Disbursement Process

Policy
ACHE policy is to resolve eligible credit balances in student accounts as promptly as possible and in compliance with all applicable regulations before the end of the term in which the credit balance is created. Credit balances may be related to payments from several sources such as personal funds, Title IV Federal Student Aid, grants and scholarships, private loans, and third-party agencies.

Our policies and procedures for handling student account credit balances adhere strictly to federal and other regulatory requirements and vary depending on whether the credit balance is related to Title IV federal aid funds or not.

Definitions
A credit balance results when the total of the credits posted to a student’s account (payments, loan disbursements, scholarships, etc.) exceeds the total of the charges applied for a specific term.

A credit balance eligible for a refund results when all the applicable charges and credits have been posted to the account and his or her eligibility for such funds has been reviewed and confirmed or adjusted based on current eligibility, enrollment or any other applicable conditions.

ACHE will not hold any credit balances eligible for a refund, including excess Title IV funds.

Anticipated funds, including anticipated financial aid, are not considered credits to a student’s account until the funds have been disbursed to the account.

Procedure
The Business Office monitors credit balances daily as they are created in student accounts, review for accuracy of charges and funds posted, as well as possible pending charges. Credit balances related to Title IV funds, per federal regulations, are processed no later than 14 days after either:

• The date the credit balance occurred on the student’s account, if the credit balance occurred after the first day of class of a payment period, or
• The first day of classes of the payment period, if the credit balance occurred on or before the first day of class of that payment period.

Credit balances related to excess Title IV funds are always prioritized first. Refunds of credit balances related to other types of funds receive second priority.

The Business Office will provide notification to students via their ACHE email when refunds are processed. Refunds are issued via Direct Deposit or paper check. ACHE strongly recommends that students use the Direct Deposit (eRefunds) option available through TouchNet. If the student does not choose direct deposit, then a paper check is mailed to their address on file.

ACHE strongly recommends that students enroll in the eRefunds (ACH) option available through TouchNet. Direct deposit payments typically appear in your bank account within 2-3 business days from the time the refund is posted to your student account.

You will receive an activity notification in your ACHE email account when the direct deposit information has been sent to your bank.

Paper checks will be processed once a week and mailed to the address on file, which may delay the receipt of your refund due to processing and postal service. You will receive an activity notification in your ACHE email account when the check has been issued. Refund checks lost in the mail will not be re-issued until 10 business days after it was mailed out. An administrative fee of $25 may be assessed for issuing a replacement check.

Students who are eligible to receive a Title IV, HEA credit balance 10 days before the beginning of the payment period will be provided with their refund to purchase required books and supplies within 7 days of the payment period if they meet the following conditions:

• ACHE could disburse the Title IV, HEA program funds for which the student is eligible; and
• Presuming the funds were disbursed, the student would have a credit balance after the funds were disbursed.

Students who are required to purchase supplies through the school because they are not currently available elsewhere or accessible by students enrolled in that program from sources other than those provided or authorized by ACHE may elect to opt out of using Title IV, HEA funds to pay for these charges.  Students who opt out will be responsible for any charges incurred for these supplies.  To opt out a student would need to complete a Financial Aid Authorization Form, which is available in the Financial Aid Office.

The Office of Financial Aid will return funds to the loan servicer upon written request from the student borrower, even after the loan funds have been disbursed. If you wish to cancel all or a portion of an already disbursed loan, you must notify the financial aid office within 14 calendar days of notification that loan funds have been applied to your student account.

If you submit a loan cancellation request to the Office of Financial Aid later than 14 days after you receive this notification of your right to cancel, the school has the option of cancelling and returning the loan.  If the school declines to return the loan disbursement, you should contact your assigned loan servicer to return the funds.  You have the right to return Direct Loan funds within 120 days of disbursement by the school with the appropriate adjustment of the loan fees and interest.  In addition, Direct Loan funds that are returned by a school at any time to comply with a regulatory or statutory requirement are treated as a partial or full cancellation. Direct Loan funds returned after 120 days or more after disbursement are processed as a payment, and there is no adjustment of the loan fee or interest.

The loan funds must be returned with a written request. If returning the funds through the school will result in a balance due to ACHE, you must pay the balance within 5 business days to the Business Office, or the request will be cancelled. The Loan Change/Cancellation Request Form is available in the Financial Aid Resources Folder that can be accessed by logging into myPortal at achehealth.edu or requested from the ACHE Office of Financial Aid. 

If you have questions about the amount of your refund, contact the Business Office via e-mail or phone at (479) 308-2218.