How can I return the credit on my student account to my lender (lender refund)?
What is a Lender Refund?
A LENDER REFUND is the procedure of returning loan proceeds to the lender, which the University is required by Federal guidelines to follow, in cases where a student becomes ineligible for the loan after it was originally disbursed.
This ineligibility may result from the student dropping all classes and therefore no longer being enrolled for the term in question, or withdrawing from a number of units such that he is no longer enrolled for the minimum required. Federal requirements include being enrolled at least half time or 4 graduate units. If you fail to enroll for a sufficient number of units, the loan funds must be returned to the lender within 14 days. There may also be academic qualification issues.
Before you return money to your lender, please be sure that you will not need this money, because you will not be able to get it back once it has been returned to the lender.
- To return a partial loan credit amount to the lender:
- Request a refund on your Student Account
- Deposit the refund money to a personal account
- Send a personal check (with loan information on it) to the lender to be applied toward the loan balance
- If the credit amount is for the full amount of your loan...
- please contact Student Financial Services regarding Loan Cancellation
Parking Structure B, PSB 100, or by phone: 213-740-4077.
Categories: Loans, Refunds & Credit Balances