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, fees, room and board 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 delivers your refund with BankMobile Disbursements, a technology solution, powered by BMXT, Inc. All students are asked to select a refund delivery preference.