Credit Balance Information

Credit Balance (Refund) Policy

A credit balance will be processed to the student or parent only when there is an actual credit balance on the tuition account. 

Institutional and federal financial aid will disburse to students' tuition accounts approximately 4 to 5 weeks into the term if all of the financial aid requirements are complete. 

2020-2021 Refunding Dates

Fall 2020 - Refunds Available approximately October 14, 2020

Spring 2021 - Refunds Available approximately February 17, 2021

Summer 2021 - Refunds Available approximately June 16, 2021

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, in this order:

  • 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 they 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 it 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 Any credit balances as a result of a TMS payment will not be refunded until the TMS plan is completed and/or withdrawn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 to the student based on the method of disbursement they have selected
  • If a credit balance is a result of payments made by or loans in the name of parents who are separated or divorced, Wentworth will refund to the student

Wire Payments and Credit Balances

  • Wentworth accepts wire payments via Flywire 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 Flywire payer if 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 threshold may not be applied to wire transfers that are originated in Venezuela. Student Financial Services counselors will determine if the above credit balance threshold for wire refunds should be applied to CADIVI/Venezuelan 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 5 weeks into the semester.  If students are planning to use 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: The first or second week of October
  • Spring: The first or second week of February
  • Summer: The first or second week of June
  • Refunds Sent: Within 14 days from the date the credit balance is applied to 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 students who have an anticipated Title IV credit. Student Financial Services will review and process a Title IV advance of up to $750 per semester by identifying Title IV eligible students on the tenth day before the start of the term. The funds must be made available by the seventh day of each term so that students may purchase books and supplies.

Title IV eligible students will be reviewed for an advance if the below conditions are met:

  • Student was packaged for federal aid at the time of review, and
  • Student has submitted ALL requirements for verification, if applicable, and
  • Student will have a Title IV credit balance on their account after "direct" charges, and
  • Student is registered for the semester for which the Federal Title IV credit will be applied

Students who have an outstanding account balance from a prior term are not eligible for a Title IV advance. The delivery of the funds will be based on the student’s refund preference. Student Financial Services will not review the account again for credit increases and decreases until the financial aid disburses for the term.

Students may opt-out of the advance refund by completing a Title IV Advance Opt-Out form and returning it to the Student Service Center.

Credit Balance (Refund) Options

Tuition Management Systems (TMS)/Nelnet is the refund processor for Wentworth students. Student Financial Services enrolls all active students into a refund account with TMS/Nelnet. Upon enrollment, students will receive an email from service@afford.com at their Wentworth email address. Students should follow the instructions in the email to set up their account and manage their refund preference.

The default refund delivery method is paper check, however, we strongly encourage students to sign up for direct deposit after the initial enrollment. Students may change their refund preference at any time by logging into their account at wit.afford.com.

1.) Direct Deposit

Direct deposit is the fastest way for parents or students to receive refunds from the student's tuition account. After being enrolled into a refund account, simply log into the TMS/Nelnet refund account to set up direct deposit using a checking or savings account.

2.) Paper Check

Students will receive refunds as a paper check if they do not change the preference to direct deposit. Please allow 5-10 business days for paper refund checks to be received in the mail. After the initial enrollment into the refund account, students and parents must log into the account to update the address that checks are sent to. Student Financial Services cannot update the address that checks are mailed to after the refund account has been set up.

Important Information

  • 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/