Office of Student Aid : Parents of Students : Parent Newsletter

Penn State Office of Student Aid Parent Newsletter
Volume 5, Issue 4--August 2007

Receiving a Refund

A credit occurs on a student's account when payments or student financial aid exceed the semester charges. A credit can also occur based on adjustments to a student's fees. The Bursar's office will begin to issue refunds for fall at the start of the fall semester.

The fastest way for students to receive their refunds is by Rapid Refund (electronic deposit of funds). Students can sign up for Rapid Refund on eLion by selecting Refund Information from the "Students" menu and entering their bank account information.

Federal Parent PLUS Loan borrowers can also elect Rapid Refund if PLUS Loan funds will create a credit balance. Parents can access an ACH Authorization Agreement on the Bursar's Web site. The refund can be deposited to either the parent's or student's bank account. Parents' completed forms should be mailed to the Office of the Bursar, 103 Shields Building, University Park, PA 16802.

Why Hasn't My Refund Been Sent?

There are several common reasons an expected refund could be delayed beyond the start of classes.

• Refunds resulting from personal checks are restricted for 21 days to allow time for the payments to be processed through the banking system.
• Student schedule changes are a common reason for delayed refunds. Schedule adjustments below full-time status, even if temporary, can delay a refund if eligibility for aid sources is contingent on full-time enrollment.
• Refunds can be held up if funds from aid resources have not yet been received by the Bursar for credit to an account.
• Additionally, refunds will be delayed if students do not complete the registration process by responding to their tuition bills.