Spring Term Refund Distribution Schedule
Tuesday, January 24th - Financial Aid Funds Applied to NDSU Account Balances
The Office of Financial Aid and Scholarships will release all eligible/available financial aid funds, which will be applied directly to the balance owed to NDSU by the student.
Example: Student owes $3,000 and receives $2,500 in financial aid for the semester. The student's balance owed will be reduced to $500 after financial aid disburses.
Wednesday, January 25th - Refunds via Direct Deposit Begin
NDSU will forward the unused financial aid funds (i.e. the student has more financial aid funds than the amount owed to NDSU) to be deposited directly in to the student's personal bank account. Please note it may take a up to 7 days for the funds to appear in your personal bank account. Students that have signed up for direct deposit will receive their refunds of excess financial aid earlier than those that elect to receive a paper check.
Example: Student owes NDSU $4,000 for the semester but receives $5,000 in financial aid. The "excess" aid of $1,000 is refunded to the student.
Thursday, February 2nd - Refunds via Paper Check Begin
Refunds to students receiving paper checks begin. Checks may be picked up in Ceres Hall 302/312 between 8:00 a.m. and 4:00 p.m. Checks not picked up will be mailed to the student the following Thursday.
What is a credit balance?
When the payments or credits applied to an account are greater than the charges or costs on an account a credit balance is generated. Credit balances sometimes result in the issuance of a refund.
What can cause a credit balance?
A credit balance occurs when:
- Disbursed financial aid such as loans, grants or scholarships exceed account charges.
- Payments are made in excess of the account balance.
A credit balance can also occur if there is a decrease in charges on an account that has been paid in full. This can occur when:
- A waiver is applied to an account after charges have been paid.
- A student drops a class or withdrawals from a term resulting in a reduction in tuition and fee charges.
- A student is eligible for a tuition residency change that results in a lower tuition rate.
- A department decreases charges by issuing a credit for an expense. This may include credits for housing charges, meal plan charges, bookstore charges, and parking permit.
When a credit is posted to an account, whether it is a reduction in charges or a payment (including financial aid) NDSU will apply that credit to any eligible outstanding charges first. If all eligible charges are paid then the credit may result in a refund.
NOTE: Refund processing may be delayed if further review is necessary to ensure the refund is in compliance with federal and state laws and regulations and state and university policies.
If a student is not fulfilling the requirements to earn financial aid then the Office of Financial Aid and Scholarships may reverse the financial aid. For more information about the return of federal financial aid (Title IV) funds contact the One Stop. Students are financially responsible for outstanding balances due to a return of financial aid.
If a credit is still remaining on the account after all charges have been paid and, if necessary, unearned aid has been returned then a refund is issued.
Approximately two weeks after the financial aid is applied to NDSU account balances, Customer Account Services will resume normal credit balance refund processing.
NOTE: Housing deposits paid online are processed daily and are refunded to the original form of payment.
Enrolling in Direct Deposit decreases the risk of checks being lost or stolen. Funds are also recieved more quickly than when a paper check is mailed.
Click to access the NDSU Student Finance Direct Deposit Enrollment Instructions