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Financial Aid Refund & Schedule

Refund Disbursement Policy

The Business Office is responsible for processing student refunds on overpayment of financial aid awards. Student refunds are processed every semester within 10 business days after the Add/Drop Period and/or when the loans disburse and are applied to the student's tuition account. The semester's tuition charges and fees, as well as credits (financial aid awards & payments) are applied to the student's account and is reflected on the student's statement. The student's statement of account or eStatement is available online on the student's Self Service account.

The student will be eligible for a refund if the student's statement reflects a negative amount or credit balance after the financial aid awards are posted to the student's outstanding semester charges due. Pending financial aid will not apply as an overpayment. The pending financial aid will need to be disbursed or applied to the student's account in order for the Business Office to process the refund of overpayment.

Please click on this link to launch to the Office of Student Financing site for loan disbursement dates

Students who need access to their refunds before the Add/Drop period may apply for an emergency loan advance. The loan advance cannot exceed $500 and is to be used for educational expenses only.

Please see below forms (link) to apply for an emergency loan:

The Business Office reserves the right to verify all financial aid postings and charges prior to releasing funds to the student. If a student receives a refund and withdraws from the college, the overpayment of awards will be subject to being returned to the lender, donor or grantor. Any amount due on the student's account that results in the withdrawal and the returning of funds already disbursed to the student, will be subject to collections.

Students who are anticipating a refund disbursement over $10,000 will need to complete and sign an Acknowledgement letter  and submit to the Business Office. Funds will not be released unless we receive this form and the validity of the loan award is verified by the Office of Student Financing.

Credit Balance Term Roll Over to The Next Semester

The Business Office will automatically process refunds on those students' accounts who are eligible for refund. Students who prefer to have the funds remain on their student account may opt to have the credit balance roll over to apply to the next semester charges.

Students requesting a credit balance term roll over will need to complete a Refund Authorization Form  and submit to the Business Office. This form authorizes the Business Office to apply the current semester's credit balance on account to the next semester charges.

Refund Disbursements via eRefund

The Business Office processes refund disbursements electronically via eRefund on Self Service - our online system. Students who enroll in eRefund will receive their refund disbursements via direct deposit into their checking or savings account. Students who are anticipating a refund are required to enroll in eRefund on Self Service.

Please see below eRefund schedule:

  • MSMU eRefund Processing Dates

    Mondays

    Wednesdays

  • Manual Refunds

    Wednesday - Pick up after 1PM

    Friday - Pick up after 1PM

*eRefunds will be processed on Fridays only if the following Monday is a holiday

Important note: The availability of refunds deposited within 24 hours is subject to the University electronically transmitting the funds by 5:30PM. There may be delays in processing due to internet connectivity issues and/or downtime. In these cases, refunds that are transmitted after 5:30PM will be deposited to the student’s account  within two business days. The student is responsible for verifying availability of funds deposited.

If funds are not available after the University has transmitted to the student’s bank account, the student will need to contact their banking institution to verify receipt of funds. It is also the student’s responsibility to submit correct banking information on Self Service to avoid delay in receiving a refund. Changes in the student’s financial aid awards that result in a balance due on the student's account, after receiving a disbursement via eRefund, will be subject to collections.

Please contact the Business Office for more information regarding our Financial Aid Refund Policies.