A credit balance is the result of an over payment on a student’s account from Financial Aid, loans or payments received. Credit balance refunds will be processed when a credit actually exists on the student’s account. Financial Aid must be posted to the student’s account in order for a credit to exist and for a refund to be processed. Refunds are processed daily (M-F), with printed checks mailed out on Wednesdays.
Financial Aid Refunds
Financial aid will disburse to the student account no sooner than 10 days prior to the start of classes. Federal financial aid will automatically apply toward current tuition, required fees, and housing charges.
Students can elect to have aid pay other charges on the account (bookstore, library, parking, etc.) once they accept or decline their financial aid awards. If this option is not selected and a refund is generated, keep in mind a student may still owe charges other than tuition, required fees and housing charges.
Options to Receive Your Refund
Refunds of excess financial aid proceeds may be deposited directly into the student’s checking or savings account or sent as a paper check via US mail. Financial aid refunds are computed daily.
Direct deposit is the preferred and quicker method for receiving your refund. Click here to see how to set up direct deposit or follow the steps below:
- To sign up for direct deposit, go to the Student Center in myZou and click on the Financial Acccount tile. On the left side of the screen, click on Log into TouchNet and then click on the Proceed to TouchNet button. Click on “Security Settings” on the right to set up your 2-Step Verification. Once that’s set up, click on “Refunds” in the top menu bar and then click on the “Set up a new account” button. Enter your banking information and click “Continue”. Click on “I agree” and then “Continue” again. You will now see the account in the “eRefunds” section.
- Once you have direct deposit set up, you will receive an email when your refund has been processed.
- It then takes approximately three days to transfer the funds to your bank.
- Parents will be able to enter direct deposit information for Parent Plus refunds by following the steps listed above starting after you are in TouchNet. The parent will also need to elect to have the refund of excess plus funds going back to them on the plus loan application.
If you want to continue to have refund checks sent via US mail, it’s important that we have your correct address. To check or change the address we have on file, go to the Address section at the bottom of your myZou self-service page.