The student receives part or all of the credit balance to the student account.
If a student's parent borrows a Parent PLUS Loan, and a credit balance exists after the student has been provided all refunds to which he or she is entitled, SFS will refund the credit balance from the PLUS Loan as appropriate:
- If the Parent PLUS Loan borrower elects for his or her student to receive the refund, the credit balance will be refunded directly to the student.
- If the Parent PLUS Loan borrower elects to receive the refund, any credit balance resulting from the disbursement of Columbia scholarships and a Parent PLUS loan will be refunded to the parent borrower.
- Credits balances resulting from the disbursement of two or more Parent PLUS Loans from different borrowers will be refunded to both parent borrowers proportionally, based on the amount borrowed for the term.
Refunds are issued to the student when at least one parent borrower authorizes refunds released to the student. Upon receipt of this request, all subsequent PLUS loan refunds for the academic year will be issued to the student regardless of subsequent Parent PLUS Loan applications received.
If the parent borrower(s) want to change to whom the refund is issued (parent/student) after an application has been processed, they must complete a Refund Release Form and change the refund recipient. Refund Release Forms are available by contacting SFS and are processed within 10 business days of receipt. The Refund Release Form must be reviewed and approved by SFS prior to the issuance of a subsequent refund for which the parent borrower is requesting the change.