Refunds created by federal student aid are automatically issued within 14 days of the receipt of the aid or the start of the semester, whichever is later.
All other refunds must be requested by the student and are subject to review by Student Accounts. Refunds are limited to the total credit balance for all semesters for which the student has been billed.
In all cases refunds are issued in accordance with regulatory requirements and the choices made by the student on the Student Account Authorization form. Refunds are only issued based on funds that have been applied (received) and not on awarded and not applied (unreceived/pending) funds or payments.
Federal Student Aid Regulations:
- Educational Institutions can only apply Federal Student Aid (FSA) to allowable charges which include tuition, fees, book vouchers, residence life room, and meal plans. We need written permission from the student to apply FSA to miscellaneous charges., like parking fees and health services charges.
- Educational Institutions may apply up to $200 of the FSA for the current year to allowable charges from a prior year.
- Educational Institutions must issue refunds due to FSA within 14 days of when the credit balance occurs or 14 days after the beginning of the semester (whichever is later) unless the Educational Institution has your written permission to hold the credit balance on your account.
- Educational Institutions are REQUIRED to to issue refund checks for credit balances due to FSA funds at the end of the loan period or year for which they were awarded even if students have requested credit balances to be held on the account.
Please complete and return the Authorization for Federal Student Aid Form if you wish to authorize AIC to use your FSA funds for miscellaneous charges or to hold credit balances on your account each year.