Students are entitled to a refund of excess financial aid. Financial aid refunds will be issued after the Financial Aid Office has confirmed the student’s aid eligibility and enrollment in class, and the aid has been credited to the student's account.
Credit balances created with Title IV funds will be refunded to the student no later than fourteen days after the balance occurs on the student account, unless a student has completed a Title IV authorization to hold the funds on account for the remainder of the academic year. If the University determines that Parent Plus Loan funds created the credit balance, the University will pay the credit balance directly to the parent borrower unless a Title IV Authorization Form has been signed by the parent authorizing reimbursement to the student.
All checks can be issued electronically via direct deposit once a student sets up an E-Refund profile on the Payment Center. If not, refund checks will be mailed to the address on file with the University, unless authorization from the Office of Student Accounts has been granted for in-person pick up. Checks held at the Office of Student Accounts will be available for pick up no longer than two weeks. Checks not picked up within two weeks of the date the check was issued will be mailed to the address on file with the University.
Credit balances that are created by Title IV funds and are refunded via check must be cashed within 180 days. Uncashed refund checks after the 180-day window will be voided and the resulting credit balance will be returned to the source of the credit.
New Jersey Unclaimed Property
The New Jersey Unclaimed Property Statute requires the University to remit any unclaimed accounts receivable credit balances or uncashed student refund checks for New Jersey residents to the Department of the Treasury within three years. This remittance is due no later than November 1st of each year. Residents from states other than New Jersey are subject to the unclaimed property legislation of the state in which they reside.
The University will provide written notice via certified mail to students with unclaimed property prior to remitting these funds to the State of New Jersey. The notice will be sent two to three months prior to November, giving the student the opportunity to request payment of these funds.
Financial Aid
Felician University is aware that it is increasingly difficult for students to meet the cost of higher education; in response, the financial aid office has a comprehensive program of awards to offset cost for eligible students. Students utilizing the financial aid programs at Felician University are required to pay all term bill charges not covered by financial assistance. Students must show proof of payment in full using personal payments or with the University payment plan by the published due date. Students may contact the Office of Financial Aid for more information pertaining to financial aid assistance.