Purpose:

To outline the credit balance retention procedure for financial aid used at Platt College

Revision Responsibility: Director of Financial Aid

Responsible Executive Office: President

Policy Appendices: Permission to Retain Credit Balance Form, Rescind to Retain Credit Balance Form

Created in formal policy: June 6, 2014; Review of Policy Appendices for Accuracy May 18, 2018.

Procedure:

Students are packaged for their maximum financial aid eligibility.  When a credit balance is created from a Title IV source, these funds will be handled based on the student's selection on the Retain Credit Balance Form. 

If the permission to retain the credit balance is not completed by the student or if the student wishes to revoke the current form by completing the Rescind to Retain Credit Balance Form, the excess funds will be returned to the student within 14 (fourteen) calendar days. 

The financial aid department will provide the student information regarding credit balances to help the student make an informed decision.  Credit balance decisions (i.e. rescind, retain, etc.) may be cancelled or modified at any time, however any cancellation or modification is not retroactive.

Students who wish to rescind the credit balance should complete the Rescind to Retain Credit Balance Form.