Microsoft Word MU 2009-2010.doc - Methodist University

on an annual basis, but are posted to each student’s account (if fully processed) after thedrop/add period is over. Loan moneys are posted to students’ accounts after receipt fromthe lending institution by electronic funds transfer or, if in check form, after endorsementby the student or parent. The North Carolina Legislative Tuition Grant (NCLTG), NorthCarolina Contractual Scholarship and Military Tuition Assistance (MTA) moneys are notcredited to student accounts until shortly before these funds are received by the school.Students that have not completed their financial aid processing before the end of thefourth week of classes will be subject to dismissal, unless acceptable arrangementshave been made with the Financial Aid Office.b. Moneys from financial assistance awarded by agencies or individuals other thanMethodist University are credited to the student’s account after a copy of such awards isprovided to the Director of Financial Aid, and the award is validated to the BusinessOffice.6. Students who drop/add classes that will change full-time or part-time status must inform theBusiness Office. The students’ charges and financial aid can be affected by a change of status.7. No student who has an outstanding financial balance may participate in graduation ceremonies.8. Students will be charged fully for all classes not dropped by the end of the drop/add period.REFUNDING OF EXCESS FINANCIAL AIDProcedures for refunding of credit balancesCredit balances are created by Financial Aid and payments that exceed charges.Financial Aid ProcessingLoans—Students are not eligible for Stafford and Plus Loan moneys until the drop/add period is over.Once this period is complete, and the student is still enrolled, loan funds are credited to student accounts asreceived. Some students are subject to two loan disbursements instead of one. All assessed charges arededucted from the first disbursement and any credit balance is refunded to the student. The loandisbursement date is not the refund date.State Grants, State Scholarships and Military Tuition Assistance—North Carolina LegislativeTuition Grant, North Carolina Contractual Scholarship, and Military Tuition Assistance moneys are notcredited to student accounts until shortly before the funds are received. The NCLTG is credited beforeOctober 15 and March 15, while the North Carolina Contractual scholarship is credited before October 15and at the end of the drop/add period of the Spring term. MTA monies are credited when received.Pell Grants, Perkins Loans, Institutional Aid, Outside Scholarships, other aid—These forms of aidare credited to the students account after the drop/add period is over, if this aid has been awarded and allpaperwork has been processed and approved. Otherwise, it is credited after processing.Processing of ChargesTuition—Charges for classes are assessed after all drop/adds are processed. This is completeapproximately two weeks after the drop/add period is over.Room and Meals—Charges for room and meals are not completed until all room occupants are verified.This occurs approximately three weeks from the start of classes.Books and Supplies Charged on a Bookslip—Actual book charges are assessed against the studentaccounts approximately one week after the drop/add period is over. This allows the students sufficient timeto charge books and supplies. Students may charge additional purchases throughout the semester if theyhave not exceeded a total of $600 of books and supplies. These additional charges will be billed monthly.Other Charges—Charges for dorm dues, damage deposits, golf and tennis lab fees, entertainment fees,applied music lessons, late registration fees, and other fees are charged within three to four weeks of thestart of classes.Processing of RefundsThe Business Office processes refunds on a first-come, first-served basis. No refunds can be issued untilall charges are posted to all accounts235