Credit Balance Refunds Credit balances are available from the Business Office on the following schedule: Students not receiving federal assistance may request a refund at any time after the second day of class- es. Students receiving any federal assistance (Pell, SEOG, Subsidized and/or Unsubsidized Stafford Loans) will automatically receive a credit balance return on the schedule outlined below unless the student has submitted a written request for Avila University to maintain a credit balance on his/her account. Credit balances resulting from these federal monies must be issued to the student by the 14th day following the beginning of class or the receipt of funds by the University (whichever occurs last). Federal Perkins Loan papers must be signed in order to be included in any credit balance returns. Refunds for Perkins Loan proceeds will be  available  on  the  14th  day  following  the  beginning  of  class  or  the  completion  of  the Promissory Note by the student (whichever occurs last). In instances where credit balances are created by funds paid from outside sources (such as business, government and banks), the money must first be received by Avila University in order to issue a disbursement check to the student. An authorization to bill an outside source does not create a credit balance. •  Federal Stafford Loan, Federal Unsubsidized Stafford Loan and/or Perkins Loan recipients: a.  Remember: Loans of any type must be repaid whether or not you graduate or are satis- fied with the education you receive. Borrow wisely! b.  For first-year, first-time undergraduate borrowers, loan proceeds will not be disbursed until 30 days have expired from the first day of classes. At that time, after class atten- dance and academic progress have been verified, loan checks may be endorsed by the stu- dent or wire transfers received by the University. Any refunds resulting from this occur- rence will be issued on the 14th day after funds are received by the University. c.  For all other borrowers: Avila University regulations will not permit credit balances generat- ed by these loans to be returned until classes have begun and attendance has been verified. When the loan check is endorsed or a wire transfer received before classes begin, the refund of a credit balance will be available on the 14th day following the beginning of classes. If the loan check is endorsed or a wire transfer received after the beginning of classes, the refund of a credit balance will be available on the 14th day following the receipt of the loan proceeds. Residence Hall Refunds Students who have been granted a withdrawal from the University may check out of the resi- dence halls and receive refunds as follows: •  If within the first seven calendar days of the semester, students will receive a full refund of their total room and board fees minus $100.00 administrative fee. •  After the first week of classes, refunds will be calculated by dividing the total amount of their room and board contract by the number of weeks in the semester and then multiplying that by the number of weeks they have resided in the residence halls. An administrative fee of $100.00 will also be charged. Students who are dismissed from the halls for disciplinary reasons will not receive a refund. AVILA UNIVERSITY 47