Additional Financial Aid Policies
- Academic Year Definition
- Financial Aid Verification Policy
- Professional Judgment Policy
- Tuition Billing Date
- Credit Balance Refund Policy
- Federal Student Financial Aid Penalties for Drug Law Violations
- Disbursement Notification Policy
- Outstanding Checks Policy
Academic Year Definition
Our academic year starts with our Fall 1 term and continues to Summer. For financial aid purposes, new students starting in the Summer may apply their financial aid to either the past or next academic year.
Financial Aid Verification Policy
As part of the financial aid application process, some students are selected for what is termed “verification”. This means that we are requesting additional information to verify the information provided on the FAFSA. Not all students will be asked for the same information. In addition, the need to verify is assessed each year, so a student may be selected one year but not another, or a student may be asked to submit the same information each year. Either way, the goal is to have an accurate assessment of the student and his/her family’s financial situation in order to determine need. Finally, at any point in the award processing, if we find it necessary, we may require additional information.
Students will be notified via email if verification documents are requested. Students are responsible for sharing information requests with their parents, if applicable. Students that are selected for “verification” for a given academic year may not receive any financial aid for that year until they have provided all documents required for verification.
Tuition Billing Date
City Vision does not bill students until after they complete the 5th week of each term or until after the 8th week of the term (whether or not they have completed the 5th week), whichever comes first. We do this because as an online-only university, if students are late submitting their assignments, we may not have an accurate estimate of students’ attendance until later in the term. As a result of our Refund Policy, by waiting to bill students, we are able to have a more accurate attendance and bill.
Credit Balance Refund Policy
Students whose financial aid results in a credit balance will receive a refund within 14 days of the credit balance occurring unless the credit balance occurred before the term began, in which case, the refund will be issued within 14 days of the start of the term.
Should a credit balance occur as the result of an overpayment, the excess will be refunded to the payer.
Uncashed and unclaimed refund checks will be credited back to the student’s account and the funds returned to the program from which they came.
Federal Student Financial Aid Penalties for Drug Law Violations
Disbursement Notification Policy
If City Vision credits a student ledger account with a Direct Loan, Federal Perkins Loan, or TEACH Grant program funds, City Vision will notify the student or parent by email or other documented means of—
(i) The anticipated date and amount of the disbursement;
(ii) The student's or parent's right to cancel all or a portion of that loan, loan disbursement, TEACH Grant, or TEACH Grant disbursement and have the loan proceeds or TEACH Grant proceeds returned to the Secretary; and
(iii) The procedures and time by which the student or parent must notify the institution that he or she wishes to cancel the loan, loan disbursement, TEACH Grant, or TEACH Grant disbursement.
City Vision will do this no earlier than 30 days before, and no later than 30 days after, crediting the student's ledger account.
Outstanding Checks Policy
If students that are given a financial aid refund check do not cash their check, they will be notified at least once before the 240 day limit on cashing checks to see if they need a check to be reissued. City Vision will reissue checks to students that request them. For checks that are still outstanding, City Vision will issue a stop payment on the checks and refund them to the US Department of Education before 240 days from the original date of the check being issued.