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Refund of Credit Balance

Students: If you are not enrolled in direct deposit for refunds (different than Payroll account), please log into eSerives to set up direct deposit.  If you have already set up direct deposit for refunds, please verify your bank account to make sure it is still correct and update as necessary. 

To set up direct deposit:

  • Login to eServices
  • Under the refund navigation within the Financial Services section, click "Add Bank Account" and follow the steps to set up direct deposit.
     

Direct deposit is the fastest, most secure way to receive your credit balance refund.

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 does not utilize a third party agency or bank to process its student refunds.  The University processes all student and parent refunds through its Accounts Payable Office.  If you have enrolled in direct deposit, refunds are sent directly from RIT to your bank account.  Check refunds are mailed directly from RIT to the student's permanent address.