Refund Credit Balance Payments
A federal student aid credit balance is created when the total of all federal student aid funds that are credited to a student’s account is greater than the amount of current and prior year (up to $200) tuition, fees, and other educationally related charges that the University charged the student for the payment period. For a student who has an account balance within the same academic year and/or loan period, any subsequent disbursements will be held to cover those charges. The credit balance must be paid to the student as soon as possible, but no later than 14 days after the balance occurs (or 14 days after the first day of class if the credit balance occurred before the first day of class of that payment period). A student may give written consent for Aspen University to hold a federal student aid credit balance beyond the 14-day period; however, the University is required to release a remaining credit balance to the student at the end of the academic year and/or loan period.