Student Financial Services
If your student account shows a credit balance, you may be entitled to receive a refund. Student Financial Services processes credit balance refunds on a weekly basis.
Credit Balance Policy
A credit balance occurs when funds that are credited to a student’s account (such as cash, federal and state financial aid, scholarships, etc.) exceed the amount of institutional charges such as tuition, fees, room and board. Federal regulations require the institution to refund excess federal funds to the student within 14 days of the date the credit balance occurs. Non-refundable institutional charges are lab fees and insurance costs. Room and board will be prorated evenly by the housing department based on the date of withdrawal.
Morehouse College has partnered with BankMobile to deliver student credit balance refunds. BankMobile has committed to delivering 100% of your refund at no cost, providing you with clear choices and offering great customer service. Options availble for receiving your refund include:
- Deposit to your existing bank account – Money is transferred to an existing account the same business day BankMobile receives funds from Morehouse College. Typically, it takes 1 – 2 business days for the receiving bank to credit the money to your account.
- Deposit to a Bank Mobile Vibe checking account – If you open a BankMobile Vibe checking account (upon identity verification), money is deposited the same business day BankMobile receives funds from Morehouse College.
- If you do not select one of the electronic options above, a paper check will be generated and mailed to your address on file.
Parent PLUS Loan Refunds
Credit balances created by PLUS loan funds will be refunded based on the preference indicated by the parent on the federal student aid PLUS loan applicaiton. Parents have the option to eaither have the credit balance refunded to the student via their BankMobile account, or to the parent via a paper check.
Credit Card Refunds
If your student account balance is paid with a credit card and you later have a credit balance due to you, your credit balance will be refunded first to the credit card used to make payment on your account up to the amount of the credit card payment made. Any additional credit balance due to you after the credit card refund has been processed will be refunded based on your refund preference