301.10 - Student Refund

University Group Policy #301.10

Policy Statement

In accordance with federal financial aid policies and regulation, it is the policy of Winston-Salem State University to issue a refund to a student if there is a credit balance on a student's account.

Refunds are made only after a careful review of the student’s eligibility for financial aid and account. They will be computed only when the aid is actually applied to the student account and will not be processed based on a credit balance that is the result of anticipated aid or memo items.

Direct Deposit is the preferred method for a student refund and is the fastest way to refund the student. If the student does not sign up for direct deposit, the refund will be issued in the form of a check made payable to the student and mailed to the student’s permanent address. Refunds will be processed after the end of the drop/add period for each term. This date may vary for summer session terms. The university calendar will provide the exact dates for each term. The first refund payment for each term will be available five business days after the end of the drop/add period. Refunds issued thereafter will be direct deposited or mailed to students on the 15th and last day of the month but not less than five work days from the first refund date. If these days are on a non-business day, the disbursement will be made on the last working day prior to the 15th and last day of the month. The university will post the exact refund dates for each term.

Guidelines

Eligibility for a refund will be determined by the Office of Scholarships and Financial Aid and the Office of Student Accounts and Cashiering. Eligibility for a refund may be impacted by dropping courses or withdrawing from WSSU. Any changes in enrollment or financial aid status may impact refund eligibility and may also require the repayment of all or part of the financial aid received by the student to the funding agency.

The federal financial aid for any student who receives federal financial aid, other than Federal Work-Study, that withdraws or changes his or her enrollment status will be adjusted in accordance with formulas prescribed by the Federal Title IV Program, or WSSU policy, whichever is applicable, as they may be amended from time to time. Students considering withdrawal before the conclusion of a semester are encouraged to contact the Office of Scholarships and Financial Aid in order to obtain a detailed estimate of the financial implication of their withdrawal.

In order for a student to receive a refund when a Parent Plus Loan is part of the financial aid award, the borrowing parent must expressly authorize the distribution to the student by either indicating it on the Parent Plus promissory note or completing a Parent Plus Title IV Authorization form and submitting it along with a copy of a photo ID or in order for the student to receive the refund. The refund will otherwise be issued to the borrowing parent.

Applicability

This policy is applicable to Winston-Salem State University students that receive financial aid.


Responsible Division: Provost and Vice Chancellor for Academic Affairs

Authority: Board of Trustees

History:

  • Adopted: June 6, 2014