Credit balances on the student account are typically issued to the student as the owner of the account. However, there may be instances where the credit balance may be refunded to someone other than the student. The refund priority is:
- Available Title IV credit to the parent borrower of a PLUS loan, not to exceed the amount of the loan
- Any remaining Title IV credit to the student
- Any remaining credit is refunded to a credit card, not to exceed the amount of the payment
- Any remaining credit to the student: Personal payments (cash, ACH web) as well as grants, scholarships and all other credits.
- Any remaining credit that a student is no longer eligible for will be refunded back to the original source of the scholarship or third party agency (if applicable).
According to Federal policy 34 CFR 668.164, when Kent State University disburses Title IV program funds to a student’s account and the total amount of these funds exceeds the amount of institutional charges, Kent State University must refund the resulting credit balance to the student or parent as soon as possible but-
- No later than 14 days after the balance occurred if the credit balance occurred after the first day of class of a payment period; or
- No later than 14 days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period.
When a student with Title IV program funds withdrawals, and has a credit balance on their student account after applying Kent State University’s tuition credit policy and processing a Return to Title IV (R2T4) calculation, Kent State University will refund the credit balance to the student or parent as soon as possible but no later than 14 days from the date the school performs the R2T4 calculation.
For further information on Title IV aid, please visit the Federal Student Aid website.