Financial Aid Payments Federal Financial Aid Refund Policy When students stop attending classes, officially drop classes, or withdraw from the College, they may have their financial aid payments adjusted to reflect the actual percentage of time that they have attended class(es) and/or other educational activity. This percentage will be calculated by the number of days the student has attended divided by the number of days in the semester. The College and student must return any unearned aid to the appropriate funding sources (i.e. Pell grant, SEOG grant, Stafford Loan). The College will have only thirty (30) days to determine the correct amount of funds the student has earned and notify the student if a refund must be collected for any aid previously disbursed or if there is a balance owed to the College. Students must respond by contacting the Student Financial Services Office within 45 days from the date of the financial aid notification to arrange an acceptable repayment agreement. Students will need to work very closely with the Student Financial Services Office as they stop attending classes, officially drop classes, or withdraw from the College. For questions on how those actions will affect your financial aid package, contact the Student Financial Services Office at (413) 775-1109. When paying your bill with expected financial aid or student loans, consider the following: If you are awarded financial aid or student loans by the due date of your bill and your aid will cover your entire balance, you do not need to do anything further as long as you remain eligible for the grants/loans awarded to you. If you are awarded financial aid or student loans by the due date of your bill but your aid will cover only a portion of your bill, you must pay the difference by the due date of your bill or sign up for the payment plan. If you are not awarded any financial aid or student loans by the due date of your bill you must either pay your bill in full or sign up for the 4-month payment plan. If you do not pay your balance in full and you do not sign up for the payment plan by the due date, you will be charged a late fee of $35 if your unpaid balance is $100 or greater. If you've been awarded financial aid by the due date of your bill If your financial aid award covers the entirety of your tuition and fee bill, your bill will be deferred until those funds arrive on campus (mid-October for fall, early-March for spring). If your financial aid award covers a portion of your bill, you are responsible for paying the remaining amount by the due date. If you cannot pay the remaining balance by the due date, you must sign up for the payment plan. Failure to pay your balance in full or sign up for the payment plan may result in an administrative hold or late fee being applied to your account. If you have not been awarded financial aid by the due date of your bill If you have not been awarded financial aid by the due date of your bill, you must either pay your bill in full or sign up for the 4-month payment plan by completing the Billing Worksheet/Payment Plan Enrollment Form. When participating in the payment plan, your first payment will include one quarter of your bill plus the one-time per term payment plan fee. See payment plan section for more details. If you eventually receive financial aid funds in excess of your balance, the excess amount will be refunded to you during the next refund cycle. In addition, you will not be required to make additional payment plan payments as long as you remain eligible for the aid awarded to you. However, the $35 payment plan fee is non-refundable. If you do not pay your balance in full and you do not sign up for the payment plan by the due date, you will be charged a late fee of $35 if your balance is $100 or greater. If your financial aid is reduced after you've completed your Billing Worksheet/Payment Plan Enrollment Form Financial aid awards are tentative and based on your continued enrollment and other eligibility requirements. If you become ineligible for any award after you have included it when completing your billing worksheet and/or payment plan calculation, you should visit the Student Financial Services Office to revise your payment obligation. Whenever you decide to change your class schedule by reducing or increasing the amount of credits you will be taking, always check with the Student Financial Services Office to determine how it will affect your aid and your tuition and fee bill. If you receive an overpayment of financial aid due to a determination of ineligibility, you will be responsible for any additional balance that results from a reduction in your financial aid. In addition, if you've already received a refund for excess aid that you subsequently became ineligible for, you will be required to repay that amount to the school. Health Insurance and Financial Aid Payments Federal financial aid funds will not pay this charge without your written authorization. Therefore, if you need to purchase the insurance because you are not covered under a comparable insurance plan, and, if you expect your financial aid to pay this charge, you must authorize it in writing by completing the appropriate section of the “Acknowledgements and Certifications” form required by the Financial Aid Office.