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Refund of Credit Balance

The University's policy is to resolve eligible credit balances in student accounts as promptly as possible, in compliance with all applicable regulations, by issuing refunds to the student. A credit balance results when the total of the credits posted to a student's account (e.g., payments, loan disbursements, scholarships, etc.) exceeds the total of the charges on the account.

Excess funds from wire transfers will be returned to the original wire account.  If a credit card payment has been made to the student account, we are required to credit any refund back to the credit card within 90 days of the original payment.  If a check created the credit balance on the student account, refunds to the student will be processed after 10 business days.

Federal Direct PLUS funds are applied to the student's tuition and fees first, followed by other Title IV aid and finally other scholarships and grants.  Typically, the PLUS funds are used in full, and the student's other financial aid causes the credit amount on the account.  If there are excess funds from other financial aid (non-PLUS aid), they are refunded to the student directly once requested through the eServices portal as outlined above.  Occasionally, excess funds are the result of a Parent PLUS Loan.  If there are excess funds from a Parent PLUS Loan, the refund will be made to the parent borrower unless the parent has completed the Parent Title IV Credit Balance Authorization allowing the credit to be used by the student.


RIT has partnered with BankMobile Disbursements, powered by BMTX, Inc. to deliver financial aid and other student refunds.  This partnership will provide you flexible options for you to receive your refund. 

You can select from the following options:

Deposit to an existing account - You can chose to deposit your refund to an existing bank account.  Typically, it takes 1-2 business days for the receiving bank to credit the money to your account.

Deposit to a BankMobile Vibe account - You can open a BankMobile Vibe Checking account (after identity verification).


All students are asked to select a refund delivery preference from these options to ensure funds are received quickly and easily.  

Here's what you need to do:

  1. Login to eServices
  2. Click the Financial Services tab
  3. Under Refund Request, choose Select your BankMobile Disbursements Preference
  4. Select how you would like your money delivered



More information regarding BankMobile Disbursements, powered by BMXT, Inc. can be found here.  To view our third-party servicer contract for refund management, click here.