eRefunds are refunds from your UST student account, electronically deposited directly to a United States bank account designated by you.
Yes, effective September 1, 2011, refunds will only be distributed electronically; no paper checks will be processed. An exception to this is if the credit is the result of a Parent Plus loan, then the refund will be sent by paper check to the parent.
eRefunding is safe, simple, and convenient. No need to wait in line at the bank. No worries about mail delays or lost checks. Your money gets in your bank account faster.
You will need to update your eRefund profile in the eBill/ePay system immediately. If funds are sent to a closed account, the University must wait for the funds to be returned before issuing a new eRefund to you.
eRefunds will be deposited into any valid United States checking or savings account as designated by you, the student.
Yes, you will receive an email when the eRefund has been initiated, but please allow three to four business days for the funds to be deposited into your bank account. Be sure to verify with your bank that the funds are available before using them.
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
No. Only students can select an account for the eRefund profile; Authorized Users do not have access to this option.
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...