CREDIT BALANCE HOLD AUTHORIZATION FORM

The Higher Education Act states any Federal Student Aid (FSA) awarded to a student in excess of educational charges must be refunded to the student or parent if a PLUS loan is posted no later than fourteen (14) days of the crediting of such funds to the student’s account. A student or parent may voluntarily authorize the institution to hold such credit balance for future charges or return the credit balance to reduce loan indebtedness.

An FSA credit balance is created when the total of all FSA funds (Federal Grants and Federal Loans) credited to a student’s account exceeds the total of tuition, fees, and other eligible educational charges on a student’s account.

To exercise a credit balance hold authorization, please complete and submit this form.

I authorize Aspen Beauty Academy of Laurel to hold any credit balance on my account for use against future charges until the end of my loan period. This authorization will remain in effect for each subsequent payment period unless I rescind it by notifying the school in writing. Note: A cancellation is not retroactive.