Student Accounts Financial Policies

Delinquent Accounts

Students who fail to pay budget plan payments in a timely manner or who otherwise fail to pay in a timely manner any charges to their University accounts will be considered delinquent. As a result of the account becoming delinquent the following steps will be followed by Student Accounts personnel to assist the student in resolving any outstanding balance:

  • A hold will be placed on the account and the student will have an opportunity to resolve any balance outstanding.
  • If not resolved, future registration and release of transcripts will be on hold.
  • If the account continues to remain delinquent, it will result in a series of internal collections steps being initiated.
  • If still unresolved and a payment plan is not in place, it could lead to the account being placed with an external collection agency.

Refunds for students withdrawing from North Central

Students who desire to withdraw from the University should initiate withdrawal proceedings with the Student Life Office. Refund of educational costs and amount of institutional financial aid retained will be based on the date the student begins the withdrawal process. Recalculation of Federal Title IV and Minnesota State financial aid will be based on the regulations issued by the U.S. Department of Education and Minnesota Higher Education Services Office.

Financial Aid

When Federal Stafford, PLUS or Perkins loans have been credited to a student’s account, the student or parent will be notified of the date and amount of disbursement within 30 days of the disbursement. Notification of such disbursement will occur on North Central’s monthly statement or an individually prepared notification from North Central’s Financial Aid Office. For funds received by North Central electronically, the borrower has the right to cancel all or a portion of the loan by completing a “Loan Reduction/Cancellation Request” available from North Central’s Financial Aid Office. This request must be submitted no later than 14 days from the date the notification was sent. The amount declined will be returned to the lender. If the return of loan funds results in a balance owing on the student’s account, personal payment for that amount is to be made in the Student Account’s Office at North Central to replace the loan funds so that the student’s account is paid.

Board

A board plan is required for all students living in residence halls (optional for students living in Mensing Hall). Students are required to comply with all board plan guidelines as outlined by Pioneer College Caterers, Inc.

Fees

All course fees become non-refundable on the first day of classes of each semester.

Credit Balances

A refund for a credit balance from a student account will be issued within 14 days of the date the credit balance occurs. Refund of a credit balance from a student account may be processed after the entire sum of the school charges from the current and/or prior enrollment and authorized charges from the current and/or prior enrollment have been paid in full. If a student requests that North Central University retain a credit balance on a student account for a period of time, they need to sign a retain credit balance form in the student accounts office. All student refunds from the student account will be issued to the student, unless a parent PLUS loan is involved or prior arrangements have been made by the student.

Service Charge

Any charges to a student account that are not paid when due are subject to a service charge of 1.33% per month.

Books

Textbooks can be purchased at the North Central University Bookstore. Textbooks that are charged to a North Central student account may require confirmation of financial registration. Payment for textbook charges will be accepted in the Student Accounts Office at North Central no later than the end of the month in which the charge occurs. An unpaid balance resulting from such a charge is subject to a service charge.