You may periodically have a refundable credit balance attached to your bursar's account because:
- We received a credit transmission for you from the Office of Financial Aid and Scholarships
- We received a bank loan from your loan processor or bank
- You dropped a class
- You were granted an appeal on forfeited fees
If you dropped a class, receive financial aid, and are expecting a refund, it can take ten (10) or more business days to determine whether you must return any aid before you can receive a refund.
*NOTE: Students taking online courses who currently reside in a state other than Indiana may be subject to state-specific refund policies. ContactIUonline@iu.edu for state-specific online course refund policies.
- We receive credit balance reports once a week or more during peak times and then review these reports to determine if refunds are due.
- If refunds are due, we post an entry on your account that displays as a charge that reduces the credit balance to $0, has a description of “Refund,” and appears in One.IU.
- Requests for refunds are electronically submitted through the university’s financial system.
- If you signed up for direct deposit, the refund transmission will be submitted to your bank. Direct deposit refunds are first sent to the Federal Reserve which, in turns, send them to your bank or credit union. In general, direct deposit refunds should appear in your bank account in three to five business days from the refund date. Your banking institution is responsible for the actual processing time; check with them to determine that the refund has been deposited if you have concerns.
- If you made a payment via credit card and are due a refund, the credit will be refunded to the same credit card account and will appear in seven to 10 business days.
- If you have not registered for direct deposit, you will receive a check in the mail. Expect delivery within seven to 14 days of your refund date. Registering for direct deposit is quick and easy.