A credit balance from excess federal student aid (FSA), also known as a Title IV credit balance, results when the total federal Title IV financial aid disbursed to a student's account for a specific loan period exceeds the charges for tuition, mandatory fees, and room and board contracted by the Delaware Valley University for the same loan period.

Title IV funds consist of federal student aid awarded from programs administered by the U.S. Department of Education.  Title IV funds include federal Direct Subsidized and Direct Unsubsidized loans, Perkins loans, Direct Graduate PLUS loans, Direct Parent PLUS loans, Pell grants, and Supplemental Educational Opportunity grants (SEOG). Funds provided by any other public or private source, such as Delaware Valley University scholarships and grants, state grants (Pennsylvania PHEAA and EAP, grants from other states, and vocational rehabilitation funds), tuition exchange programs, Post 9/11 GI Bill benefits, and federal tuition assistance for active military service members, are not Title IV funds.

We are required by federal regulations to provide a method for students with excess financial aid to purchase books and supplies if they have not received a refund by the seventh day of a new term. Students who have been awarded excess financial aid are permitted to use their pending or disbursed funds to purchase Ram Dollars, which may be used in the DelVal bookstore to purchase books and supplies. If you have a pending or an actual credit balance from excess financial aid and wish to purchase books and supplies with Ram Dollars, please review the Ram Dollars Terms and Conditions and visit our office to sign a Ram Dollars application in person or print the Ram Dollars application from our webpage and return the signed and completed application to us by fax at 215.230.2972 or by email at bursar@delval.edu. This method for purchasing books and supplies is optional. Before purchasing Ram Dollars with your excess financial aid, we recommend that you pre-price your books (new vs. used vs. rental) and supplies and only purchase the amount of Ram Dollars that you need. Ram Dollars do not expire, but they are not refundable once they are purchased. For more information on Ram Dollars, visit our Ram Dollars webpage.

Title IV refunds will be automatically processed within 14 days of the application of the aid to the student’s account, in accordance with federal regulations. The only exception is when a student has given specific written permission to hold all or a portion of the credit balance for additional coursework during the same loan period, within the limited circumstances permitted by federal regulations.

If the student has signed up for an eRefund, the refund will be wired into the banking system by the fourteenth day. Otherwise, the check will be available to be picked up or mailed by the fourteenth day. 

Students in the graduate and Continuing and Professional Studies programs who borrow federal student loans are most likely to have excess Title IV aid disbursed to their accounts and to be eligible for a Title IV refund. It is rare for a full-time undergraduate to have a Title IV credit balance.

The timing of disbursement of financial aid from multiple sources does not affect the calculation of excess Title IV funds.

Please see the examples below to help you determine whether you may have an excess of Title IV funds.

Title IV Calculation Example

Account Holder
Mr. Del University

Charges

Payments/Credits

Balance

Tuition – Full Time Day

$16,598.00

 

$16,598.00

Student Activity Fee        

$100.00

 

$16,698.00

Comprehensive Fee 

$930.00

 

$17,628.00

Residence Hall Fee

$2,868.00

 

$20,496.00

Meal Plan

$3,391.00

 

$23,887.00

Benefit Grant

 

$1,000.00

$22,887.00

Faculty Scholarship

 

$8,000.00

$14,887.00

PHEAA Grant

 

$2,174.00

$12,713.00

Direct Subsidized Loan

 

$2,737.00

$9,976.00

Direct Unsubsidized Loan

 

$990.00

$8,986.00

Federal Direct PLUS Loan

 

$9,500.00

-$514.00

The above table shows that Mr. Del University received financial aid from federal, state, and University sources. He has a credit balance of $514.00 on his student account because his total financial aid ($24,401) is greater than his total charges ($23,887). His credit balance is not a Title IV credit balance, because the $13,227 in Title IV aid (Direct Subsidized, Direct Unsubsidized, and PLUS loans) is less than his total allowable charges of $24,401 (tuition, mandatory fees, room, and board). There is no excess of Title IV aid. The timing of disbursement of his aid does not affect the calculation of excess Title IV funds. Del is eligible for a financial aid refund, but he does not meet the requirements for a Title IV refund.

In contrast, the table below shows an excess of Title IV funds.  Mr. Val University is receiving only federal Title IV aid. In his case, the total Title IV funds ($24,427) exceed the total allowable charges ($23,887) by $540.  Val is eligible for a Title IV refund.

Account Holder
Mr. Val University

Charges

Payments/Credits

Balance

Tution – Full Time Day

$16,598.00

 

$16,598.00

Student Activity Fee        

$100.00

 

$16,698.00

Comprehensive Fee

$930.00

 

$17,628.00

Residence Hall Fee

$2,868.00

 

$20,496.00

Meal Plan

$3,391.00

 

$23,887.00

Direct Subsidized Loan

 

$2,737.00

$21,150.00

Direct Unsubsidized Loan

 

$990.00

$20,160.00

Federal Direct PLUS Loan

 

$20,700.00

-$540.00

Note:  The dollars amounts shown are for illustrative purposes only and may not reflect current rates for tuition, fees, room, board, and financial aid.