Financial aid payments are applied to student accounts after the close of the add/drop period. If a student's account balance is a credit, it is the policy of the University to refund the credit to the student on the 11th day of class for fall and spring semesters and the 8th day of Session 1 for summer school. If a credit balance refund is due the student, the refund is made to the student within 14 days, as required by federal regulations. A refund will be issued only if the student's balance is paid in full. If the credit balance is the result of a parent PLUS loan, the refund will be issued to the parent unless the parent has indicated that the refund should go to the student when the Parent PLUS Certification Form was completed.
The refund will be issued by direct deposit or a check made payable to the student and mailed to the student's mailing address. Direct deposit is the preferred method of refund as it is faster, more secure and costs less. Instructions for setting up direct deposit may be found on the Student Accounts website at http://www.wcu.edu/13115.asp .
Financial aid refunds are processed on Tuesday’s and Friday’s by the Student Accounts Accountant. Credit balances created by the application of financial aid are identified with the Banner TSRRFND report. Direct deposit ACH transactions are created by Bill+Payment. ACH files must be sent to Wachovia Bank by 11:00 a.m. two days before the refunds are to be deposited in the student’s account. Refund checks are mailed to the student’s MA (mailing) address by the Student Accounts Office. Refund checks may not be picked up.
If the student fails to cash a refund check and it is comprised of Title IV financial aid, the funds will be returned to the Department of Education 180 days after the check was first issued. If the refund check is returned to the school or an EFT is rejected, we may make additional attempts to disburse the funds, provided that those attempts are made not later than 45 days after the funds were returned or rejected. No federal funds may be escheated to the state.
If the student fails to cash a refund check, it is not comprised of Title IV financial aid, and the student cannot be located, the funds will be escheated to the State of North Carolina.