Other Title IV Refunds
A refundable Federal Student Aid (FSA) credit balance occurs only if the total amount of FSA program funds exceeds allowable charges. The order in which funds are credited to a student’s account does not determine which award creates the refundable FSA credit. Instead, Berkeley applies Title IV aid to direct charges (tuition, fees, and housing) in the following order:
- Federal Parent Loans (FDPLUS)
- Federal Direct Stafford Loans
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants (FSEOG)
Federal Work Study is not directly applied to a student’s account.
Accordingly, most student Title IV credits, if any, will be created by Federal Grants, rather than loans.
When a disbursement of Title IV funds to the student’s account at the school creates a Title IV credit balance, the College will pay the credit balance directly to the student or parent (when applicable) within 14 days after the credit is posted.
- If the student so authorizes in writing, the College will hold Title IV credit balances and apply them toward other regular charges incurred within the same year and award period (as defined below). The student may revoke this authorization at any time. If a student’s aid package includes a Direct Loan, then the “year” is the loan period. If the student’s aid package does not include a Direct Loan, then the “year” is the award year (period of registration between July 1 and June 30). All funds will be returned within 14 days after June 30 of the award year or the award period, whichever comes first. The exception is if the Borrower Based Award Year (BBAY) includes periods before and after July 1. In that case, the credit may be held and applied for the second semester in that period.
With a student's written authorization and under special circumstances, the College may apply up to $200 of an FSA credit balance to a prior year's charges.
Seven-Week Session Students
Federal and Berkeley College Institutional Aid (IA) will be disbursed in full assuming students will attend all courses, including those in session B, which does not begin until the eighth week of the semester. If a course or courses are not attended this can impact (reduce or cause the loss of) Federal Pell, Federal SEOG and IA.
Students who fail to start session B will be responsible for repayment of any refunds the College remits to them based on anticipated Session B attendance. which may result in a balance due.
Neither New York State TAP nor New Jersey State TAG may be disbursed until the 12th credit (making a student full-time) has started. For most students enrolled in sessions, that will mean disbursement cannot be made until the student has attended that course (or courses) in session B, at least once in week eight of the semester.