If you would like the Seminary to hold your cred it balance instead of refunding it to you, Department of Education regulations require that we obtain written authorization. A credit balance occurs when the Seminary credits Federal Student Aid (FSA) funds to a student’s account and the total amount of those funds exceed the student’s allowable charges.
This is a voluntary authorization and is valid from the date that the school receives it from the student. The student may also cancel this authorization in writing at any time and the cancellation likewise takes effect on the date that it is received. In such cases, the excess funds will be refunded too you within 14 calendar days after the Seminary receives your cancellation request.
I authorize Midwestern Baptist Theological Seminary to hold a credit balance from Federal Student Aid on my account for the following amount and purpose(s) (e.g. future tuition charges, rent, utilities, other educational related expenses). I acknowledge that interest will not be earned on these balances.