A credit on a student’s account that is a result of loans or overpayment will be refunded within the maximum time frame established by the federal guidelines.
- Loans: within 14 days from the day the credit appears on the student account. (This is not to be confused with a projected credit.) At the beginning of each semester, it is within 25 days from the first day of classes.
- Overpayment: within 14 days from the day the student submits a written request for the credit to be refunded.
Before refunds can be processed, students must register their refund preferences through their Higher One Cards according to the written instructions provided when the students received their Higher One Cards in the mail. Students choose from two refund options:
- Easy Refund-Open the OneAccount: The OneAccount is an FDIC insured checking account with no minimum balance and no monthly fees. The Higher One Card serves as your bank (DEBIT) card for the OneAccount and can be used anywhere MasterCard is accepted. Your funds will be available to you within one business day after being released by the University.
- ACH Transfer: Your funds will be electronically deposited into your existing bank account. When activating your Higher One Card you will be prompted to complete a form to provide Higher One the account and routing number to complete the transaction. Your funds will be available in three to five business days after being released by the University.
- Automated: If a student has federal loans as part of his or her financial aid package, AND the student has not specifically instructed the University in writing to hold any credit balances on his or her account, the University will automatically refund the credit balance to the student.
- Manual: For a credit that is a result of overpayment by the student, the student will need to request the refund through email, letter, fax, or in person at the Student Accounts office. The email address is email@example.com.