A refund occurs when money, usually in the form of financial aid, is credited to your student account and then "disbursed” to you. Or when money previously used to pay off a charge is returned to you due to a reduction in charges. The Student Accounts Office begins issuing refunds shortly before the start of each semester.
Refunds are issued in three ways. Students who have a credit from a payment made with a Credit Card will usually have a refund issued back to the Credit Card. Students who have a credit from all other payments will receive either a paper check or an E-Refund. Refunds by check are mailed to your (the student’s) permanent address. If you want us to mail your checks to a local address instead, you must add or update your refund address under “My Address Information” in MyUAlbany. We do not hold checks for personal pick up. We advise that you set up an E-Refund account on E-Pay to have your refund sent electronically to a savings or checking account. Students who have E-Refund accounts should expect to see their credit in their bank account as early as 2 business days after the transaction appears on their MyUAlbany account.
PLUS refunds are issued to the parent or designee listed on the loan and are only sent as paper checks.
When Can I Expect a Refund?
Some financial aid is posted prior to the start of classes. This often includes, TAP, Stafford, Plus and Alternative loans. These funds can start arriving 10 days prior to the start of classes, and the Student Accounts Office begins issuing refunds for registered students.
Other grant and loan funds are posted after the start of classes. Since refunds are issued several times a week you may receive several smaller refunds as your funds arrive, rather than a single large refund.
- Your refund will depend on the status of your financial aid; you may not receive the full amount of your refund until two or three weeks after the start of the term.
- You will be responsible for paying any additional charges you incur after receiving you refund.
Tips for Students Expecting a Refund of Financial Aid
- Be sure you have no holds and your financial aid application is complete which includes your Master Promissory Note and your Entrance Counseling.
- Regularly check and complete your “MyUAlbany “To Do” list items.
- External scholarships should be mailed by mid-July to: Students Accounts, Campus Center G-26, University at Albany, Albany, NY 12222
- Sign up for an E-Refund Account on E-Pay so your refunds will be sent electronically to your checking or savings account.
- For students requiring funds for academic purchases, such as books and supplies, upon request University Auxiliary Services will advance up to $650 against your Student Account to your Podium account during the first two weeks of each semester. Visit the UAS website for details.
- Graduate students with a tuition scholarship should be registered for the total credits covered be the scholarship by July 8 for the fall semester and December 1 for spring, and consult with the academic department to be sure your scholarship has been posted and paperwork forwarded to Human Resources.
- Get everything done early to avoid unexpected processing problems
Why Haven’t I Received my Refund?
Refunds are issued several times a week, however there may be circumstances that prevent refunds from being issued. Students who pay with a Credit Card, have PLUS loans on their accounts or have certain holds will not be issued refunds automatically each day. Their accounts need to be reviewed manually. If a student feels they are due a refund they should confirm that they do not have any outstanding holds or prior unpaid balances. Students can also contact the Student Financial Center at (518) 442-3202 to request their account be reviewed.