Credit Balance Authorization Form

Thank you submitting your Student Financial Agreement.

TITLE IV funds are federal funds that are used to pay tuition, fees, room and board. Federal law states that any federal funds in excess of these charges must be refunded to the student, unless SAU is authorized by the student to hold those funds on the student account for other charges (such as health insurance, library fees, transportation, etc.) Federal funds consist of:

• Federal PELL Grant
• Federal SEOG
• Federal Perkins Loan
• Federal Stafford or PLUS Loans

This form is used to authorize SAU to not only apply Title IV funds for charges beyond federally allowable expenses, but for SAU to hold credits from all sources on the student account to pay for any future or miscellaneous charges unless a refund is requested.

The disbursement of Federal Title IV funds will be used to pay in full all Federal allowable charges (tuition, fees, room and board) for the current semester. However, if there are excess federal funds after all allowable charges have been paid, students may authorize the use of these excess funds for other charges that do not fall under the umbrella of mandatory fees, such as minor prior year charges and to other current educational expenses such as, but not limited to books and supplies, library fees, drop/add and withdrawal fees, and graduation fees. Federal allowable charges are first met by federal Title IV funds, then institutional funds, and finally by outside or personal funds.

Additionally, if a credit balance appears on a student account and is the result of a personal payment or from any other alternative payment source, a student may leave this credit on the account to pay for future fees.

In the case of a Federal Parent PLUS loan, the schools require authorization from the parent borrower to apply the funds to the charges beyond allowable expenses. Furthermore, if a refund of PLUS loan funds is requested, it will be refunded to the parent(s). A separate authorization for PLUS Loans can be found on the PLUS Loan application.

I understand that this authorization is voluntary and will remain valid until the completion of my program. I further acknowledge that I may rescind this decision at any time by submitting a written request.

Due to the accelerated nature of the accelerated online format, credit balances are a necessity to forestall any shortfalls or scheduling gaps. Without signature of the credit balance authorization, I understand that I will not be able to attend the accelerated online format.

Any interest earned on the funds will be retained by the institution.
Credit Balance Authorization Form