Refund of Credit Balance

RIT is committed to resolving eligible credit balances on student accounts as quickly as possible and in compliance with applicable regulations.

A credit balance occurs when the total amount of credits posted to a student's account—such as payments, loan disbursements, scholarships, grants, or other aid—exceeds the total charges on the account.

Refund Processing

Refunds are issued according to the original source of payment:

  • Excess funds resulting from a wire transfer will be returned to the original wire account.
  • If a credit card payment created the credit balance, refunds must be credited back to the original credit card within 90 days of the payment date.
  • If a check created the credit balance, refunds will be processed after a 10-business-day holding period.

Parent PLUS Loan Refunds

Federal Direct Parent PLUS Loan funds are applied first to tuition, fees, housing, and dining charges, followed by other federal financial aid and institutional scholarships or grants.

In most cases, Parent PLUS Loan funds are fully applied to university charges, and any resulting credit balance is created by other financial aid. Credit balances from non-PLUS financial aid are refunded directly to the student once requested through the eServices portal.

If a credit balance results from excess Parent PLUS Loan funds, the refund will be issued to the parent borrower unless the parent has completed a Parent Title IV Credit Balance Authorization permitting the funds to be released to the student.

Refund Delivery

RIT partners with BankMobile Disbursements, a technology solution powered by BMXT, Inc., to deliver student refunds. All students are asked to select a refund delivery preference to ensure timely receipt of eligible refunds.

What you need to do

Select your refund delivery preference  

1. Log in 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

What you need to do

Make sure the mobile phone number in SIS is accurate. Learn how to update your contact information in SIS. 

How it works

Each time you log in to verify your identity, BankMobile will use the mobile phone number listed in your RIT Student Information System (SIS) account and send you a one-time passcode by text message. 

Important information

If your phone number is incorrect or missing, you may be required to complete additional identity verification using a government-issued ID and photo. If no mobile phone number is listed in SIS, your refund may be mailed as a paper check to the address on file, which could delay delivery.

Questions?

Please visit the BankMobile website for more information about disbursements.  RIT's third-party servicer contract for refund management can be found in our Client Contracts.