| The refund process From time to time students have a refundable
credit balance on their IUPUI student account. This can be as a result of
one or more of the situations.
- We have received a credit transmission from
the Financial Aid Office for you.
- We have received a bank loan from your loan
processor or bank.
- You have dropped a class.
If one of these actions results in a credit
balance on your account, and you are eligible for a refund, we do the following.
- We receive credit balance
reports following the day of the credit.
- We review the report to
determine if a refund is appropriate. For example students must be
enrolled in a required number of hours to qualify for certain types of aid and
must be enrolled in at least that minimum number of hours at the time we authorize a refund.
- Following the review process,
we post an entry on the student account. This entry shows as a charge that
reduces the credit balance to $0. This charge has a description of
"Refund", which appears on the student account and is then also shown
on-line. If
the payment was made via credit card the refund will also be via credit card
and will state "Refund by Credit Card".
- On the following morning, we
run a process called the "refund queue". This process takes all
refund entries and electronically sends them to the University financial system
where they are formatted for check printing. If you have signed up for
Direct
Deposit, it is also at this point that the information is formatted for
transmission to your bank.
- The same afternoon, the
financial system routes the formatted check file to the check printing
service. The checks are printed and placed in the mail the same day.
In similar fashion the formatted direct deposit file is sent to the Federal
Reserve, where it is available for transmission to all the various banks and
credit unions that are applicable.
- Direct Deposits could be posted
to the student checking account the following day, although the actual
processing time is determined at this point by your banking institution.
You are encouraged to check with your banking institution to determine that the
funds are on deposit and available.
- Paper checks are sent via
first-class postage to the address on file with the Office of the
Registrar. Addresses may be updated
on line.
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More refund information is available below. |
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Direct
Deposit allows you to receive your refund directly
into your checking or savings account. If you have not established your Direct
Deposit account, read the following on the processing of your paper refund
check. Add two business days to the date shown for
the refund check to be queued and printed (or for the processing of your
Direct
Deposit), and a reasonable time for the delivery of the
refund to you via U.S. mail. Remember that the check will be mailed to the local
address you have on file with the registrar...you can also
update your address
on-line.
Please remember to allow a reasonable time
for the mail delivery of your refund.
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If your refund includes
semester financial aid, please note that
regulations
restrict our earliest disbursement date.
(It
is expected that all aid related refund checks meeting the requirements stated below will
be disbursed no later than the first day of classes each semester.)
If a credit balance results from the posting
of aid, our office authorizes the processing of a refund check for mailing to the
student's address on record (or for the processing of
Direct
Deposit).
These refunds:
- cannot be mailed or direct
deposited unless and until all eligibility and timeline requirements have
been met by the student. They
- cannot be released
any earlier than the
disbursement "start date" for the semester and are expected to be
disbursed by the first day of classes, and they
- cannot
be processed after the "start date" until we receive the proceeds
from the Financial Aid Office or your lender.
In other words if all necessary transactions have
passed to your bursar account in a timely fashion, you may expect to have
your aid refund in hand by the first day of classes. Our office makes
every attempt to have refunds processed earlier, but we are restricted by
these regulations.
Reasons for possible delays in refunds...
- No signed Title IV Authorization form on
file
- Eligibility problems:
- Not enrolled in enough hours
- Changed class standing
- Prior term debts
- Flagged by Student Loan Administration:
Past due loan debts, required exit interview, etc.
(The
"start date" has
been established by the federal government as "the 10th day before the
official start date for classes). Please also remember that our office
receives new disbursements on a daily basis throughout the semester, so
apply early to ensure your earliest possible receipt of funds.
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The official refund policy is available at
http://www.bursar.iupui.edu/refund_policy.htm
and the Refund Appeal process at
Appeals
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