Here's how you refund a student's credit balance. Before we get going, a few things:
- If you have enabled the Allow Student Billing users to refund aid credit balances setting in Financial Aid > Settings, you will be able to use this workflow to issue financial aid refunds.
- If enabled, your options here will further depend on what you have selected in the Credit balance refund policy setting in Financial Aid > Settings.
- If not enabled, then you must issue financial aid refunds using a refund batch in Financial Aid > Disbursement Batches.
- In either case, you may use this workflow to issue refunds for non-aid credit balances.
- If you've set up a check template, you can also print a batch of refund checks from Billing > Current > Student Balances.
Refunding an individual credit balance
You may issue a refund when the student has an unapplied payment or credit.
- Go to the student's Profile > Financial view.
- Select Refund Credit Balance. This option will only appear when there is a refundable amount on the student's account.
- Enter the posted date.
- Select the Refund Source. Your options here will depend on the settings mentioned above.
- Enter the amount. You cannot refund more than what is shown in the Max: amount below this field.
- Who will this be paid to? If you select other person or organization, begin typing a name and choose from the results.
- Select the method and enter an optional reference #.
- Select the Asset Account you want this payment to credit.
- Click Save to finish recording the refund.
Depending on your selection for the Aid Refund Policy, these refunds will be given one of these transaction types:
- Aid Refund: This transaction type is applied to any aid refund regardless of source.
- Customer Refund: This transaction type is applied to any refunds of unapplied payments and credits, including those that combine aid refunds with non-aid refunds. If you refund $5000 of a Pell Grant and combine it with a $10 refund of an unapplied credit, it will be considered one, single Customer Refund!
Issuing bulk refunds from the Student Balances report
You can issue refunds to a group of students using this workflow. This method issues refunds for students who have a refundable amount of the Refund Source you choose (even if the report shows students without such an amount).
- Go to Billing > Current > Student Balances.
- Pare down the report by using the filter; you can also check/uncheck individual students to whom you wish to issue refunds. The Refund action will respect your filters and selections.
- Click Actions and select Issue Refunds.
- Enter the refund details—your options here are more or less identical to what you find on Profile > Financial (and are likewise determined by the settings mentioned at the beginning of this article).
- To see who will receive a refund as a result of this operation, click Show Details.
- To finish, click Issue.