Refunds

Refunds

Refunds

The University may issue a refund when a credit balance exists on a student's account as a result of any personal payment, financial aid, scholarship, or a combination of payment types that exceed the total of all University charges and fees.  

The University will only issue refunds for a credit balance resulting from an actual overpayment. In addition, we will only be able to process your refund if the credit balance is the result of actual (not estimated) funds.

  • 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, 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.

  • If the refund results from financial aid from any state, local, or private agency, the refund will be processed only after the University receives the funds (i.e., after funds have been disbursed).  Note that the initial monies received by the University will first be applied toward your tuition and fees. For example, if you have taken out a loan for living expenses, and these funds arrive at the University before other financial aid monies are received, the loan will be applied to your tuition expenses.    Overpayments or refunds as a result of financial aid only occur after your tuition and fees have been paid.* 

    NOTE: If your statement includes estimated federal and state funds, and this results in a credit balance on your account, your refund cannot be processed until you sign the required documents in accordance with federal regulations, and the funds represented by these awards are obtained by the University from the federal or state government.

    *Refunds are processed continually during the semester as aid is credited to the student account.
      

Using Title IV Financial Aid Refunds to Pay Prior Year Charges

Because of federal financial aid regulations, Rowan University only can automatically apply a maximum of $200.00 from the current academic year to pay any outstanding prior year charges.  A financial hold will remain on your student account until the outstanding balance is resolved, which would restrict various University services.

Parent PLUS Refunds

If the credit balance on the student account is the result of a Parent PLUS loan, and the parent did not check the option on the loan application for the student to receive any excess funds and provided a valid address on the loan application, then the refund for the Parent PLUS refund will be designated to the parent. 

It is very important to note that parents are not always designated for the refund from a Parent PLUS loan because the Parent PLUS refund MUST be the payment that causes the credit balance on the student account.