FAQs on eRefunds
What is an eRefund?
Do I have to receive my refund electronically?
What are the benefits of eRefunding?
What if I change bank accounts?
Can I set up my parents or someone else to receive the refund?
How do I set up direct deposit for my refund?
Do I receive notification when the eRefund has been sent?
Why would I be receiving an eRefund?
Generally, though there are exceptions, students receive a refund when a credit balance is created on their student account. The typical reason(s) for the credit may be due to one or more of the the following:
- Financial aid in excess of student account charges
- Reversal of charges - due to dropped courses
- Reversal of charges - due to appeal or other
- Deposit payments applied to student account
Why is the University requiring eRefunds?
There are several reasons why the University is excited about going exclusively to eRefunding:
- Convenient - students can avoid lines at the bank and update their eRefund profile 24/7/365 as needed.
- Security - students enter their own banking information into the system so there is no need to share account information with another person. Also, no lost or stolen checks in the mail.
- Quick - students get their refunds much quicker when eRefunded.
- Efficient - the eBill/ePay system allows for the student to update their own bank account information as needed, eliminating the need for paper authorization forms and manual data entry by office personnel.
- Cost effective - eRefunds reduce the costs associated with paper checks for both the University and the student (i.e. - check stock, postage, envelopes, transportation to bank, time, stop payment fees, etc..)
- Environmentally friendly - eRefunds reduce paper consumption by eliminating the need for authorization forms, check stock, envelopes, deposit slips, etc...