Title: Student Account Refunds
Procedure No: STO-70
Effective Date: 12/30/2014
Issuing Authority: Student Accounts Office
Contact: Student Accounts at tuition@stolaf.edu or 507-786-3296 or 866-640-4702
Last Updated/Reviewed: 04-01-2021
Purpose of Procedure:
To communicate the timing of student refunds and the process to receive the refund.
Who needs to know these Procedures:
All St. Olaf College students
Procedures:
Credit balances occur due to an overpayment on a student’s account or a financial aid disbursement. If a student would like a refund the student must complete an online Refund Request. Refund requests submitted by Monday at 3:00pm will be processed and typically available that Friday. You will receive an email from the Student Accounts Office letting you know when the refund has been processed.
Students with credit balances as a result of a financial aid disbursement that relates to the following term are able to receive a refund starting the first day of each semester. If a credit balance occurs as a result of federal student aid, a credit refund will be given within 14 days of disbursement. Credit balance refunds for fall semester will only be given up until the due date of the spring semester tuition bill. At that point, any remaining credit balance from fall is credited to spring semester.
Students with credit balances as a result of anticipated payments (such as a payment plan future installment or anticipated work study funds to be applied to the student’s account) will not receive a refund of these anticipated funds. At the time the request is submitted, the balance must be a true credit on the account in order to receive a refund.
If a student will be studying abroad for a semester, and will be requesting a refund, please complete the Direct Deposit Form in order to receive those funds directly to your bank account.
In the case that the student leaves the college and has a credit balance that is $5 or under and does not request this refund in a timely manner, the credit will be written off as long as the credit is not from Title IV funds.