What is the meaning of 'credit balance'?

Question

The last line of my student bill is:

" Credit balance as at 01/08/2008 -$1,343.50 "

What does this mean?

Note the -ve sign in front of $. Is it that the school has to transfer $1343 to my bank account?

Or that I need to pay the school the amount?

Answer 1

It means you have a refund due to you. It may be the result of student loans if you took some out. If so, remember you will be responsible for repaying the money down the road. Some choose to leave that credit for the next term leaving them with a smaller bill the next time. Others need the funds for living expenses. Good for you for furthering your education!

Answer 2

This means that as of the date Jan 8, your payments totaled that much more than the amount owed on that date.  As tuition or other fees came due, the credit balance would decrease, until it became a debit balance--money that you owe them.  At that time they will probably present you with another bill.

Answer 3

It means you HAVE OVER A THOUSAND DOLLARS! It's in your account, and it is not a bill you owe.

Answer 4

you over paid and they now owe you the money.  If you are still enrolled it will roll over to help cover the bills for next semester if not they should be sending you a check in a few months