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|Business Affairs - Cashiers|
Payment of Credit Balances
As of July 1, 2011, Western New Mexico University has instituted changes regarding the issuance and payment of credit balances to students due to financial aid disbursements to include Title IV, State, Private and Scholarships posted to their account. A credit balance occurs whenever a student has funds credited to their account which exceeds the total amount of a student's direct charges.
The credit balances are refunded directly to the student or parent as soon as possible but no later than fourteen (14) days after the first day of classes or the date the funds were applied to a student's account whichever comes last (34CFR668.164). Regulations stipulate that a student's unpaid charges on their bill must be satisfied before a refund can be processed (34 CFR668.164)
Federal Regulations also require that the University document when a student begins attending classes in order to be eligible for a refund of a credit balance (34 CFR690.80). To expedite the purchase of books students are given a portion of eligible funds made available to them as soon as possible. The remaining credit balance will be released to students after the add/drop period designated by the Registrar’s Office.
The Business Office will no longer issue checks on campus. All checks will be mailed to the student’s mailing address (MA) in Mustang Express as soon as they have been processed to improve operations of the office staff. If the check is returned due to an incorrect address, the Business Office will make an additional attempt to contact the student, but if unsuccessful any Federal Financial Aid (including Student Loans, Pell Grants, SEOG Grants) in excess of a student’s tuition and fees will be cancelled (equal to the amount of the refund check) (34 CFR668.164). Please contact the Business Office for more information.
To assist students in obtaining the payment of credit balances they can have the funds directly deposited into a checking or savings account by enrolling in the E-Refund option now available to students. Contact the Business Office for more information.