Exchange Checks

If the payments to a student's account exceed the charges on the invoice, the Office of Student Accounts will give the excess funds back to the student (unless the excess funds are from a parent PLUS loan, in which case the funds are sent to the parent). These exchange checks generally result when a student's financial aid -- grants and loans -- exceeds the amount of the student's charges.

Exchange checks from financial aid are provided in the order in which the aid is received. For example, if a Stafford loan arrives first, an exchange check would be made out to the student. If a PLUS loan arrives first, the exchange check would be made out to the parent.

The amount of the money to be exchanged is based upon the amount of money already paid plus the actualized financial aid that has not yet been paid, less tuition, fees, and other charges for the semester. Estimated aid is not considered when calculating exchange checks, only actual aid.

Perkins loans are considered to be estimated until the student signs the Perkins Promissory Note. TAP is considered to be estimated until the Higher Education Services Corporation notifies the College of the actual award. Stafford and PLUS loans are estimated until confirmation is received that the loan funds will be sent by the lender.

And, of course, exchange checks cannot be issued on any excess funds until the funds have arrived.


For information regarding refunds due to course withdrawals, please read the section entitled "Tuition Refund Policy".


How students receive their checks:
Students who live on campus will receive notification via email that an exchange check is ready for them in the Office of Student Accounts. A photo ID must be presented to receive the check. 

Students who live off campus will have their checks mailed to them.

Students receiving a refund may also opt for direct deposit of their refund rather than receive an exchange check. Students who wish to have their refund directly deposited into their CHECKING account may do so by simply setting up a payment profile on their account. To do so, select the Student Services tab, then the Money tab, and finally the My Student Account link. Choose the current term, click on "Set up a Payment Profile Now," followed by "eRefunds." Next click on "Set Up Account." Under "Actions," choose "Set Up Account." Enter the requested information in the pop-up box and click "Continue." Read the statement and check "I agree," then hit continue. All refunds will automatically be deposited into this account for as long as the profile exists and does not expire at the end of the semester.

NOTE: If the exchange check is generated due to an overpayment of funds initially paid by personal check, the check will be held 30 days from the payment posting date and the refund will be issued after such date has been met.