A credit balance from excess federal student aid, also known as a Title IV credit balance, results when the following conditions are met.
- Total federal Title IV financial aid disbursed to a student's account for a specific loan period exceeds the charges for tuition, mandatory fees, and room and board charged by the University for the same loan period.
- The Title IV aid has been disbursed to the student's account. Pending aid (Estimated Aid on TouchNet's website) is not refundable.
Title IV funds consist of federal student aid awarded from programs administered by the U.S. Department of Education. Title IV funds include:
- Direct Subsidized loans
- Direct Unsubsidized loans
- Perkins loans
- Direct Graduate PLUS loans
- Direct Parent PLUS loans
- Pell grants
- Supplemental Educational Opportunity grants (SEOG)
- Teacher Education Assistance for College and Higher Education (TEACH) grants
Funds provided by any other public or private sources, such as Delaware Valley University scholarships and grants, outside scholarships, state grants (Pennsylvania PHEAA and EAP, grants from other states, and vocational rehabilitation funding), tuition exchange programs, Post 9/11 GI Bill benefits, and federal tuition assistance for active military service members, are not Title IV funds.
Federal regulations require each school to provide a method for students with excess Title IV aid to purchase books and supplies. At DelVal, students with excess Title IV aid are permitted to use pending or disbursed funds to purchase Ram Dollars, which may be used in the DelVal bookstore to purchase books and supplies. If you have a pending or an actual credit balance from excess Title IV aid and wish to purchase Ram Dollars, please review the Ram Dollars Terms and Conditions and visit our office to sign a Ram Dollars application . You may also print the Ram Dollars application from our webpage and fax the signed and completed application to us at 215.230.2972 or email it to email@example.com. This method for purchasing books and supplies is optional. If you wish to purchase Ram Dollars, we recommend that you pre-price your books (new vs. used vs. rental) and supplies and purchase only the dollar amount of Ram Dollars that you need. Ram Dollars do not expire, but they are not refundable after purchase. For more information on Ram Dollars, visit our Ram Dollars webpage.
Title IV refunds will automatically process within 14 days of the application of the aid to the student’s account, in accordance with federal regulations. The only exception is when a student gives specific written permission to hold all or a portion of the credit balance for additional tution and fees during the same loan period, within the limited circumstances permitted by federal regulations.
If the student signs up for an eRefund, the refund will be wired into the banking system by the fourteenth day. Otherwise, the refund will be issued as a check and will be available to be picked up or mailed by the fourteenth day. Title IV refunds resulting from the disbursement from a Plus loan will be processed according to the choice made by the borrower on the PLUS loan application. If the borrower requested the credit, then a check will be issued and be available for pick up or mailed by the fourteenth day.
Students in the graduate and Continuing and Professional Studies programs who borrow federal student loans are more likely to have excess Title IV aid disbursed to their accounts and to be eligible for a Title IV refund. Full-time undergraduates are rarely eligible for a Title IV refund.
If a student's account has credits other than Title IV aid, the Office of the Bursar will determine eligibility for a Title IV refund in accordance with federal regulations