Releasing Financial Aid Funds
Pellissippi State releases financial aid refunds one of two ways: *
- Issued by Electronic Deposit.
– Create a refund profile and have the funds deposited electronically to your checking or savings account. (Please see steps below on how to setup your electronic refund profile). Note: Electronic refunds are usually processed first.
- Issued by paper check sent by mail.
– Please verify that the college has your correct MAILING address, because having outdated mailing information may increase the time it takes to receive your check.
Pellissippi State does not release financial aid checks at the Student Account Services window.
*Please note, that if a credit card payment(s) was made for your tuition and fees, the credit card may be refunded up to the amount of the payment following the guidance in (1) below regarding fee adjustments for fees paid by credit card. Any additional refund due would be issued as stated above.
Releasing Refunds for Dropped or Cancelled Class(es)
Pellissippi State will begin processing fee adjustments beginning approximately two weeks after the end of each refund period. It takes several weeks to process all the fee adjustments. The college will deduct from proposed refunds any amount owed by the student to the college.
- Fee adjustments for fees paid by credit card will be credited back to the card used to pay fees. If payment is made with multiple credit card accounts, refunding will be based on the order payment was received, i.e., the last (most recent) card used to make a payment for the current term will be credited first up to the full amount paid on that card, then the second card will be credited, etc. It will be the responsibility of the credit card holders to apportion any refund amongst themselves. If the card used to pay fees is no longer active and the refund is rejected by the issuing bank, the refund will then be sent by electronic deposit if an electronic refund profile is set up or a refund check will be mailed to the student if there is not an electronic refund profile on file. Refunding will begin approximately two weeks after the end of each refund period.
- Fee adjustments for fees paid by Check or Money Order, will be issued by electronic deposit if an electronic refund profile is set up with the college or by paper check if no electronic refund profile exists. Refunds will be issued approximately two weeks after the end of each refund period. Please make sure that your bank account information is current and that Pellissippi State has your correct mailing address, having outdated banking information or mailing information may increase the time it takes to receive your refund.
- Fee adjustments for students on the Deferred Fee Payment Plan will cause a recalculation of installment payment amounts. Students are still responsible for any unpaid tuition, fees, and other charges after fee adjustments are made.
- Fee adjustments for students who receive financial aid may be returned to the financial aid program and/or applied to the balances owed to the college. This also applies to accounts paid by any third party sponsor, such as Vocational Rehabilitation, Veteran’s Administration, Waivers or Discounts.
Steps to Setup Electronic Refund Profile
|Step 1:||Log into your myPellissippi account|
|Step 2:||Select More Options in the Student Self-Service box|
|Step 3:||Select Student Account|
|Step 4:||Select Account Management Center|
|Step 5:||Select Continue (If prompted for your University ID and PIN, your session has timed out. Please completely exit the internet browser and start the process over)|
|Step 6:||Select the Electronic Refund option (If needed, complete the two-step verification enrollment process. Once verification is complete select the Refunds tab)|
|Step 7:||Select the Set up Account button|
|Step 8:||Enter Passcode received for verification|
|Step 9:||Select Verify box|
|Step 10:||Fill out Bank Account Information|
|Step 11:||Select Continue|
|Step 12:||Read agreement & click the check box beside I Agree|
|Step 13:||Select Continue|
KEEP IN MIND:
- Pellissippi State will never take money from your account unless you authorize a payment to the College.
- In order to protect you and your financial information, Pellissippi State does not have access to set up or view your electronic refund profile information.
- If you wish to receive your funds electronically set up your refund profile immediately.
- Once you set up an electronic refund profile it will remain in place until you update or delete the profile. Please be sure and update your refund profile if your banking information changes or if you wish to receive a paper check.
- To receive financial aid funds the following criteria must be met:
- You must be registered and have satisfactory academic progress by attending classes
- Your financial aid must actually be credited to your student account (not a memo/authorized aid entry)
- You must not have any financial aid holds
- Your account balance must be a credit balance
- If this is your first loan, you must complete the entrance interview
- Dropping hours could impact your eligible award amount and/or cause a delay in processing any refund.
- Refunds of less than $5 may be claimed by setting up an electronic refund profile and notifying Student Account Services. Please contact Student Account Services for any questions regarding refunds of less than $5.