Financial Aid Refunds
What is a financial aid refund?
Financial aid is intended to cover educational expenses. If the total amount of your financial aid award for the semester exceeds the institutional charges on your NSU student account, (e.g., tuition, fees, campus housing, NSU health insurance, meals), you may receive a financial aid refund. If you are eligible to receive a refund, you will be receiving your refund in form of a check unless you have completed a Direct Deposit Authorization or the account has been paid by credit card or gift card, in which case the excess credit will be returned to your card. Therefore, students are advised to retain any gift cards used to make payments.
When will I receive my financial aid refund?
The Bursar's Office generally processes refunds within 10 days once a credit balance appears on your student account. However, due to bank holidays (e.g., Independence Day, Christmas Day, and New Year's Day) and year-end closings on June 30 (fiscal year-end closing) and December 31 (calendar year-end closing), refunds will not be processed before the first week of July for the summer semester and the first week of January for the winter semester. Students should make arrangements to pay cost-of living-expenses, books, and any other applicable expenses until excess funds are issued.
Important: In order to process your refund, your mailing address in WebSTAR must be current and active. To view/update your address in WebSTAR, click on "View/Update Address and Phone" on your home tab in SharkLink.
Direct Deposit Authorization
Refunds can be conveniently deposited into your checking account. Direct Deposit is an expedient, safe, and environmentally friendly way to receive your financial aid refunds to your personal checking account. No need to wait for the mail and stand in line at the bank to cash your check. If you do not have direct deposit set up, your refund check will be mailed to you. To set up direct deposit, complete a Direct Deposit Authorization form and submit the completed form along with a voided check from your personal checking account to the Office of the University Bursar.
Financial Aid Tip
Keep in mind that all money you borrow (student loans) will have to be repaid with interest. When the time comes to repay your student loans, you may wish you had borrowed less. To learn more about managing your debt, visit www.nova.edu/financialaid/tips/debt/.