A credit balance results when the total of the credits posted to a student’s account (e.g., payments, loan disbursements, scholarships, etc.) exceeds the total of the charges applied or applicable to the account for a specific semester.
A credit balance eligible for a refund is one where all the applicable charges and credits have been posted to the account and the students eligibility for such funds has been reviewed and confirmed or adjusted based on current eligibility, enrollment or any other applicable conditions.
Anticipated funds, including anticipated financial aid, are not considered credits to a student’s account until the funds have actually been disbursed to the account.
Accounts of students on a Payment Plan are not eligible for a refund unless the Payment Plan has been completed and paid in full, and payments exceed the applicable charges.
CREDIT BALANCES AND REFUNDS DUE TO OVERPAYMENT OR OTHER, NON-FEDERAL STUDENT AID FUNDS:
If a student or parent overpays the student’s account, related credit balances will be refunded to the student, unless the student request the refund be made to someone else.
Withdrawal or Leave of Absence (LOA)
If a student’s change of enrollment results in a withdrawal or leave of absence, the level of Federal Student Aid (also known as Title IV funds; for example, Direct Loans, Plus Loans, Perkins Loans, and Pell Grants) awarded may need to be recalculated by Office of Financial Aid, along with any aid earned or not earned by the student, and returned to the federal source or refunded to the student, depending on the specifics of the situation.
In some cases, if a refund was issued and subsequently a balance is created as result a student’s change of enrollment, it is the student’s responsibility to return the funds to the College or pay the balance in accordance with the College’s billing and payments policies, including any applicable penalties and late fees.
Scripps College will automatically issue refunds for eligible credit balances related to Title IV Federal Student Aid funds. Refunds of credit balances related to other types of funds must be requested in writing by using the Credit Balance Refund Form
Refunds can be issued via Direct Deposit or paper check. However, the College’s preferred method of refund distribution is through Direct Deposit.
To enroll in Direct Deposit, Click Here.