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  7. Policy on Student Aid Refunds

Policy on Student Aid Refunds

The FSA (Federal Student Aid) Regulations administered by the U.S. Department of Education allow a school to apply all Title IV financial aid directly to a student’s institutional charges (student fee account). Bradley University requires all financial aid to be applied to a student’s account. If a student has more financial assistance than the amount of their institutional charges this creates what is referred to as a credit balance. FSA regulations require a school to process the credit balance directly to the student or parent in the form of a refund. However, the U.S. Department of Education does not specify how a school must determine which FSA funds create the credit balance to be refunded.

Bradley University has instituted the following procedures for applying student aid to a student fee account. Keep in mind that a student’s individual financial assistance package will vary and may not contain all types of awards listed.

Order of Application of Student Aid Against Tuition, Fees, Room and Board Charges:

  1. Federal Title IV Aid- Pell Grant, PLUS Loan/Federal Grad PLUS Loan, Stafford Loans, Perkins and Nursing Loans
  2. All other Title IV grants
  3. State of Illinois MAP Grant
  4. Private Loans
  5. External Scholarships
  6. Bradley Financial Aid

Based on this application of aid, refunds will generally be processed in the student’s name and per the student’s request will be mailed to the permanent home address, applied to the QuickCash account or deposited directly to a bank account.

Also, all federal loan documents must be electronically signed and private loan funds received before a refund can be processed.

Refunds of $1.00 or less will not be processed.

Policies and Procedures