunded to the student or parent if a PLUS loan is posted no later than fourteen (14) days of the crediting of such funds to the student’s account. A student or parent may voluntarily authorize the institution to hold such credit balance for future charges, or return the credit balance to reduce loan indebtedness.
An FSA credit balance is created when the total of all FSA funds (Federal Grants and Federal Loans) credited to a student’s account exceeds the total of tuition, fees, and other eligible educational charges on a student’s account.
To exercise one or more of these authorizations, please complete and submit this form.
Statement for Issuing a Credit Balance to the Student
(Please select either A or B below related to the Credit Balance Statements and initial one selection)
OR
Statement of the Holding of Credit Balances Due
B.
I authorize the Institution to retain in my account any financial aid proceeds in excess of current year educational related charges and apply them toward future educational related charges that may appear on my account. I understand that any excess funds will be delivered to me at the end of the loan period.
Statement for Applying Current Year Title IV Funds to Prior Year Charges
(Please initial if you authorize this selection)
I authorize the Institution to apply current year financial aid proceeds to prior year educationally related charges up to $200. I understand that all current year educational related charges will be paid first.
Permission to Deliver a Credit Balance from a Parent/Private Loan to Student
(Please initial if you authorize this selection)
I authorize the Institution to release my credit balance created from a Federal Direct PLUS loan, or Private loan (borrowed by someone other than the student) to the student after the current semester charges have been applied against available funds.
Permission at time of Graduation or Withdrawal from the Institution to Return Credit Balance to Lender
(Please initial if you authorize this selection)
I authorize the Institution to refund to the lender any credit balance on my account at time of graduation or withdrawal to the lender to reduce my total loan debt.
This authorization will remain in effect for each subsequent payment period unless student or Parent (if PLUS Loan) withdraw it. To change the above authorization, you need to submit in writing to the Financial Aid Director at your institution
You may withdraw this authorization at any time by providing a revised form to the Financial Aid Director at your campus.
Parents who apply for and are approved for a Federal Parent Loan for Undergraduate Students (PLUS) understand the repayment obligation for the PLUS is fully her/his responsibility. The Parent will re-pay the PLUS loan to the lender as it is a Parent Loan and the parent understands the rights and responsibilities associated with this loan as stated in the paperwork of the Master Promissory Note. |
