If the payments to a student's account exceed the charges on the account, 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 -- exceed the amount of the student's charges.

We provide exchange checks from financial aid 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. We will not consider estimated aid when calculating exchange checks.

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 us of the actual award. Stafford and PLUS loans are estimated until we receive confirmation that the loan funds will be sent by the lender.

And, of course, we cannot give back any excess funds until the funds have arrived.

For information regarding refunds due to course withdrawals, please read the section entitled "Withdrawals and Liability".

How students receive their checks:
Students who live on campus will receive notification through campus mail 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. We do not hold checks for students who live off campus.

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.