Credits on Accounts

If a student has more financial aid than the charges on the account, he/she has a credit on their student account and is eligible to receive a refund for the credit. When looking at your student account, a credit balance will have a “-“ in front of the amount. If the student has signed the Credit Balance Authorization, Student Accounts will hold the credit until either the student requests it or the end of the award year, whatever happens first.

Financial aid is disbursed to the student’s account in the following order:

  1. Institutional Aid
  2. State Aid
  3. Federal Pell Grants
  4. Other Federal Grants
  5. Outside sources – scholarships and grants
  6. Subsidized Stafford Loan
  7. Unsubsidized Stafford Loan
  8. Private Loans
  9. PLUS Loans
  10. Payment from student/parent

When the Refund Comes from Financial Aid:
To Request a Refund:

  1. Students e-mail studentaccounts@cornellcollege.edu to request a refund check. Any requests received prior to Wednesday at noon are issued on Friday.
  2. If a student misses a deadline one week, the check will be issued the following week.
  3. Standard practice is to send the check to the student on campus. If a student wishes to request something different, this must be stated in the request e-mail.

When the Refund Comes From a Parent PLUS Loan or a Payment Made By a Parent:
If a parent borrows a PLUS loan for more than the charges on the student account, a credit is created. If the parent has signed the Credit Balance Authorization, Student Accounts will hold the credit until either the student requests it or the end of the award year, whatever happens first. If the Credit Balance Authorization is not completed, the refund will be issued to either the borrower of the loan or the student, depending on the selection made by the parent at the time of application for the loan.

To Request a Refund:

  1. This request should be sent to studentaccounts@cornellcollege.edu. Any requests received prior to Wednesday at noon are issued on Friday.
  2. If a parent misses a deadline one week, the check will be issued the following week.
  3. A parent may request the refund go to the student on campus or be sent home in the parent’s name.