Refunds and Payment Plans
Refunds & Payment Plans
Credit Balance Refund
If your total financial assistance award for the term is larger than your charges, the difference is called a “Credit Balance.”
“Credit Balances” will be “refunded” to the “Appropriate Party.” Here is an example, using round numbers:
| Example #1 | Total Charges for Term | – | Financial Aid for Term | Balance | To be paid to:
You, or if Parent PLUS loan was borrowed, to person designated by parent borrower in the PLUS loan application |
|
| Credit Balance | $10,000. | – | $12,000 | = | ($2,000) |
What does “Appropriate Party” mean?
If your Parent borrowed from the Parent Loan for Undergraduate Students (PLUS) program, they will have designated whether the “Credit Balance” should be refunded to them (the borrower) or to you (the student). KWU will follow their designation. If there is no PLUS loan in your Financial Aid Award, the “Credit Balance” will be paid to you.
Can I Use My Financial Assistance Award to pay for my textbooks?
If your total financial assistance award for the term is larger than your charges, you are entitled to a “Credit Balance” Refund. (See Credit Balance Refunds above.) You can use that planned credit balance to pay for your textbooks with a book voucher. The earlier you can obtain your textbooks, the better prepared you will be on your first day of class. Working during the Summer and saving your wages is a good way to order your books ahead of the semester. However, if you still would like to use a book voucher, please contact the Student Financial Planning Office in the K Dub Hub for more information about book vouchers.
What if My Financial Assistance Award is NOT Sufficient to Pay ALL of my charges for tuition, etc?
Below is an example of this:
| Example #2 | Total Charges for Term | – | Financial Aid for Term | Balance | Balance Not “Covered” by Financial Aid | |
| Balance Owed | $12,000 | – | $10,000. | = | $2,000. |
If you have a remaining balance of charges not covered by your “Financial Assistance Award, the KWU Payment Selection Form is how you and your family indicate how you want to cover the remaining balance. It is included with your Award Letter, and a blank copy is available to download from the KWU Registrar web page.
In short, the following options are available:
Pay the balance in full prior to the beginning of the term.
Due Dates: Fall Term: August 1 Spring Term: January 1 Summer Term: June 1
| We accept: | ||
| Method of Payment | Where / How do you deliver this? | Notes: |
| Cash | Business Office Pioneer Hall Room 185 | 8-5 PM |
| Check,
Cashier’s checks |
Business Office Pioneer Hall Room 185 | 8-5 PM |
| Mail to:
Kansas Wesleyan University Attn: Business Office PH 185, 100 East Claflin Ave, Salina, KS 67401-6196 |
||
| ATM / Debit Cards,
Credit Cards accepted: Mastercard, Visa or Discover |
Business Office Pioneer Hall Room 185 | 8-5 PM |
| Telephone Business Office at 785-827-5541 to make a payment by phone | 8-5 PM | |
| Online through your MyKWU Portal Account | Your MyKWU portal:
In the section under Current Students, My Account Info, My Account Balances, Make a payment. |
|
Pay the balance by automatic debit from a checking or savings account.
See the Payment Selection form for the dates on which these four (4) equal installments are deducted each term. The First Due Date is Aug. 1 for the Fall term and Jan. 1 for the Spring term. The account must be paid in full at the end of the Semester. See the Special Fees Section of the current catalog for the ACH Payment Plan. This information is available on page 32 of the 2020–21 academic catalog.
There are these additional financial assistance programs, as well:
PARENT (PLUS) LOAN—The Parent PLUS Loan is a Federal Student Aid credit-based loan available to a parent of a dependent undergraduate student. For more information or to apply, the parent should complete “PLUS Loan Application” and “Sign Master Promissory Note” at www.studentaid.gov. Parents need an FSA ID to apply for the PLUS loan. A parent who does not yet have an FSA ID, can create one online.
ALTERNATIVE EDUCATIONAL PRIVATE LOAN—Non-governmental credit-based loans for students, deferred for half-time or greater, and a six-month grace period after school before repayment begins. Apply for the entire year; funds are disbursed each semester. A co-signer is strongly recommended in general but required for freshmen or students with no/low credit scores. Interest rate based upon credit.
KWU does not endorse any particular lender, but a list of possible lenders is located here.
