Student Loan Refunds: Liberty University's Payout Timeline

Students at Liberty University can expect their student loan refunds to be processed within 4 days of the funds being paid to their student account. The timing of disbursement is based on the number of credit hours a student is enrolled in and the type of aid they are eligible for. For example, federal student loan disbursements occur 21 days after the start of the sixth credit hour for undergraduate and master's students, and the third credit hour for doctoral students. Students can choose to receive their refunds through BankMobile Disbursements, and they may also request an early refund of up to $3,000 of their anticipated credit. It's important to note that admission deposits and fees are non-refundable, and the percentage of tuition refund varies depending on when a student withdraws from their courses.

Liberty University's tuition refund schedule

• A student who withdraws from all courses during the first week of enrollment will receive a 100% tuition refund.
• A student who withdraws after the first week but before the end of 7 weeks will receive a 50% tuition refund.
• A student who withdraws after 7 weeks, but before the end of 13 weeks will receive a 25% tuition refund.
• A student who withdraws after 13 weeks is not eligible for a tuition refund.

For students on clinical rotations, the number of weeks used to determine the tuition refund will be based on the number of weeks the student attended up until the date of withdrawal, excluding any gap weeks.

Additionally, student-doctors at the College of Osteopathic Medicine have the option to request an early refund of up to $3,000 of the current anticipated credit on their account. Early refunds are released on the first day of class or rotations, provided that the student is in good academic standing and has completed the Financial Check-In (FCI).

It is important to note that admission deposits and all fees are non-refundable. Students with excess funds in their account from financial aid credit may receive a refund after all direct educational expenses have been paid. Account refunds are generated at specific times throughout the semester, typically within 4 business days after disbursements, although the U.S. Department of Education allows up to 14 days for processing.

How to request a refund

To request a refund from Liberty University, you must follow the steps outlined on the official website. Here is a detailed guide on how to do this:

Understanding Your Refund Options:

Before requesting a refund, it is important to understand the different types of refunds available and the eligibility criteria. Liberty University offers refunds for various scenarios, including tuition refunds for course withdrawals and refunds for excess funds in your account from financial aid credit. The eligibility criteria and refund schedules vary depending on the specific situation.

Identifying Your Refund Type:

Determine whether you are seeking a tuition refund or a refund for excess funds in your account. The procedures for each type may differ. For example, tuition refunds are subject to specific deadlines and percentages based on the timing of your withdrawal, as outlined in the Tuition Refund Schedule.

Submitting a Tuition Refund Request:

If you are seeking a tuition refund due to course withdrawal, review the Tuition Refund Schedule to understand the applicable refund percentage. You can then submit your request through the appropriate channels, which may include completing and submitting the necessary forms, either online or in person.

Requesting a Refund for Excess Funds:

If you have excess funds in your account from financial aid credit, you may be eligible for a refund. Log in to your student account and review your financial aid information. If you have an excess of funds, you can select the "Refund my credit" option to authorize Liberty University to process the refund. You will then be able to choose a refund option offered by the university's refund management provider, BankMobile Disbursements.

Completing the Refund Request Form:

When requesting a refund, you will need to provide specific information and follow a structured process. This typically involves completing a Refund Request Form, which includes sections for contact information, reference details, the amount of refund, and the reason for the refund. Ensure that you submit the form by the relevant deadline to avoid any delays in processing.

By following these steps and referring to the official Liberty University website for the most up-to-date information, you can effectively request a refund and understand the specific procedures and requirements that apply to your situation.

How to hold a credit balance

At Liberty University, federal student loan disbursements typically occur 21 days after the start of your sixth credit hour (or third credit hour for doctoral students). Eligible credits are scheduled to be refunded four business days after disbursements, but the university has up to 14 days to process refunds.

Now, if you're asking about how to hold a credit balance in the context of Liberty University, here's some information I found:

To authorize Liberty University to hold any excess federal aid disbursements on your account for future charges, you can select the "Hold my credit" option. By doing this, you are instructing the university not to process a refund for any credit balance from federal aid disbursements. However, please note that any credit balance from federal aid must be refunded to you or returned to the U.S. Department of Education before the end of each academic year.

General Information on Managing Student Loan Credit Balances

• Know Your Loan Details: Understand the specifics of your student loans, including whether they are private or federal, monthly payment and due date, current and principal balances, interest rates, and servicer. This information can be found through your loan servicer, on StudentAid.gov, or by checking your credit report.
• Explore Repayment Options: Familiarize yourself with repayment plans, such as the Saving on a Valuable Education (SAVE) plan, which offers low monthly payments and reduced times to loan forgiveness. Compare plans based on monthly payments, total interest, and other factors to find the best fit for your financial situation.
• Make Timely and Full Payments: Protect your credit by making your payments on time and in full. While late fees are not charged for federal loans owned by the Department of Education, negative amortization can occur if your payments do not cover monthly interest charges, causing your loan balance to grow.
• Consider Strategies for Reducing Debt: Evaluate your budget and explore strategies to reduce debt, ensuring that your student loan payments fit within your financial plan. You may also request a different due date if it would help you make timely and full payments.
• Take Advantage of Benefits for Servicemembers: If you are a servicemember, you may be eligible for benefits such as interest rate reductions under the Servicemembers Civil Relief Act (SCRA) or the Direct Loan program for those serving in hostile areas.
• Avoid Using Credit Cards for Repayment: While it is possible to use a balance transfer credit card to pay off your student loans, it is generally not advisable due to potential fees, high-interest rates, and limited benefits.

Remember to stay informed about your specific loan details and explore the various options available for managing your student loan credit balances effectively.

Disbursement and refund differences

At Liberty University, federal student loan disbursements typically occur 21 days after the start of your sixth credit hour (or third credit hour for doctoral students). Eligible credits are then refunded four business days after disbursements, although the U.S. Department of Education allows universities up to 14 days to process refunds.

Disbursement and refund are two different concepts in the context of financial aid for students. "Disbursement" refers to the college officially releasing your financial aid funds to pay your school charges for the semester. This usually happens after your attendance for the semester has been confirmed. On the other hand, a "refund" refers to any excess financial aid, such as grants, loans, or refundable scholarships, that was not needed to cover your school charges. This excess amount is then sent to the student, who can use it for any purpose outside of college.

At Liberty University, you can choose to receive your refund through BankMobile Disbursements, an electronic method where you can select your preferred refund option. Alternatively, you can choose to have Liberty University hold any excess federal aid on your account for future charges by selecting "Hold my credit". If you do not authorize the university to hold a credit balance, the excess federal aid must be refunded to you or returned to the U.S. Department of Education before the end of each academic year.

It is important to note that not all fees are refundable at Liberty University. For example, admission deposits and certain fees, such as the late Financial Check-In fee and Payment Plan Participation fee, are non-refundable. Additionally, the eligibility for a tuition refund upon withdrawal from courses depends on the number of weeks completed before withdrawal.

Federal student loan disbursements

Students can choose a refund option from the university's refund management provider, BankMobile Disbursements. If you need assistance, you can contact ID & Campus Services.

If you have not received a refund from a loan credit balance and wish to reduce or cancel the loan disbursement or a future loan prior to disbursement, you should complete the electronic Federal Student Loan Change Form available in ASIST under "Financial Aid Forms." You may make interest-only payments while in school. If a refund has been paid from a student loan credit balance, the student can pay the refund to the applicable student loan servicer.

For credit balances not made up of federal aid, you may submit a refund request to the Student Accounts Office. A refund from credit or debit card payments will be refunded to the original payment card.

Please note that admission deposits and all fees are non-refundable. A student who withdraws from all courses during the first week of enrollment will receive a 100% tuition refund. A student who withdraws after the first week but before the end of the seventh week will receive a 50% tuition refund. A student who withdraws after seven weeks but before the end of 13 weeks will receive a 25% tuition refund. A student who withdraws after 13 weeks is not eligible for a tuition refund.

Frequently asked questions