Student Refund Policy
Student Refund Policy
Student Refund Policy
Types of Refunds
A refundable credit balance may result on your student account because of financial aid or loan payments, over-payments and/or account adjustments. If the credit balance is created because of an overpayment made by check or electronic check, the refund will not be processed for at least ten (10) business days to allow time for the check payment to clear the bank. If the credit balance results from a credit card payment made within the last 90 days, the credit card will be refunded up to the amount of the payment first. Any remaining credit card balance will be refunded through direct deposit or paper check.
Refunds caused by financial aid and loan payments are issued after the initial disbursement of financial aid, which generally occurs a few weeks after the start of the semester. Refunds are processed on a weekly basis during the academic year as aid is credited to the student account. Due to the large volume of financial aid refunds at the beginning of each semester, students must be prepared to wait for checks/direct deposit to be generated as the University audits accounts and validates credit balances. Refunds are processed as quickly as possible but cannot be processed immediately following the generation of the credit balance. Credit balances created with federal Title IV funds will be refunded to the student no later than fourteen days after the credit balance occurred on the student account, unless a student has completed a Title IV authorization to hold the funds on account for the remainder of the academic year. Credit balances that are created by Title IV funds and are refunded via check must be cashed within 210 days. Un-cashed refund checks after the 210 day window will be voided and the resulting credit balance will be returned to the source of the credit.
If the University determines that Parent Plus Loan funds created the credit balance, the University will pay the credit balance directly to the student unless the parent checked the option on the loan application to receive the refund rather than the student and provided a valid address on the loan application.
Methods of Refunds
As part of NCJU’s efforts to provide students with a more efficient process, the University offers Direct Deposit to provide fast, convenient processing of refunds from financial aid or other sources. Students will receive a paper check if they do not opt-in to the direct deposit option. If students elect to continue with the paper check option, they are not allowed to pick up refund checks directly at the Office of Student Accounts, they must be mailed to the home address on file with the Registrar’s Office. For step-by-step instructions on how to enroll in Direct Deposit, please see the “How To..." and Forms section of the Office of Student Accounts website.
Using Title IV Financial Aid to Pay Prior Year Charges
Due to federal Title IV financial aid regulations, NJCU can only automatically apply a maximum of $200 from the current academic year to pay any outstanding prior year charges. In these cases, your credit balance from the current year will automatically be applied the prior year charge of $200 or less.
For prior year balances greater than $200, the student must fill out a Title IV Promissory Note at the Office of Student Accounts which authorizes the institution to issue a refund check which the student would endorse back to the institution for use to pay a previous balance. Students are not required to use this process however it is strongly encouraged to do so to keep the student account in good standing. Direct Deposit is not available for this process. A financial hold flag will remain on your student account until the outstanding balance is resolved. This hold will restrict future registration, issuance of a transcript or release of grades.
New Jersey Unclaimed Property
The New Jersey Unclaimed Property Statute requires the University to remit any unclaimed accounts receivable credit balances or un-cashed student refund checks for New Jersey residents to the Department of the Treasury within three years. This remittance is due no later than October 31st of each year. Residents from states other than New Jersey are subject to the unclaimed property legislation of the state in which they reside.
The University will provide written notice via certified mail to students with unclaimed property prior to remitting these funds to the State of New Jersey. This notice, sent two to three months prior to November, will give the student the opportunity to request payment for these funds in lieu of escheatment to the State of New Jersey. Please contact the Office of Student Accounts for information regarding this program or visit the State of New Jersey Department of the Treasury website at http://www.unclaimedproperty.nj.gov/.