Payment and Your Student Account: Refunds and Financial Aid Advances
The School of the Art Institute of Chicago (SAIC) typically processes refunds of credit balances on students’ tuition and fee accounts following the end of the add/drop period for the semester.
This is typically when schedule changes are no longer permitted and the Office of Student Financial Services has made adjustments to aid awards based upon the actual number of hours the student is enrolled in for that semester.
Exceptions may be made in situations where the credit balance is generated by alternative and/or federal loans that are applied to the account prior to the end of the add/drop period. In exceptional situations, a balance owing may be created on a student account if a financial aid advance or refund has been processed and adjustments are made to the award package at a later date due to changes in enrollment and/or eligibility for aid.
Payment arrangements for any balance owing should be made with the Office of Student Financial Services.
Financial Aid Advances
Financial Aid advances will be processed for students during the first five weeks of the semester. Students will typically be eligible to receive 50 percent of their anticipated credit balance up to $1,000 during this period, unless an alternative loan is included in their aid package.
Only students who have received funds for an alternative loan may be eligible for a refund or advance of more than $1,000 prior to the end of the add/drop period.
Advances are available to students who:
- Have completed the necessary steps to receive all financial aid funds (including loan funds if applicable)
- Have a financial aid award based upon the actual number of hours for which they are enrolled
- Do not have an outstanding balance from previous terms
- Submit their request after May 15 for summer semester, after August 15 for the fall semester, and after January 15 for the spring semester
If you meet the requirements listed above, you are eligible to submit the form, located in the Portal to apply for an advance. Requests are processed in the Student Financial Services office. Students will be notified as to when their refund/advance is being processed through their SAIC email address.
You are required to enroll for eRefund in order to receive advances and refunds. You can enroll via SAIC Self-Service by clicking on the CASHNet link. Refunds and advances are distributed through eRefund to your bank account with the exception of credits resulting from a Federal Parent PLUS loan.