Financial Aid Refunds
Financial Aid refunds are processed after the beginning of the semester, to ensure students are in attendance. After Financial Aid applies to the student account, a refund (either direct deposit or check) will be processed at the end of the third week of classes. Direct deposits are put into the student's bank account and are processed two times weekly. If a student is not enrolled in direct deposit with their personal bank account on file, a check will be mailed to the permanent address which is processed once per week.
Financial Aid refunds from Federal Title IV Funding cannot pay a previous term balance of more than $200 from tuition, room or board between academic years. Students may receive a refund but still owe a balance from a previous term. To avoid holds and late fees, the remaining balance should be paid to the University.
Any changes or adjustments to a student's account during the semester (e.g., meal plans changes, housing changes, tuition adjustments, etc.) may result in a credit balance. If the student is eligible for a refund, Business Operations must be notified, as a refund check or direct deposit refund will not automatically be processed.
The student account will be reviewed to ensure all charges are paid before final disposition is taken on account credit balance. If it is determined that the student is entitled to a refund, action will be taken to initiate a refund.
Housing Contract Guarantee Refunds
Whenever a student moves out of a hall, the disposition (e.g., forfeit, refund or hold) of the housing contract guarantee is initiated by Residential Life and reported to Business Operations for action. No action on the housing contract guarantee will be taken until all Ferris State University departments have completed their processing action.
If the student is entitled to a refund and there is an account balance, the housing contract guarantee will be applied to the student's account to off-set unpaid and/or unbilled charges (e.g., tuition, telephone, parking tickets, health center, bookstore, emergency loans, etc.)
Any remaining portion or the entire (student accounts with no outstanding unbilled or unpaid charges) housing contract guarantee balance will be refunded and mailed to the student permanent address or direct deposited into the student's bank account, if available.
Please review your Housing and Dining Contract to obtain additional information regarding the housing contract guarantee or contract cancellation processes.
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