Financial Aid Disbursements

Payment of Student Credit Balance Policy of Arlington Baptist University

Federal Student Aid Credit Balances

  • By definition of the U.S. Department of Education, a Federal Student Aid Credit Balance only occurs if the total amount of FSA program funds credited to the student’s account for a payment period exceeds allowable charges associated with that payment period.  Allowable charges include tuition, fees, room & board, eBooks online, and prior year charges up to $200.
  • If FSA disbursements to the student’s account create an FSA credit balance, the credit balance is required to be paid to the student (or parent in the case when a PLUS Loan creates the credit balance) no later than 14 calendar days after:
    • The first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period;    
      • The balance occurred if the credit balance occurred after the first day of class of a payment period.  
  • To facilitate the timely payment of a student’s credit balance, Arlington Baptist College requests that a student complete and return to the accounts receivable clerk:
    • An authorization form requesting the payment of the credit balance via direct deposit into the student’s (or parent’s) account and
    • A Direct Deposit form providing the banking information necessary to facilitate the payment
  • The student (or parent) may elect to have the Federal Student Aid credit balance left on the student’s account to pay for future college expenses incurred within the current academic year.  However, if a Federal Student Aid credit balance remains on the student’s account as of the end of the academic year, it will be paid to the student (or parent) by the end of the academic year via Direct Deposit (if the completed Direct Deposit form has been provided) or check.

All Other Credit Balances

  • If after the calculation and disposition of the Federal Student Aid Credit Balance there remains a credit balance on the student’s account, the payment of the remaining credit balance will be according to the following schedule:
    • A credit balance that results from the application of college sponsored aid (scholarships) will be recognized and paid at the end of the semester in which the aid is earned (per the current student catalog).  This Credit Balance payment will be made no later than the last day of the semester via Direct Deposit (if the completed Direct Deposit form has been provided) or check.  
    • A credit balance that results from any other source of payment including private student loans (Sallie Mae, Wells Fargo, etc.), churches, employers, individual donors, students, and/or parents, will be paid to the student as follows:
      • If the student has received Federal Student Aid in addition to other sources of payment, the credit balance will be paid no later than the day after the number of calendar days completed in the semester divided by the total number of calendar days (excluding scheduled breaks of 5 days or more) in the semester exceeds 60%.  
      • If the student has not received Federal Student Aid, the credit balance will be paid:
        • no earlier than the first business day after the fourth week of the semester if the credit balance was created on or before that date.  
        • will be paid the first business day after the credit balance was created if the credit balance is created after the fourth week of the semester.  
  • This type of credit balance may be carried forward to be applied to future college expenses until the student graduates or chooses not to continue to attend.

 

First time loan borrowers to Arlington Baptist University will have a 30 day hold on their loans. Please make sure if this is your first loan that you have gone to the https://studentloans.gov, to complete Entrance loan counseling and sign the Master Promissory Note.

For students who need Block B (fall semester) or Block D (spring semester) to reach the reported full-time status (12 hours) or part-time status (6 hour), initial disbursement will be based on the hours successfully begun during the first 30 (or 45) days of the semester. After successfully completing the first two weeks of their Block B (fall) or Block D (spring) course(s), affected students may then become eligible for previously unearned disbursements based on their fully realized status of full (12 hours) or part-time (6 hours).

Please note that dropping a course may affect a student’s financial aid eligibility. If 60% of the semester has not been completed, when a student drops (or is withdrawn from) a course and that reduction in hours alters the student’s reported status, that student may become liable for previously credited moneys or ineligible for additional moneys as noted above. This could also alter future financial aid eligibility. [See “Satisfactory Academic Progress (SAP)” under “FINANCIAL SERVICES” Tab on our website.]