NCMC Student Financial Aid Refund Information
What is a refund?
Remaining grant, loan or scholarship money after tuition, fees and book charges have been paid.
Excess Title IV funds occur when the total amount of Title IV aid disbursed to your student account exceeds charges for tuition, mandatory fees, room and board contracted by NCMC, and books/supplies as mentioned above. Federal regulations state that any federal funds disbursed to a student’s account in excess of allowable charges must be refunded to the student (or parent in case of an undergraduate PLUS loan) within 14 days.
When will I get my refund?
Excess Grants & Scholarships
- Friday, September 14th (Fall 2018)
Excess Loan & Program (e.g. VOC, WIOA, TEACH)
- * Friday, September 28th (Fall 2018)
Loans with a second* disbursement
- * Friday, October 26th (Fall 2018)
* Federal Direct loans requested for One Term Only require two disbursements:
Fall and spring:
First Disbursement: 30 business days after the start of the term
Second Disbursement: 60 business days after the start of the term
First Disbursement: 20 business days after the start of the term
Second Disbursement: 30 business days after the start of the term
How do I get my refund?
Option 1 – Electronic transfer to my personal bank account
Receive your refund as a direct deposit (EFT) to your personal bank account of choice. Your refund can be deposited into either a checking or savings account. PLEASE NOTE: Refunds will be deposited into your bank account by the end of the day on the scheduled disbursement dates. As NCMC is not the only business involved in the transaction, a specific time that deposits will occur cannot be provided.
Option 2 – Send my check by mail
Receive a paper check from NCMC through the U.S. mail to the address you have on file with the institution. Please note that it may take 7-14 business days to receive your refund if you choose this option. Any credit balance created by a PLUS Loan that is to be refunded to the borrower will be issued via paper check.
How you receive your refund is dependent upon your selection in the Refund Preference section of myCOMPASS. Your selection will be valid for the entire period that you are enrolled at NCMC, including multiple academic years. If you want to change your refund preference, please note that all changes must be submitted two business days prior to the publicized refund date.
Title IV funds are federal student aid funds, which are from federal student aid programs administered by the U.S. Department of Education. It does not include scholarships or grants from NCMC or other private organizations. A listing of Title IV programs is provided below:
- Federal Pell Grant – A Federal Pell Grant is awarded to undergraduate students who have not earned a bachelor’s or professional degree, and your award amount is based upon your Expected Family Contribution (EFC).
- Federal Supplemental Educational Opportunity Grant – This grant is for undergraduate students with exceptional need. At NCMC, this grant is awarded to as many of the students with a zero EFC as possible. The funding is limited and awarding is on a first-come first-served basis.
- Federal Work Study – The Federal Work Study program is designed to provide jobs for students with financial need to assist with paying for their educational expenses. Federal Work Study wages at NCMC currently coincide with the State minimum wage.
- Federal Direct Loan – Federal Direct Loans are either subsidized or unsubsidized. A subsidized loan is awarded based on financial need, and the interest payments do not accrue until the student begins repayment. An unsubsidized loan is awarded based on cost of attendance, and the interest accrual starts when the loan is disbursed.
- Federal Direct Parent Loan for Undergraduate Students (PLUS) – PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay education expenses. A credit check will be performed during the application process. A student whose parent is denied a PLUS loan, is eligible to borrow additional funds from the Federal Direct Loan program.
- Iraq and Afghanistan Service Grant – Like other federal grants, Iraq and Afghanistan Service Grants provide money to college or career school students to help pay their education expenses. However, Iraq and Afghanistan Service Grants have special eligibility criteria.
For more information regarding Title IV funds: More Title IV Information
Assistance available from Federal, State, Local and Institutional Programs: Review assistance here
How are Title IV funds applied to my student account?
The Department of Education requires that Title IV funds be applied only to specific allowable charges. Allowable charges include: tuition, mandatory fees, and room and board contracted by NCMC. If you are eligible to charge books and supplies to your Title IV funds, you will sign an authorization form at the time of charge at the NCMC Bookstore to allow NCMC to use your Title IV funds to cover your book charge.