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 Billing Office within 45 days from the date of the financial aid notification to arrange an acceptable repayment agreement. Therefore, students will need to work very closely with the Financial Aid 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 Financial Aid office at (413) 775-1109. If you’ve been awarded financial aid by the due date of your bill If you have been awarded financial aid by the due date of your bill, and your aid will pay all or a portion of your bill, you must complete a Billing Worksheet/Payment Plan Enrollment Form. Completing this worksheet will defer payment for only the portion of your bill that will be paid by financial aid funds until the Financial Aid Office disburses those funds to your account. By the due date, you must pay in full any portion of your bill not covered by financial aid funds. If you do not pay your balance in full, by the due date, you must sign up for the 4-month payment plan by completing that section of the billing worksheet. See payment plan section for more details. Before returning your completed worksheet, be sure to read the student certification statement at the bottom of the worksheet and sign and date where indicated. 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 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 Remember, financial aid awards are tentative and based on your continued enrollment and other eligibility requirements. If you become ineligible for any award after you’ve 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 Financial Aid Office to determine how it will affect your aid and your tuition and fee bill. If you ever 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. Paying your health insurance charge with financial aid funds 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 “Acknowlegements and Certifications” form required by the Financial Aid Office. It is possible to have a balance remaining on your account after you’ve received all of your excess financial aid funds in the form of a refund check. For example: If you’ve received your financial aid refund check but still have a balance on your account for insurance, this means you did not authorize your financial aid funds to be used to pay for insurance. Your authorization must be submitted to the Financial Aid office for each semester you are charged for insurance. If you’ve already received your financial aid refund check and you still have a balance for insurance, you must either waive the insurance charge (if eligible) or pay it from your own financial resources. The charge will remain on your account and it will be treated like any other past due balance subject to further collection action until paid in full or waived (if eligible to wiave). In addition, an obligation hold will be placed on your account which will prevent you from receiving any additional services from the college until you’ve dealt with the insurance charge. For additional information about the Student Health Insurance plan, or to complete the online insurance waiver, place your cursor over the “Health insurance” tab and choose your option. For more information on how to authorize financial aid to pay your insurance charge, contact the Financial Aid Office at (413) 775-1109.