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Credit Balance Information
Credit Balance Policy
A credit balance will be processed to you or your parent only when there is an actual credit balance on your tuition account.
Institutional and federal financial aid will disburse to your tuition account approximately 4 to 6 weeks into the term if all of your financial aid requirements are complete. Typically, there will not be a credit balance until all institutional and federal aid disburses. Once this occurs and if it creates a credit balance, any remaining credit will be refunded as follows:
- If a credit balance is a result of federal Stafford loans, alternative loans and/or grants, the refund will be issued to the student based on the refund option you choose
- If a credit balance is the result of a Parent PLUS Loan the refund will be issued to the parent borrower. Refunds from proceeds of the PLUS will be issued to the student only if the parent requests that on the PLUS application
- If a credit balance is a result of Tuition Management Systems (TMS) payments, the refund will be issued to the TMS plan payer. Any credit balances as a result of a TMS payment will not be refunded until the TMS plan is completed and/or withdrawn
- If a credit balance is a result of a credit card payment, and the payment was made within the past 90 days, the refund will be credited back to the credit card used for the transaction. If the credit card payment was made more than 90 days ago, the refund will be issued in the form you choose as your preferred method of disbursement
Wire Payments and Credit Balances
- Wentworth accepts wire transfers as one of the methods for students and families to remit tuition payment(s). Wentworth’s policy is to process a wire refund back to the original source if the credit balance is the result of a wire transfer, and the credit amount is $2,000 or more
- Venezuelan Students: Due to the CADIVI requirements and the amount of time required for processing, the above mentioned credit balance amount threshold may not be applied to wire transfers that are originated in Venezuela. Student Financial Services counselors will determine if the above credit balance amount threshold for wire refunds should be applied to CADIVI/Venezuela wires on a case by case basis. If an exception is made that the standard credit balance threshold should not be applied, a student refund will be processed according to the refund preference that the student has selected
Credit Balance Timelines and Expectations
Students can expect to receive a refund from a credit balance within fourteen days from the date the credit balance appears on the their account. In general, credit balances will be processed according to the following timeframe only if all financial aid requirements have been completed. The dates below are approximate and are subject to change.
Credit balances for a specific term will not be processed until after the add/drop period ends for that term. Credit balances are reviewed every week, and a refund is typically processed that same week. Students can expect to receive the refund the following week after a credit balance is created, depending on the payment preference they have selected.
For a majority of students, credit balances are the result of federal financial aid. Financial aid will not disburse until 4 to 6 weeks into the semester. If you are planning on using your financial aid to buy books or pay for living expenses, please budget appropriately to cover those costs out of pocket before being reimbursed by your student loans according to the timeframe below.
Expected Financial Aid Disbursement
- Fall: Around the first week of October
- Spring: Around the second week of February
- Summer: Around the first week of June
- Refunds Sent: Within 14 days from the date of credit balance occurrence on the student's account
Funding for Books and Supplies
In accordance with Federal regulations effective July 1, 2011, Wentworth Institute of Technology must provide funds for Federal Pell Grant eligible students to purchase books and supplies by the seventh day of the term.
Pell eligible students will be reviewed for a Pell advance if the below conditions are met:
- Student was awarded federal aid at the time of review, and
- Have submitted ALL requirements for verification and will have a credit balance on their account after direct
- Charges (tuition, fees, and room and board, if applicable) are covered
- Students who have a previous account balance are not eligible for review
- Registered for the semester for which the Federal Pell Grant will be applied
Student Financial Services Counselors will review and process a Pell advance, up to $750 per semester. Counselors will identify Pell-eligible students on the tenth day before the start of the term. The delivery of the funds will be based on student’s refund preference. Counselors will not review the account again for credit increases and decreases until the rest of financial aid disburses for the term.
You can opt-out of this refund by filling out the Pell Advance Opt-out Form and returning it to the Student Service Center.
Credit Balance (Refund) Options
We have teamed up with Tuition Management Systems (TMS) to offer you different options for receiving any refunds that may be processed from your tuition account. You can choose from the following options for receiving your refunds.
1.) Wentworth Institute of Technology Visa® Prepaid Card
You have the option to receive your credit balance via a prepaid Visa card. The prepaid Visa card can be used anywhere Visa is accepted. This is not a credit card, it is a prepaid, reloadable card that cannot be used unless there are funds on it. Once we process a refund from your tuition account you can expect to have your refund loaded onto the card in as little as 1 business day. Other features of the prepaid Visa card include:
- Bill Pay: Your prepaid card account can be used to schedule automatic payments to anyone you choose.
- Buddy Share: You can share funds with any of your friends who also have a Wentworth prepaid Visa card.
- Reloadable: You, your parents/guardians, and other family members can load funds onto the card at any time.
Some fees do apply with the prepaid card. Be sure to check the fee table included when you receive your prepaid card in the mail. You can access cash from your prepaid card surcharge free using the Allpoint ATM network. There are over 1,400 Allpoint ATMs within 50 miles of campus typically located in national chains like Target, CVS, Walgreens, and 7-Eleven. To find the Allpoint ATM closest to you, visit their website using the following link:
2.) Direct Deposit
You also have the option of having any credit balances from your tuition account sent directly to your existing checking or savings account. You can log into to your Wentworth refund account with TMS and provide your banking information to have your tuition refunds sent by direct deposit. Once we process a refund from your tuition account you can expect the funds to arrive in your bank account in 2 to 3 business days.
3.) Paper Check
You can also receive your credit balance as a paper check. You have the ability to log into your Wentworth refund account with TMS and manage the address you would like the check sent to. Once we process a refund from your tuition account you can expect to receive a refund check in the mail in about 5 to 7 business days. If you do not choose a refund preference your credit balances will be issued to you via a paper check by default.
How to Choose Your Preference
We enroll all active students in a Wentworth refund account with TMS. Upon enrollment, you will receive an email to your Wentworth email address from email@example.com. Simply follow the instructions in the email to set up your account. Once your account is set up you will be able to choose your refund preference. You will have the ability to change your refund preference at any time.
You can manage your refund disbursement preferences at wit.afford.com
Students who choose the prepaid card can manage their card at wit.educatecard.com.
- Any refunds which are a result of a Parent PLUS loan, or another parent loan, will be issued to the payer/borrower as outlined in our policy above. The parent borrower will have the same options to choose from as above. They will receive an email to register for a Wentworth refund account at the email address they used to apply for the loan.
- Any refunds which are a result of a credit card payment will be issued back to the credit card used for the original transaction if the payment was made within the last 90 days. After 90 days the refund will be processed according to your preferred refund option.
- For more information about the school refunds through Tuition Management System visit their website: https://wit.afford.com/
- For more information about the Allpoint ATM network visit their website:http://allpointnetwork.com/default.aspx
Wentworth Institute of Technology Refund and Tuition Adjustment Policy
If you are withdrawing from a 15 week semester and/or course a tuition charge adjustment will be initiated according to the following schedule:
Voluntary Withdrawal Petition received and filed by the Student Service Center by:
- the end of the drop/add period/first week of the semester: 100%* Tuition Charge Reversal
- the end of the second week of the semester: 75% Tuition Charge Reversal
- the end of the third week of the semester: 50% Tuition Charge Reversal
- the end of the fourth week of the semester: 25% Tuition Charge Reversal
- the fifth week of the semester and later: no reversal of tuition charges
- *Any tuition/housing deposits are Non-Refundable
If you are withdrawing from a six or seven week course a tuition charge adjustment will be initiated according to the following schedule:
Voluntary Withdrawal Petition received and filed by the Student Service Center by:
- the end of the first week of the course: 100% Tuition Charge Reversal
- the end of the second week of the course: 50% Tuition Charge Reversal
- the third week of the course and later: no reversal of tuition charges
Non-attendance does not constitute official withdrawal. Tuition and fees will not be adjusted until the Student Service Center receives the official voluntary withdrawal petition from the student.
Students who withdraw from Wentworth should contact the Student Service Center to obtain the appropriate Financial Aid refund schedule as well as to discuss any remaining financial obligations with a Student Financial Services or Financial Aid counselor.
Once a student's withdrawal has been processed Student Financial Services will perform the appropriate tuition adjustment, if applicable, based on the date of withdrawal. After all tuition adjustments have been processed, Financial Aid is required to perform a "Return To Title 4" (R2T4) calculation to determine how much financial aid a student may be eligible to receive. Withdrawn students will then be notified by mail of the details of the R2T4 calculation.
Fees are not refundable. Students are liable for tuition and fees in accordance with the published refund policy.