Refunds/Overpayments
The Cashier’s office has automated the process of issuing refund checks. All credit balances generated by financial aid will be automatically issued and mailed to your preferred address in the Registrar’s system. Please make sure your address is correct with the Office of the Registrar to ensure you receive your checks.
To simplify the disbursement of your funds, direct deposit is available. If you wish to participate in direct deposit, please go to Colleague Self Service to enter your banking information.
Financial Aid refunds are disbursed within fourteen calendar days from when the credit balance has been created or fourteen calendar days from the start of the term, whichever date is later. Other forms of refunds from adjustments or payments are to be requested.
Tuition deposit refunds are to be requested with Admissions for approval. Room deposit refunds are to be requested with Housing and Residence Life for approval. Please know that any approved tuition or room deposits will be disbursed to the student via check in US dollars. These refunds will not be credited back to a credit card or returned to a bank account.
Note:
If a credit card payment was made to your account within sixty calendar days of the refund date, funds will be issued to the credit card first. Any additional credit that remains will then be issued to you.
The refund of a credit balance is not intended as a final accounting of all charges incurred on your account.
Total Withdrawal and Return of Title IV Funds
When a student receiving Title IV student financial aid withdraws from all courses, the aid must be adjusted in accordance with rules established by the U.S. Department of Education. These calculations may result in the student owing the University a balance.
If you withdraw or stop attending classes before completing 60 percent of the term, a portion of the total federal aid you received, excluding Federal Work Study earnings, may need to be repaid immediately. The amount of federal aid that you must repay is determined via the Federal Formula for Return of Title IV funds. This law also specifies the order in which funds are to be returned to the financial aid programs from which they were awarded, starting with loan programs.
Institutional funds will be reversed if a student withdraws during the add/drop period.
Order of Return of Title IV Funds
- Unsubsidized Direct Loans
- Subsidized Direct Loans
- Federal Perkins Loans
- Direct PLUS Loans
- Other Title IV assistance (not including FWS)
You may be required to make a repayment when cash has been disbursed from financial aid funds in excess of the amount of aid that you earned (based on the date of your total withdrawal) during the term. The amount of Title IV aid earned is determined by multiplying the total Title IV aid (other than FWS) for which you qualified by the percentage of time during the term that you were enrolled.
- If less aid was disbursed than was earned, you may receive a late disbursement for the difference.
- If more aid was disbursed than was earned, the amount of Title IV aid that you must return (i.e., not earned) is determined by subtracting the earned amount from the amount actually disbursed.
The responsibility for returning unearned Title IV aid is shared between the University and you. It is allocated according to the portion of disbursed aid that could have been used to cover University charges, and the portion that could have been disbursed directly to you once those charges were covered. Barry University will distribute the unearned aid back to the Title IV programs, as specified by law. You will be billed for the amount that you owe to the Title IV programs, as well as any amount due to the University as a result of Title IV that were returned that would have been used to cover University charges.
For additional information on refunds to Title IV sources, please contact the Office of Financial Aid at (800) 695‑2279 or (305) 899‑3673.