Financial Aid Authorization for Students
According to federal regulations, federal student aid (loans and grants) must be applied directly to your bill to pay outstanding university charges (tuition and fees, room and board, and other eligible educational charges). When the federal student aid exceeds the bill, a credit balance is created. The credit balance is refunded to you within 14 days of the disbursement date* unless you authorize the university to hold it for other educational expenses.
Each academic year, you must formally state how you want the credit balance processed by the university. This is done by answering the Financial Aid Authorization questions in Banner. Read the information carefully before making your decision and then select either authorize or do not authorize in response to each question. (See the instructions below.)
FAILURE TO ANSWER THESE QUESTIONS WILL DELAY THE PROCESSING OF YOUR FINANCIAL AID.
What are the questions?
- Prior Term Charges Authorization: If you have any excess financial aid, do you authorize the university to hold up to $200 for a previous semester balance within the academic year?
- Current Term Charges Authorization: Do you want to use your excess financial aid to transfer funds to your Hoot Loot card to purchase books, and for other charges such as parking fines, prescriptions, transcripts, graduation fees, health insurance, etc.?
- Credit Balance Hold Authorization: Do you authorize the university to hold all excess financial aid funds for future term charges (winter session, spring break, etc.)? If you select authorize for this question, the university will hold all excess financial aid funds and you will not receive a refund.
What do these questions mean?
Basically, these questions are asking what you want the university to do with any excess financial aid. So, after the financial aid is used to pay your bill, if you have a credit balance, do you want the university to hold the funds for other educational charges?
Who is required to answer these questions?
All financial aid recipients must answer the three questions—even if there will not be a credit balance.
Can I change my answer(s)?
You may modify your answers at any time. The change is effective as of the date of the revision; it is not retroactive. If you withdraw your authorization to hold the credit balance, SCSU will refund any remaining credit balance within 14 days (assuming the money has been disbursed to the university and is being held in your account).
What happens to the credit balance at the end of the academic year?
The credit balance hold will expire in late spring and any remaining credit balance will be refunded by the office of the bursar.
Follow these instructions to access the questions.
1. Go to www.southernct.edu
2. Click on MYSCSU
3. Log in with your username and password
4. Click on Banner Web (link on the right-hand side)
5. Click on Financial Aid
6. Click on Award
7. Click on Award for Aid Year
8. Select the aid year and click submit
9. Click on Resources/Additional Information tab
10. Read each question and select either Authorize or Do Not Authorize
11. Click on Submit Information
12. Click on the General Information tab to verify your answers.
If you wish to move excess financial aid funds onto your Hoot Loot card, contact the University Card Office
* The disbursement date is the date the money is scheduled to come into the university, not the date refunds are processed.