Institutional refunds are issued to a student who has a credit balance on his/her account. The Bursar's Office will issue either an electronic direct deposit to a checking or savings account or generate a paper check. Students choosing the electronic refund method must set up an online Payment Profile as a refund account. The default method of refunding is a paper check.

Electronic Refunds

The College recommends that students sign up for our free electronic refund service. The funds will be quickly and safely deposited into a student’s checking or savings account. Electronic refunds reduce the time it takes to receive a refund; eliminates the possibility of a refund being lost in the mail or stolen from a student’s mailbox; and provides email notification alerting a student that a refund has been processed.

To apply, simply set up an online Payment Profile. Instructions are listed below: 

• Log onto the Ramapo Student Account Management Center:
  https://epay.ramapo.edu/C20169_tsa/web/login.jsp.
• Enter College ID (R#) and PIN.
• Click on My Profiles tab at top of page.
• Click on light blue Payment Profile link.
• Add a Payment Method will appear.
• Click on the drop down to select a Payment Type.
• Click on the Go button.
• Enter Bank Account information
• Click on check box next to Refund Option to designate this payment profile as the refund payment profile.

Paper Check Refund

If a student does not elect to utilize the electronic refunding option, a paper check will be generated is not selected. Checks will be mailed in the following fashion: For students living in housing, checks are mailed to a student's campus mailbox when classes are in session. When classes are not in session, it will be mailed to the student's permanent billing/permanent address; for commuting students, checks are mailed to a student's billing/permanent address. Checks cannot be picked up in the Bursar's Office.

Holding Refunds

If a student is entitled to a refund in the fall term, s/he may elect to have their refund proceeds applied to the spring term by completing a Student Refund Waiver Form and submitting the form to the Bursar's Office. Spring refund proceeds cannot be applied to the following fall term.

Refund Schedules

Students who have excess monies in their account as a result of cash, check, money order, or wire transfer, refunds will be processed and issued the week AFTER the end of schedule adjustment (100% refund period). Students who have excess monies in their account as a result of financial aid, refunds will be processed and issued 30 days AFTER the first day of classes.

The College reserves the right to change costs, dates and procedures at its discretion.

Students who officially withdraw or leave school before 60% of a semester concludes are subject to Federal regulations that determine the amount of Title IV financial aid funds that may be retained and the amount that must be returned.

The amount of Federal aid that must be returned is based on the percentage of time the student attended school during an academic term. Students are entitled to retain only that portion of Federal student aid that they have earned based on their attendance.

The formula through 60% of the payment period is as follows:
(# of days attended)/(# of days in semester)=% of earned Federal Student Aid
100%-(% of earned Federal Student Aid)=% of Federal aid to be returned

A repayment may be required when cash has been disbursed to a student from financial aid funds in excess of the amount of aid the student earned during the term. The amount of Title IV aid earned is determined by multiplying the total title IV aid (other than FWS) for which the student qualified by the percentage of time during the term that the student was enrolled.

If less aid was disbursed than was earned, the student may receive a late disbursement for the difference. If more aid was disbursed that was earned, the amount of Title IV aid that must be returned (i.e., that was unearned) is determined by subtracting the earned amount from the amount actually disbursed.

The responsibility for returning unearned aid is allocated between the College and the student according to the portion of disbursed aid that could have been used to cover institutional charges and the portion that could have been disbursed directly to the student once institutional charges were covered. Ramapo college will distribute the unearned aid back to the title IV programs as specified by law. The student will be billed for the amount the student owes to the title IV programs and any amount due to the college resulting from the return of title IV funds used to cover institutional charges.

As specified in Section 484B of the Higher Education Act, the law also specifies the order of return of Title IV funds to the programs from which they were awarded.

Federal Direct Stafford Loan - Unsubsidized
Federal Direct Stafford Loan - Subsidized
Federal Perkins Loan
Federal PLUS Loan
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (SEOG)
Other Federal Title IV Programs

The College reserves the right to change costs, dates and procedures at its discretion.