If you receive financial aid in excess of your university charges, the balance will be refunded to you to use towards other education-related expenses, i.e., off-campus room and board, transportation, personal/miscellaneous costs, etc. Credit balances will be refunded to you automatically unless restrictions require that excess amounts be left on your student account. Effective September 15, 2014 all student refunds will be issued electronically, by direct deposit into a personal checking or savings account. Please allow two business days after the issue date for your funds to post to your account.
In order for a student refund to be released to a student’s bank account, the credit balance must be on a student's account one week before refunds are processed. If it is not, the refund will not be available until the following refund date. Students will be notified via e-mail when a refund is available for processing and also an e-mail when it has been direct deposited into their bank account.
Students have the option of leaving the credit balance on their student account for the next term. In order for this to occur, the student must complete a No Refund Authorization Form with the Office of Student Financial Services granting permission to keep the excess funds in your account.
Students who are on a payment plan with Tuition Management Systems (TMS) will not receive refunds until the end of the academic school year or unless approved by the Director or Assistant Director of Student Financial Services. Also, students receiving international scholarships from Mercyhurst University will not receive refunds until the end of the academic school year or unless approved by the Director or Assistant Director of Student Financial Services.
To sign up for direct deposit:
If a direct deposit into your personal checking or savings account cannot be processed when refunds are processed, a paper check will be issued and mailed to the preferred address on file with the Registrar’s Office.
Parent PLUS Loan Refunds
Federal Parent PLUS Loans are disbursed directly to students’ billing accounts. Effective with the 2014-15 academic year, when there is a combination of student financial aid and a Parent PLUS Loan, the Parent Loan is disbursed to the student account first. If a credit balance remains after semester charges are paid, a refund is issued according to the following guidelines: