Follow along as Pam Jefferson and Becky Fant provide an overview of how refunds are processed.
Now our office is the office that is responsible for issuing out student refunds. It makes us pretty popular here on campus, so I do want to share with you briefly how we determine what your financial aid or your refund is here at the college.
What we do is we look at all of your financial aid that you have been awarded. This could be your Pell Grant, student loans, scholarships, things of that nature. We consider all of that financial aid. We group it together and get a total.
Then we look at what your total charges are here at the college. This is going to be your tuition and fees. Any bookstore, college, bookstore items that you’ve charged or any parking permits that you may have charged. We look at all of that is items that are charges. We group those together and we get a total.
We take your total financial aid that you have been awarded. We deduct out your total charges and that’s how we determine the amount of your student refund for that particular semester.
Now, as a student, when you’re logged into your myTC account, you may have noticed that you have been prompted to make a refund choice if you’ve not done that already, please do that as soon as possible.
That gives you the ability to customize how you would like to receive your refund here from the college. You do have options that are available.
The first option that you’ll notice online is you can have your refund direct deposited into your personal checking or savings account. Second option is you can select to have the Herring Bank debit MasterCard that’s issued. You can use it anywhere – Walmart, Target, to buy gas. You can select that option if that’s better for you. And Herring Bank will actually mail you out your MasterCard debit card.
Lastly, if you don’t make any kind of preference at all, either direct deposit or by the Herring Bank card, just know that your refund will be issued by a paper check. That’s going to be mailed to the address that’s on file here at the college.
Now as far as refunds, a lot of students now want to know when can you start expecting to receive refunds. Refunds are issued each semester about one month after the first class day for the semester.
So in the fall, typically that’s around the end of September. For the spring, it’s around the end of February, so for the most part you can expect your first refund to come out to you about one month after the first class day.
Now for those of you students who are receiving student loans, just know that your refund is going to be handled a little differently, so I am going to turn it back over to Miss Becky from the financial aid office so she can kind of help you explain and understand how your refund will be handled.
Whenever you receive a student loan here at the college. So with student loans here at Texarkana College, they are divided into 2 disbursements.
So let me kind of explain. So for instance, if you have a Pell Grant and you’re going to get your half of your student loan, it’s going to go against your balance that you have at the business office, and then you’re going to get a possible refund.
The second disbursement for your loan will come out 30 days after that, and any remaining balance is covered. If you had one, and then you could get your a possible second refund. So this kind of explains it much better because not everyone’s charges are the same, and as soon as refunds start coming out, you’ll have students saying, well, I got mine, but you know you didn’t get yours.
So here’s an example. So if you had a $2000 loan, the first person is going to be $1000. Let’s say you had the 700 in charges, then you’re going to get a refund at the first period for $300. Your second disbursement would come out 30 days later, you don’t have any charges left, so you would get the net $1000 after that, or let’s say you got the first disbursement, you got $1000, but your charges were $1200, so there’s nothing to refund because you still owe money. So the second disbursement will come out, it’ll take the remaining charges. So in this case so $200. And then you would get your refund after that period.