Refunds

When will I get my refund if I withdraw or drop classes?

Refunds for withdrawal from classes are sent out after the end of the 100% refund period (currently the 14^th day of the semester). If your account was paid by personal check, there may be a delay while waiting for the check to clear. If your payment was via credit card, a refund by direct deposit will be sent to the student (who may or may not be the cardholder). Credits are not issued to the credit card. If your account was paid in full, or in part, with financial aid awards a financial aid repayment may apply. You are strongly encouraged to check with a Financial Aid Counselor prior to withdrawal to determine if you will owe a repayment.

What exactly are “excess funds” from financial aid and/or loan payments?

Excess funds from financial aid and/or student loan payments may exist after all institutional charges (tuition, fees and room and board) are paid in full. If new charges are assessed to an account before a financial aid award(s) and/or student loan payment is received, those new charges will be first paid in full before any refund is issued to the student.

When will I get my Financial Aid Refund?

If the financial aid payments on your account exceed the amount due, you are entitled to a refund of the excess payment. A refund up to the full amount of any Direct and/or PLUS loan amounts, plus up to $600 of other financial aid, will be released no sooner than 10 days prior to the first day of the semester for Returning Students.

How will I get my refund?

A refund is issued by direct deposit . In order for the refund to be a direct deposit, the student must first set up a “Refund Profile” (which includes valid banking information) via the MyYSU Portal. Refunds via check will be received within 5-10 working days after the credit balance occurs. Refunds via direct deposit will be in the student’s account within 3-5 working days after the credit balance occurs. It is important to maintain a current and correct mailing address in order to receive refund checks in a timely manner.

I was expecting a refund and haven’t received it – what should I do?

You can review your account online via the MyYSU Portal. If a refund has been issued, it will be reflected there. If your account shows that a refund has been issued and the refund has not been received – after allowing adequate time for a check to be sent via the mail, or for a direct deposit to reach your bank – you will need to contact the Office of University Bursar (330-941-3133) to request a replacement refund. Please be reminded that students are solely responsible for maintaining current contact information, including address, phone, email and/or bank account information.

What is Direct Deposit?

A direct deposit means that your refund is sent directly to your bank account. This is a fast, and secure, way to receive your refund. You can elect to receive direct deposits by creating a “refund profile” via the MyYSU Portal, and providing valid banking account information. Once direct deposit information is provided, ALL future refunds will be directly deposited unless/until the refund profile is edited or eliminated. It is very important that your banking information is correct and up-to-date.

Must I use Direct Deposit?

Yes, effective summer 2015 direct deposit is the required method of refund. Please remember that student credit direct deposit is separate from YSU payroll direct deposit and must be set up separately. There are a number of benefits to using Direct Deposit – including faster and more secure refunds.

What are the benefits of Direct Deposit?

direct deposit gives peace of mind because the payment is always in the designated bank account, regardless of the location of the payee
direct deposit allows faster access to the refund, there is no trip to the bank to cash a check and no waiting for a check to clear
direct deposit eliminates the possibility of a “lost” refund check, whether the check is lost in the mail, or misplaced or accidentally destroyed by the payee
direct deposit is safe; no direct deposit payments have ever been lost, according to NACHA (the Electronic Payments Association, formerly the National Automated Clearing House Association) because once an ACH (Automated Clearing House) payment is created it cannot become “lost”
direct deposit is more confidential because fewer individuals handle an ACH transaction as opposed to a paper check, and there is more security and control associated with electronic transactions
direct deposit is cost effective, and environmentally friendly, for both the payer and the payee; paper documents are expensive to process and ultimately to dispose of

I’ve lost or accidentally destroyed my paper refund check – how can I get a replacement?

Paper refund checks are no longer an option for refund; however if a check is issued and destroyed, lost, or stolen it can be replaced if the student submits a written request for replacement. Please be advised, however, that the length of time required for such replacement is likely to be at least 10 to 14 business days. A replacement will happen via direct deposit.

I just found a refund check that was mailed to me some time ago – can I still cash it?

Student refund checks are valid for 180 days. If it is after that length of time you will need to return the check to the Office of University Bursar (330-941-3133) and ask to have a new check issued to you. This replacement process will take 10 to 14 business days. A check replacement fee may be charged.