The University's policy is to refund eligible credit balances from student bursar accounts in compliance with all applicable regulations. OSUIT complies with the U.S. Department of Education rules and regulations in accordance with The Federal Student Financial Aid Handbook instructions.
A credit balance results when the total of the credits posted to a student's account (e.g., payments, loan disbursements, scholarships, etc.) exceeds the total of the charges applied to the account for the semester. University housing charges are included in their entirety in the semester charge total.
A credit balance eligible for a refund is where all the applicable charges and credits have been posted to the account and his/ her eligibility for such funds has been reviewed and confirmed or adjusted based on current eligibility, enrollment or any other applicable conditions.
Anticipated funds, including anticipated financial aid, are not considered credits to a student's account until the funds have actually been disbursed to the account.
Please note: Some financial aid programs and waivers may not be disbursed until well into the semester, especially for first-time OSUIT students; please plan accordingly.
Some items cannot be paid with federal aid (such as books) without your permission. If you want your federal aid to pay these items, you must complete the Title IV information with Financial Aid (example below). The Title IV is required to be completed each school year.
Note: Though you get a refund, there may be a balance on your account so please log in and verify you do not owe anything.
To complete the Title IV you can do the following:
- Log into the portal and go to self-service.
- Click "Financial Aid" tab.
- Click "Award".
- Click "Award for Aid Year".
- Select the current award year from the drop down menu and submit.
- Click "Resources/Additional Information" tab.
- Accept or Decline the two questions:
- I authorize OSUIT to pay non-institutional charges with Title IV funds. Non-institutional charges include bookstore charges.
- I authorize OSUIT to pay prior year charges with my Title IV funds. Prior year charges cannot exceed $200.
Accepting allows the bursar to pay all charges with Student Aid funds.
Declining will often result in students owing money after refund is disbursed.
Account Balances, Returns and Payments
In some cases, if a refund is issued and subsequently a balance is created in the student’s account, it is the student’s responsibility to return the funds to the University or pay the balance in accordance with the University’s billing and payments policies, including any applicable penalties and late fees.
If a student’s change of enrollment results in a withdrawal from the University, the level of Federal Student Aid (also known as Title IV funds; for example, Direct Loans, Plus Loans, Perkins Loans, and Pell Grants) awarded may need to be recalculated by the school’s Student Financial Services office, along with any aid earned or not earned by the student, and returned to the federal source or refunded to the student, depending on the specifics of the situation. The amount of federal aid that may need to be adjusted and the pro-ration of the tuition, if any, are based on the date of withdrawal.
Student Financial Services will be consulted before processing a refund for students who have had a change in enrollment or are withdrawing from the University.
Direct Deposit Information
The Bursar’s Office encourages using direct deposit as the most secure and quickest method for receiving bursar account refunds and stipends. Direct deposit refunds are scheduled every working day and should be deposited into your bank account within two to three business days, depending on the bank. You are responsible for verifying funds are available in their bank account before spending the funds. You are notified via e-mail when a direct deposit refund occurs. If you do not choose to participate in the direct deposit program, your refund is issued by check. Refund checks are mailed within five business days to students’ local addresses. The Bursar’s Office cannot cash these University-generated refund checks nor can they cash personal checks.
Signing up for direct deposit is quick and easy. To add/manage banking information and receive deposits electronically, do the following:
- Log in to the Portal
- Click the OSUIT Bursar Icon
- Select eRefunds tab
- Proceed to setup an account
How can we provide such an accelerated schedule for Direct Deposit?
The reason is the Direct Deposit Program is completely electronic, eliminating all manual processing steps.
Remember, Direct Deposit is the fastest and easiest way to get a Bursar refund!
How do I get my refund?
There are two methods for receiving a refund:
- Direct Deposit
- Refund check by mail to local address (please verify the address you have on file with us)
The Direct Deposit Program provides quicker delivery of your refund when your bursar account has been overpaid. If you participate in direct deposit, your refunds will transfer to your checking account within 48 hours after the credit becomes effective on your bursar account. The Direct Deposit Program is a service that is totally electronic, eliminating all manual processing steps. To sign up, click Bursar Login located on the left hand side of the bursar website and use your O-Key login to complete the Direct Deposit Sign-Up information. If you do not choose to participate in the Direct Deposit Program, your refund will be issued by check. Refund checks are mailed on a bi-weekly schedule to students’ local addresses. The Bursar Office cannot cash these University-generated refund checks nor can they cash personal checks. If you require OSUIT to place a stop payment on a check, you will be charged the fee to place stop payment on your bursar account and will be responsible for that cost. You will be notified of the fee amount at time of service. Please cash checks within 90 days of it being issued to prevent it from becoming stale dated.