Prepayment Incentive Credit Plan (PIC Plan)
This account enables an accepted or currently enrolled student to earn interest on their student account when there is a credit balance of $500 or more by the first day of the month. The PIC Plan and the student account are one and the same. Interest is credited monthly. Anyone earning $10 or more in interest during the calendar year will be issued a 1099int form.
Pre-payments can be made once the student has been accepted. Interest rates may change on a quarterly basis. The current PIC interest rate is 1% annually. PIC interest will be paid on student account credit balances of $500–$35,000.
What is a credit balance?
A credit occurs when financial aid, sponsorships, and payments are greater than your charges. This can occur when you drop a class after paying for it, receiving financial aid greater than your charges, or making payment on your account when you don't need to.
I have a credit balance what should I do?
At any time between now and December 1, you may request your balance using the Request a payment from your account transaction in CedarInfo. If a credit balance remains after December 1, the remainder will be refunded by December 6. The final PIC interest payment will be credited to your account on November 30.
Why are you making this change?
The IRS has announced changes to the form 1098-T, which is the tax document for tuition payments. The PIC plan is not compatible with these changes.
Will the University apply any credit balance to next semester's charges?
Unfortunately, due to the new IRS regulations associated with the 1098-T forms, we are no longer able to apply credit balances to the next semester's charges. Once your invoice is produced for spring 2018, you may make payment through selfservice.cedarville.edu by e-check for free.
I have my wages direct deposited into my student account, what should I do?
As of October 28, 2017, student wages may no longer be deposited to your student account since this could create a credit balance. Students will need to add a bank account and set up direct deposit for their student payroll by following these online instructions.
Can I still prepay for my next semester charges?
No, unfortunately, you will no longer be able to prepay. The Cashiers Office is always available to help you with payment options that fit your situation. Please contact us at 937.766.7824.
I don't have a credit balance, will this change affect me?
It could, if you ever have a credit balance in the future, it will be refunded to you initially within 14 days of the start of the term, and weekly thereafter. Make sure you are ready by verifying that you have current banking information on file. If you need help the University has prepared online instructions to assist you.
I keep a credit balance so I have money to spend during the semester, what should I do?
Each student will need to make banking arrangements to manage their personal expenses. ATMs are available on campus and in the Village of Cedarville for residential students.
How do I give my parents access to my account?
You will need to grant your parents access to your account each year. You can grant permission by using Manage privacy permissions in CedarInfo.
What happens to balances created from ParentPlus loans?
When applying funds to a student's account, Cedarville University disburses the ParentPlus loan first, followed by other sources that are likely to be in the student's name. Any credit balance is then refunded directly to the student. In the event that the student's account generates a credit balance from the ParentPlus loan, balances will be refunded to the student directly.
When will I get access to my credit balances?
Credit balances will be refunded within 14 days of the start of the term, then weekly thereafter. You will not have access to any credit balances during the initial 14 days of the term.
How can I tell if I have banking information on file?
Please visit selfservice.cedarville.edu and choose the Banking Information tab. From this tab you can verify and, if necessary, change your banking information.
If I don't have banking information on file, what will happen to my refund?
If you don't have banking information, a paper check will be generated and sent to your address of record. Paper checks are only sent to a U.S. address.
How can I tell if I get a refund?
Refunds will be issued for those that have credit balances. A credit balance is created when payments are greater than charges. You may review your account using the Student Finance tab in selfservice.cedarville.edu. Once in Self Service, use the pull down menu to choose Account Activity. If your balance, as shown at the bottom of the page, is negative then it is probable that you will receive a refund. You should ensure your banking information is up-to-date.