May 25, 2020  
2019-2020 Student Handbook and Undergraduate Catalog 
  
2019-2020 Student Handbook and Undergraduate Catalog

Credit Balance Policy


A credit balance occurs whenever the amount of funding applied to a student’s account exceeds the student’s charges in a semester. To ensure consistent and accurate financial records, SEARK College reconciles all credit balances on an account within 21 business days following the beginning of a semester. A Title IV credit balance occurs when the total amount of Title IV funding (Direct Subsidized and Unsubsidized Loans, Plus Loans, Perkins Loans, Pell and SEOG Grants) applied to a student’s account exceeds tuition and fees in a given term/semester. Federal regulations require all Title IV credit balances to be resolved within 14 calendar days of the date the credit is created. Federal regulations require SEARK College to obtain written authorization from students (and parents in the case of Parent PLUS loans) to retain Title IV funding for future charges (additional semesters in same academic year).