You may be entitled to a credit balance refund when payments to your student account, including financial aid awards and loan disbursements, exceed your Essex County College tuition, fee and other charges. The Bursars Office will produce a student refund for you in the amount of your credit balance.
Definition of Credit Balance:
A credit balance occurs when the total of the credits or payments posted to a student’s tuition account (e.g., cash, check, charge payments, loan disbursements, scholarships, financial aid grants, etc.) exceeds the student’s charges applied to the account for a specific semester or term.
Credits balances available for refunds are negative (-) balances created on the student’s tuition account after credits or payments have been posted and all applicable and or allowable charges have been deducted. Credit balances can also be created when a paid student drops or withdraws from a class. Please review the tuition refund policy at http://www.essex.edu/bursar/faq/refund-policy/.
Title IV credits are negative (-) balances created on a student’s tuition account after the PELL grant has been applied and all allowable charges have been paid. Title IV allowable charges are current tuition charges, mandatory fees, book charges and prior year charges with the student’s written authorization not to exceed $200.
Time Frame for Paying Credit Balances:
- Title IV or PELL grant credit balances will be automatically issued no later than 14 days from the date the credit balance occurs on a student’s tuition account. Students will be notified via email when their refund is processed.
- For all other credit balance refunds, the refund accountant will run a credit balance report immediately after the add/drop period to process credit balances. Please allow 30 days for processing.
Method of Refunding Credit Balances:
- Cash and check overpayments will be refunded via check and credit card overpayments will be refunded to the credit or debit card account originally charged.
- Financial aid students are encouraged to enroll in direct deposit to have their refund sent via electronic fund transfer (EFT) to a designated bank account. Enrollment forms are available on the college’s website at http://www.essex.edu/fa/forms/ and should be completed and delivered to the Bursars Office in room #4121.
Financial Aid Grant Disbursement & Credit Balance Refund Dates:
Aid Year 17/18
Financial Aid Disbursement Dates
|Summer II 2017||August 4, 2017||August 18, 2017|
|Fall 2017||October 13, 2017||October 27, 2017|
|Spring 2018||February 28, 2018||March 14, 2018|
|Summer I 2018||June 1, 2018||June 15, 2018|