Receive Your Refund

The basics of financial aid refunds

After your financial aid is used to pay eligible IU charges such as tuition, fees, and housing and food, you’ll get a refund of any remaining money. (Refunds on Parent PLUS loans will be sent to your parent unless he or she chose the option to send refunds to you when applying for the loan.) You don’t need to request a refund—they’re processed automatically.

We usually send out refunds several days before the start of a term. Check One.IU to see if you’re due a refund.

Note that if you get a refund but later drop classes or withdraw from IU, you may be required to repay the refund amount.

Accept your aid

Did you remember to accept your loans?

Apply your aid

Did you complete entrance counseling and sign a promissory note?

Stop a refund payment

Is your refund check lost? Find out how to stop payment so we can reissue it.

Description of the video:

[Upbeat music plays.]

[Video: The screen is red. The IU trident logo appears at the top of the screen]

Words appear: Refunds.

Voiceover: Here’s what you need to know about the basics of financial aid refunds.

[Video: Words and logo reduce and fade from the screen.]

Voiceover: After your financial aid is used to pay eligible IU charges such as tuition, fees, and room and board, you’ll get a refund of any remaining money.

Words appear: Financial aid – Tuition and fees – room and board = refund

Voiceover: You do not need to request a refund. If you are owed money, your refund will be processed automatically.

[Video: Words float off the screen.]

[Video: The One.IU icon appears on the screen with the words: search, click, done. An arrow appears below and points to a graphic of the View/Pay Bursar Bill icon.]

Voiceover: To find out if you are due a refund, you can check View/Pay Bursar Bill in One.IU.

{Video: Icons float off screen. Graphic of a desktop computer appears with a potted plant on its left and a pile of books and steaming coffee mug on its right.]

Voiceover: It is important to know, though, that you may owe money even if you get a refund, especially if you have not signed your Title IV authorization.

[Video: An icon of an invoice appears on the computer screen. The images fade off screen. A graphic of a pen signing a document appear.]

Words appear: Sign your Title IV Authorization in One.IU.

Voiceover: This is why it’s so important to sign your Title IV authorization. If you don’t, your financial aid may not pay off your entire bursar bill.

[Video: Graphic and words fade off screen. A balance scale fades onto screen with dollar signs in both balance baskets.]

Voiceover: If you have an outstanding balance on your student account after receiving a refund,

Words appear over scale image: PAID

Voiceover: you must pay it by the due date to avoid late payment fees and holds on your account.

[Video: Words and image fade off screen. Graphic of a piggy bank appears on screen with animated coins being deposited into it.]

Voiceover: To receive your refund quickly and easily, sign up for direct deposit.

[Video: Piggy bank and coins move to the left side of the screen. Words appear on the right: Direct Deposit.]

Voiceover: If you sign up for direct deposit, we will transfer the refund amount directly to your bank account.

[Video: Graphic and words fade off screen. Words appear: 2 3 days, with an arrow pointing to a graphic of a bank building.]

Voiceover: Direct deposit refunds can take 2 to 3 business days to reach your bank and may have an additional hold placed by your bank. Sign up for direct deposit in One.IU.
[Video: Words and images fade off screen. Image of a house with a location marker on top appears on screen.]
Voiceover: Refunds sent by mail will go your student local or student housing address.
[Video: Location marker fades off screen]
Words appear: 2 3 weeks
Voiceover: Mailed checks can take 2 to 3 weeks to be received once processed.
[Video: Words and image fade off screen. Graphic of a money bag fades in.]
Voiceover: Refunds generated from Parent Plus Loans will be sent back to the parent borrower

[Video: Money bag graphic moves to the left side of the screen and an arrow appears pointing to a graphic of a group of people on the right side of the screen.]

Voiceover: unless otherwise selected while completing the Parent Plus Loan application.

[Video: Images fade off screen. Graphic of a calendar floats in from the bottom of the screen.]

Voiceover: Financial aid refunds for the start of the academic year are issued after financial aid is disbursed.
[Video: Calendar moves to the left side of the screen.]

Words appear: 10 days

Voiceover: You can expect this to take place no sooner than 10 days before classes begin.

[Video: Words and graphic float up off of the screen. Screenshot of a student schedule of classes appears. Red X marks appear on two of the scheduled time blocks.]

Voiceover: Finally, it is important to know that if you receive a refund but later drop classes or withdraw from IU, you may be required to repay the refund amount.

[Video: Images fade off screen.]

Words appear: Questions?

Voiceover: If you have questions,

[Video: Graphic of a laptop computer appears with the Student Central website home page on the screen.]

Voiceover: head to the Student Central website and connect with us through the virtual assistant or our secure contact form.

Words appear: studentcentral.indiana.edu

[Video: Images fade off screen. The IU trident fades on screen]

Words appear: Indiana University, studentcentral.indiana.edu

[Upbeat music fades.]

[End of transcript.]

How to get your refund

Direct deposit is the quickest and safest way to receive your refund. We’ll transfer the refund amount directly to your bank account.

Set up direct deposit for your refund

You may owe money even if you get a refund

Remember to sign your Title IV authorization. If you don’t, your financial aid may not pay off your entire bursar bill. You may get a refund but also have an outstanding balance on your student account. You must pay the balance by the due date to avoid late payment fees and holds on your account.

Sign your Title IV authorization now