When and How Refunds are Issued

When are refunds commonly issued?

Financial Aid Award - Account Overpayment

Frequently, students receive federal financial assistance which is in excess of the charges on their student account and can be refunded to the student. Such refunds will be automatically processed and issued to the student via check or direct deposit.

Refunds are processed when the funds are received and result in a credit balance on the student’s account. Excess PLUS Loan funds will be refunded to the parent unless the parent has designated otherwise. Generally, a credit balance is issued the week day after it is created. A credit balance that requires review or manual processing is generally issued within 3 business days. In all cases, excess funds are issued within 14 days from the date the credit balance occurs.

Withdrawal: Course, University, or Special Withdrawal

Students must officially withdraw from a course or the university to receive a reduction of tuition and standard fee charges. To officially withdraw from a course or the university the student must contact the Dean's office of the major college. 

For more information on withdrawals, see Registration and Records opens in new window.

Note: Students who receive a refund of financial aid overpayment and later withdraw from the university may be required to repay a portion of refunded aid. The exact amount to be repaid to financial aid accounts will be determined by the amount of aid received, the educational costs incurred, and the length of time attended during the semester per federal regulations.

How are refunds issued?

A refund on a student account credit balance is processed 2 ways:

  • Direct deposit of refunds - Fast, reliable and secure!
  • Printed check - All refund checks are mailed to your local address and are NOT available for pickup. Refund checks will only be mailed to a residence hall if is it added as your local address. If no local address is on file the check will be mailed to the student's permanent address. Address verification and changes should be done with Registration & Records in Williston Hall Room 220, phone (815)753-0681, or online via MyNIU opens in new window.

Fill out a Direct Deposit on MyNIU today!

For a more secure and timely refund, direct deposit is encouraged.

View Direct Deposit page.

Frequently Asked Questions (FAQ)

You probably have a few questions about direct deposit. We have provided some answers on our FAQ page.