Refunds Resulting from Federal Financial Aid
If your student account has a credit balance, you may be entitled to a refund. Refunds are only issued on actual credits, not anticipated credits.
Credit balances resulting from the receipt of Federal Title IV funds (Federal Pell, SEOG, Perkins, Direct Loan, and Direct PLUS) are automatically refunded (if the credit is over $10) to the student for all Title IV credits, except Direct PLUS credits, which are refunded to the parent. Parents, however, can authorize the college to refund excess Direct PLUS funds to the student if they complete a written authorization. If the credit balance is a combination of the two types of Federal Title IV aid, the refund check will be prorated to both student and parent based on the percentage of Direct PLUS loan versus student aid.
Authorization to Refund Excess Direct PLUS Loan
Hold Excess Federal Aid on Student Account
All or a portion of the credit balance can also be held on the student account for the fall and spring semesters if we receive written authorization to hold the funds by either the student for aid referenced above, or by the parent for Direct PLUS loans. All refund or hold authorizations must be received in the business office by the first day of classes.
Bookstore charges are billed separately by the bookstore on a monthly basis. If you have a credit balance on the business office account, you may also complete an authorization to use some or all of this credit balance to meet specified bookstore balances.
Authorization to Hold Excess Federal Financial Aid
Non-federal Aid Related Refunds
Student account credit balances that do not pertain to Title IV financial aid credits can be refunded with written authorization. Credits are created when a payment is more than what is due at the time (overpayment). Adjustments of miscellaneous charges (i.e., library fines, key charges, board plan reductions, etc.) that have already been paid for previously can also create credit balances. The policy for non-Title IV financial aid credit refunds is to hold the credit on the account until authorized to refund that credit balance.
When asked to refund a credit balance, the student accounts team will refund the payer of the student account that created the credit balance. The payer may choose to authorize another recipient (i.e., the student or 529 plan) to receive the refund, however, the student accounts team must have written authorization from the payer to do so. Written authorizations for credit balance refunds should be sent to business-office@reed.edu and sent from the payer who created the credit on the account.
Students may authorize the college to refund excess financial aid, student payroll, or college reimbursements directly to their designated bank account by completing the direct deposit form in IRIS (under the student forms section) or by contacting the business office to request a Direct Deposit Authorization Form and submitting it securely through FileRobot.