Business Affairs

FINANCIAL AID/SCHOLARSHIP REFUND POLICY
(also known as Disbursement of Excess Financial Aid)

Summer Session
Please note that this information is valid for Summer Session only. For information regarding refunds during the regular academic year please see the Academic Year Refund Policy.

Oregon State University has two methods for disbursing refunds: direct deposit and printed checks. Besides reducing processing costs, direct deposit is the safest and fastest way for students to receive refunds.

To sign up for direct deposit:

1.) Log on to Student Online Services

2.) Click on Personal Information

3.) Select View or Update Direct Deposit Authorization

4.) Enter banking information under Student Accounts/Employee Payables

Please note that it takes approximately three weeks to set up direct deposit. If students have any refunds processed before direct deposit is set up those refunds will be processed as checks and mailed to the student's current mailing address on file.

How to know if you have a refund coming: To avoid standing in line unnecessarily we recommend that students review their accounts on-line at Student Online Services or at an information kiosk. Students need to look for a transaction with the description "Tuition/Scholarship Refund" for the current term. This indicates that a refund is in process. If students do not see this, there is no refund payment in process for this student. Additionally, when a refund is processed an email is sent to the student's ONID email address.

Students receiving checks instead of direct deposit need to make sure that their "current mailing" address is correct to ensure timely delivery.

SUMMER FINANCIAL AID WILL NOT BE POSTED TO YOUR ACCOUNT UNTIL JULY 1, 2008

FOR STUDENTS WHOSE FINANCIAL AID FUNDS ARE POSTED ON JULY 1, 2008

Students receiving refunds by direct deposit: If your financial aid is completely processed and released by July 1, 2008, your direct deposit should be at your bank by July 3, 2008.

Students receiving refunds by check: If your financial aid has been completely processed and released by July 1, 2008 a check will be printed and mailed to your current mailing address.

JULY 2, 2008-JULY 3, 2008

On July 2, 2008-July 3, 2008 refunds will be automatically processed for students who have refunds as a result of authorized financial aid being applied to their accounts.

Students receiving refunds by direct deposit: Refunds will be direct deposited to your bank account. This process can take up to three business days from the point that the refund process is initiated.

Students receiving refunds by check: Checks will be mailed to the current mailing address on the student's record.

AFTER JULY 3, 2008

Students must request their refunds. To request a refund students need to send their refund requests to refund@oregonstate.edu. Students should be sure to include their name, student ID number and date of birth. Only refund requests are handled through this email address. Students should not send multiple requests or inquiries to this address as it only slows down the process.

For students that prefer, refund requests can also be made via US Mail. Written requests including the student's name, student ID number, and date of birth may be mailed to the following address:

Phone requests will not be accepted.

Please see the PROCESSING SCHEDULE below to determine when the refund will be processed.

 

 

Students receiving refunds by direct deposit: Refunds will be direct deposited to your bank account. This process can take up to three business days from the point that the refund process is initiated.

Students receiving refunds by check: Checks will be mailed to the current mailing address on the student's record.

ADDITIONAL REFUND POLICY INFORMATION

There are Federal regulations that direct the accounting, record keeping, and reporting by post secondary educational institutions for federally funded student financial aid programs. These regulations are commonly referred to as TITLE IV REGS, administered through the United States Department of Education. Information about these regulations can be found in their publication known as "The Blue Book" available through www.ed.gov.

Due to the complexity in the calculation of the refund amount we cannot process refund checks "at the window" on a case by case basis. Please use the refund@oregonstate.edu email address to request a refund if you have a credit balance on your student account.

Getting a refund does not necessarily mean that a student has a $0 account balance. Because federal financial aid cannot be applied to non-allowable (not institutionally required) charges, or any charges incurred prior to the current financial aid award year, students may still owe the university money after their refunds are processed. Students can monitor their account online at Student Online Services.

Students receiving refunds by check:

• If a student is issued a refund check in an amount less than the total balance due on their account, they may sign the check over to OSU and we will apply it to the account. We cannot do this automatically.
• If the difference between a student's account balance due and the check amount is LESS than $100, the student may use the check to pay the balance of the account. The cashiers will give the remaining balance back to the student in cash.
• If a student's refund check amount is MORE than $100 in excess of the balance due on their account, the student will not be able to use that refund check to pay off the balance of their account. The student will need to take their refund check to their bank so that the student can then pay their OSU account with a personal check (or cash). Our cashiers' office does not keep sufficient cash on hand to disburse more than $100 in change for such a transaction.

It is the student's responsibility to make sure their current mailing address is accurate. Those wanting checks mailed to alternate addresses will need to enter those addresses as their current mailing address at the time the refund check is issued. Checks will not be available for pick up in person.