Refund Credit Balance Payments
Refunds and Direct Deposit
General Information
Credit balance refunds typically result from schedule adjustments, excess financial aid, or cash overpayments. Regardless of who paid (except for parent loan refunds designated for the parent borrower, or when refunded to a credit card), refunds are issued in the student’s name. Refunds of all eligible credit balances will be processed by Electronic Refund, via Direct Deposit. For a student who has an account balance within the same academic year/loan period, any subsequent disbursements will be held to cover those charges. The University is also able to hold up to $200 for any prior academic year charges.
Direct deposit enrollment is required for most student refunds. If the credit balance on the student account is caused by excess financial aid and the student is not enrolled in direct deposit, a paper check for the amount to be refunded will be mailed to the student's home address on file with the University. Students may update their home address at any time via their Student Portal.
Electronic Refund
Students are encouraged to set up an electronic refund with the Financial Aid Office. Aspen University will electronically deposit students’ excess financial aid or any other account refunds into any US checking or savings account. If an electronic refund is not set up, refund checks will be mailed to the permanent home address on file, which can take several weeks to be received by the student.
Refund of Title IV (federal student aid) Credit Balances
All applicable Title IV credit balances will be automatically processed within 14 days of the posting of financial aid to the student’s account (or 14 days after the first day of the term if the credit balance occurred before the first day of the term). To eliminate the credit balance, a refund via direct deposit or a mailed check will be issued to the student. The student is the only individual authorized to take ownership of the check. The only exception is for student accounts with Parent PLUS loans. During the application and approval process of the Parent PLUS loan, the parent has the option of selecting themself or the student to receive the refund. If the parent selects themself to receive the excess funds, a paper check will be mailed to the address listed on the original loan application. If Aspen University loses contact with a student or parent who is due a Title IV credit balance, the school will return the credit balance to the appropriate Federal Student Aid program/lender.
Outstanding Checks
Checks are only valid for 90 days after the issuance date. Checks that are still outstanding after 90 days will be voided and the funds returned to the federal financial aid program.