When should I expect my financial aid refund check?
Financial aid refunds are delivered in two steps. Your first refund check is issued when your account has been closed, and the money goes into a waiting account for you to use before it is finally deposited in your bank account.
Some financial aid refunds may be delivered as one lump sum payment, while others are paid out over the course of a semester or year. The key to remember is that any refund will be released when it is supposed to be released and can take up to three months from the date of application.
When will my financial aid refund check be delivered?
The first financial aid refund check is usually issued within 30 days from the date your FAFSA has been received. For students who are not able to submit a FAFSA because their application was incomplete, the check will be issued after they complete their application. If there are any special circumstances surrounding your financial aid refund check, you can call our Title IV Student Aid Counselor for help in determining when to expect it.
Where will I receive my financial aid refund check?
If your first financial aid refund check will be issued in a check, a deposit slip will be issued to you by our Financial Aid Registrar. If the first financial aid refund check is a direct deposit from an account (i.e., direct debit), you will not receive a deposit slip, but instead an electronic confirmation of receipt, or email message with your unique PIN number.
Financial aid refunds are deposited into your student account. If you do not have a student account we can issue you a deposit slip so you can receive your refund in cash.
If your financial aid is paid through payroll deduction, tell your payroll office the name and account number of the financial institution where the check should be deposited. It is critical that the check be deposited within 30 days or it may be delayed due to insufficient funds.
Read Also: What online Schools gives financial aid
How do I get my financial aid refund direct deposit?
If you’ve missed your financial aid refund because of a bank holiday or only got a partial refund, you can request the remainder by direct deposit. Here’s all the information you need to know about how this process works.
If you have not yet received your financial aid refund, you can request that it be deposited to a checking or savings account via direct deposit.
Each school has its unique way of disbursing financial assistance refunds; however there are three major options:
Check — some institutions may issue a check for the remaining debt and ship it to the student’s selected postal address.
Direct Deposit – Students may be given the option of having their financial assistance return deposited directly into their bank account. You must give your bank account and routing information to your school’s financial aid office so that the deposit may be made.
Student Accounts – Many schools provide the option of having the remaining debt deposited to the student’s school debit account.
How Do I Determine Whether I Am Eligible for a Refund?
Keep track of your account balances at school. Most institutions offer an online portal where students can simply track what they owe. If your balance shows that you are due a financial assistance return, please contact your school’s financial aid office to arrange for distribution.