When the financial aid award and/or cash payments exceed university charges, the student is eligible to receive a refund. The Office of Student Accounts processes refunds of the excess credit balances to students. Funds are available within three (3) days of disbursement from the federal government. Students who borrow from the Federal Stafford Loan Program for the first time here at Oakwood University will receive refunds of the credit balances stemming from loan proceeds at least thirty (30) days after the first day of enrollment per federal guidelines. Entrance interviews must also be conducted with all students before the loans can be released.
General PoliciesThe room deposit will be kept in escrow until at least 30 days after leaving the dorm to allow time for inspection and assessment of any damages. If a room deposit is requested and a student has a debit balance, the university reserves the right to apply the advance deposit to the student account.If a Worthy Student Scholarship is revised, and a balance is created by the Worthy Student adjustment, the student is still responsible for the balance on the student account.If any Federal funds must be to be returned to the government, then Oakwood University must return the federal funds. As required by federal regulations, Oakwood University and the student will be required to return to the Federal Financial Aid Program, the amount of aid that was in excess of aid “earned” for the time period the student was enrolled. If the return of the federal funds results in a debit balance, then the student is still responsible for the balance on the student’s account.
RefundsAs required by federal regulations, Oakwood university and the student will be required to return to the Federal financial aid program, the amount of aid that was in excess of aid “earned” for the time period the student was enrolled. This policy will affect all Title IV aid recipients who fall in one of the following categories regardless of whether or not they are first time students:
Students receiving financial aid should consult with the Financial Aid Office concerning the possible effect of awards received caused by withdrawal or change in course-load. Any remaining balance on account must be paid at the time of withdrawal or dismissal. Direct DepositDirect deposit is available to students who prefer eligible funds to be directly transferred to an individual account electronically. This process will be administered by the Office of Student Accounts, and can only be exercised after the completion of the direct deposit authorization application form. Return of Title IV Funds Sample Calculations*The percentage of the semester completed is the percentage of aid earned. This is calculated by the number of days attended divided by the number of days in the semester. If a student withdrew on the twentieth day of a semester 100 days in length, the student would have only received 20 percent of the aid received (20/100 =2.0). Students who remain enrolled through at least 50 percent of the payment period (semester) are considered to have earned 100 percent of aid received and will not owe a repayment of Federal Aid received.Funds will be returned to the appropriate Title IV programs according to the following listing beginning with student loans to reduce the debt of the student and/or parent borrower:
Students may withdraw from Oakwood University by submitting a “Withdrawal Form” to Financial Aid Office. Calculation of refunds or tuition adjustments shall be based on the date the Registrar receives the signed and completed withdrawal form.
*Examples of refund calculations are available for review in Student Accounts.Satisfactory Academic ProgressAll students applying for, or receiving Title IV Federal Assistance at Oakwood University must progress satisfactorily towards completion of a chosen academic or vocational program.Take note of the following financial information.
Payment PlanPlan I: Cash Advance-YearlyA 10% is given to students who pay 100% of the academic year’s tuition, fees, room, and board in cash* at registration. The discount (10% of tuition only) will be applied at the end of the semester.-Per SemesterA 5% discount is given to students who pay 100% of the semester’s tuition, fees, room and board in cash* at registration (5% of tuition only) will be applied at the end of the semester. Plan II: Monthly Payment PlanResidential & off-campus students are required to pay a deposit of 70% of total costs. Students must pay in the form of cash, money order, certified check, cashiers check, traveler’s check, VISA, MASTERCARD, or AMEX. A bill will be sent every other month to the student and/or financial sponsor. Payments are due on the 30th of each month. TMS/AMSOnce you have met the 70% requirement, you must join one of the monthly payment plan providers for the remaining 30%. For Canadian Students OnlyAll payments in Canadian Dollars will be matched Canadian dollar for US dollar when the official exchange rate does not fall below $.70. For example, if the exchange rate is .65, a payment of CAN $2,000 would be credited to the student’s account as US $1,900. With an exchange rate of .70 or higher, the credited amount would be $2,000. To be eligible for this matching scholarship, all payments must be in the form of cash, money orders, and certified checks in Canadian currency. Furthermore, the matching scholarships are not refundable. Students receiving these matching scholarships will not be eligible for the yearly or semester cash advance discounts.*Cash does not include federal aid (loans, grants, work) or scholarships and subsidies.VIEWING YOUR ACCOUNT & PAYING ONLINE (instructions)
Scroll down to the Min. Amt. Due (This is the amount you need to financially clear)If the minimum amount due is a minus (-) in front of the amount, print your form and fax it to Student Accounts at (256) 726-7133 or bring it to Student Accounts or the Student Info Booth. WE WILL CLEAR YOU.If you chose to pay on line, go to Make a payment. It is not necessary to enter amounts in each category. Pay at least the minimum amount due or greater in the box at the top (the current semester). If you chose not to make a payment on line, mail, or bring a cashier’s check to the Student Account Office.WE WILL CLEAR YOU.If you have documentation that covers the minimum amount due, then fax or bring it to the Student Account Office. WE WILL CLEAR YOU.**’My Account Balance’ will show you the amount that you owe Oakwood University or the amount Oakwood University owes you on the grand total line. If you click on a previous balance (amount in blue), you will see the details of all credits and charges.***’The Course and Fee Statement’ is the estimated bill and is used for registration purposes. Once registration is closed, go to My Account Balance.REMEMBER: You must be financially cleared to attend class. You must inform the Registrar's Office and Student Accounts if you do not plan to return for the semester you entered classes.***You must have a user ID and password to access MYOakwood. First time students are sent that information. Follow the instructions on-line regarding your ID and password.