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Student Credit Balance Policy

STUDENT AID DISBURSMENTS SHALL BE APPLIED TO STUDENT LEDGERS BASED UPON THE FOLLOWING PROCEDURES: 

  • With the exception of Federal Work Study, some departmental scholarships and all outside scholarships, financial aid processed by Student Financial Aid (SFA) will automatically by disbursed to your ledger account, provided that your application is complete and you have met the requirements for each aid type.
  • Prior to the beginning of the fall and spring semesters, any confirmed financial aid will be listed as Authorized aid (estimated payment) against your College charges. You will then be asked either to pay the balance of the charges or make payment arrangements. Information about Terra’s installment payment plan and other payment arrangements are available on Terra’s website.
  • If you are offered student loans, you have the option to accept or decline the student loans on Banner Self Service. The first semester you borrow a Federal Direct Student Loan at Terra, you must complete both a master promissory note and entrance counseling session. Both master promissory note and entrance counseling can be completed online at StudentLoans.gov. Your Federal Student Aid Identification Number (FSA ID) is required.
  • Approximately six (6) weeks after the semester begins your anticipated aid will be changed to disbursed aid on your student ledger, provided you are registered for the appropriate number of credit hours and have met individual program requirements. Federal Financial Aid will first be used to pay your College instructional, general, activity and special course fees. Some forms of aid, especially federal student aid, are restricted as to what portion of your bill they can pay. Allowable charges for federal aid include the instructional and general fees. Other miscellaneous fees may not be covered. Completing a Title IV Consent Form, located on Banner Self Services, does allow for the payment of these fees. A transfer of Excess FA may also be requested allowing you to have credit in the College Store for books and supplies. You could be issued a refund through BankMobile Vibe for excess student aid after allowable charges are covered, but yet still owe a balance to the College for the other miscellaneous charges. We encourage you to review your bill regularly and contact the Cashiers Office with any questions.