AR/Financial Aid Refund Deferral
If you are awarded financial aid, you may be eligible for a refund if your financial aid is in excess of your tuition and fee charges based on your aid eligibility and enrollment status.
Under federal regulations, you need to complete and email this Title IV authorization form (PDF) to Student Accounts. This will allow Fitchburg State University to apply excess funds from Federal Aid to pay non-institutional charges that may be assessed to your student account. These charges may include books, parking permits, housing fines, health insurance, etc.
Student Account Balance and Financial Aid
A student account balance may be satisfied using actual/accepted financial aid awards.
For financial aid to be considered actual, the student must have a completed file with the Financial Aid Office. The offered award must not be indicated as estimated on the award letter. For a Direct Loan or Plus Loan to be used as credit, a signed promissory note must be on file in the Financial Aid Office.
For aid to be considered accepted, the student must have accepted the offered aid on their Web4.
When calculating the balance due, students need to be aware that an origination fee (rate as of Oct. 1, 2020) of 1.057% for direct loans (Ex. $58.00 on a $5500.00 loan) and 4.228% (Ex. $422.80 on a $10,000.00 loan) for PLUS loans are retained by the guarantee agency. Financial aid and loans without a signed promissory note may not be used as credit towards the bill. You may not use federal work study or estimated aid as credit towards your bill.
Once actual accepted aid has been deducted from the semester bill, any remaining balance must be remitted to the Student Accounts Office by the due date indicated on the semester bill.
If the remaining balance is a credit, the student will be refunded once funds have been received from funding sources and disbursed to the student account. Since various funding sources require enrollment verification and some funds are received throughout the semester, refunds may not be available until the mid-point of the semester. Disbursements of loans are dependent on students completing an entrance interview and signing all required promissory notes. It is important for students to respond to notifications from financial aid informing them of these requirements.
Fitchburg State complies with federal recommendations and guidelines. The institutional charges or financial obligations are paid in full before any refund(s) to students are issued. Again, this may not be until the mid-point of the semester, so it is important that students plan accordingly for rent and the purchase of books or other supplies.
If a student fails to complete all necessary paperwork required for their financial aid, their aid may be canceled and the student will assume the responsibility of paying all tuition and fees due to Fitchburg State University immediately.
For further information regarding Financial Aid, please visit Financial Aid.