How Refunds are Calculated

After financial aid is disbursed, a refund will be generated for all negative or "credit" balances reflected on the student's account.

Refunds generated from Federal Loans (Direct Stafford Loans and PLUS Loans) begin processing approximately 10 days before the start of the term.

If a refund is generated from gift aid (scholarships and grants), an initial refund up to $600 will begin processing approximately 10 days before the start of the term. 

All remaining refunds will be processed after the 14th day of the term, or the last day to withdraw with a 100% refund for full-term courses, including refunds from self-pay methods (webcheck, electronic fund transfer, and debit/credit cards).

Refunds are sent via a mailed check or direct deposit to the student's bank account, if a direct deposit refund account has been set up via the Penguin Portal.

• How to Set Up Direct Deposit

Parent PLUS Loan Refunds: If a refund is generated from a Parent PLUS loan, the refund check will be made out to the applicant and mailed to the address provided on the Parent PLUS loan application.

Direct deposit refunds are processed daily and mailed checks are sent out once per week.

Book Advance: If you are eligible for a financial aid refund, you may be eligible to receive a Title IV Book Advance, which is an advance on the financial aid refund to be used for book purchases at YSU Barnes & Noble. 
The University Bursar will notify eligible students via email approximately 21 days before the semester begins with their Book Advance amount and instructions on how to use the advance. 

Any amount used as a Book Advance will be deducted from the total refund amount. Any funds not used for the Book Advance will be added back to the financial aid refund and processed during the normal timeline. Title IV Book Advances expire approximately 10 days before the semester begins.

Please contact the Penguin Service Center for more information on Book Advances, refunds, and the specific refund processing dates per semester.

Financial Aid Check-In