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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.

If your financial aid funds did not disburse as expected (were not credited to your account by the scheduled disbursement date), visit the financial aid website to learn about common reasons that may prevent your financial aid from being awarded or disbursed.

When will I receive my financial aid refund?

Your financial aid award will be credited to your student account at the beginning of each semester/term, provided you have submitted all required information and meet all financial aid general eligibility criteria. Loans are scheduled to disburse seven days prior to the beginning of the semester/term. Institutional scholarships, federal grants, and state grants/scholarships are scheduled to disburse after the end of the registration or drop/add period for your program.

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. If charges are incurred on your NSU account after this refund is issued, you are expected to use the funds received in this refund to pay your account balance.

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 the Debt Squad.

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