Functions of A/P
Student Refunds
Refund from Student Accounts
Refund checks are mailed to you unless you have authorized a direct deposit to your checking account (which will be faster). Refund checks from student loans and other federal aid will be computed and issued to you automatically after the loan has been credited to your account. You must request a refund in other situations, such as inadvertent overpayment, or dropping courses within the drop/add period.
Direct Deposit (ACH) Option
To approve direct deposit, fill out the authorization form which appears on your monthly statement and mail it to the Bursar's Office with a canceled check (required).
Your direct deposit authorization will remain in effect until canceled in writing by you and received by the Bursar's Office. Remember to notify us if you move and change banks when you are in school.
Frequently Asked Questions
How soon can I get my loan refund?
Loan refunds are issued automatically after the loan has been credited to the student account and the account has a credit (excess) balance. Refunds are not issued before loan proceeds are received by NSU.
Note: All refunds are mailed to students, unless the student has authorized direct deposit. It's important to be sure that your local address listed with the Registrar's Office is current and correct.
Why didn't I get my refund?
If you haven't authorized direct deposit for refunds, be sure that your local address listed with the Registrar's Office is current and correct. If you move, please notify the Registrar. All bills and refunds are mailed to the address shown by the Registrar.
What are the steps of getting a refund?
After you have completed your loan application and been approved for a loan, your loan money must be transmitted to NSU and credited to your account, before a refund can be issued. Most loans are transmitted electronically to NSU, however others are still sent as traditional paper checks.
If a loan is transmitted electronically, it is credited to the student account after eligibility is verified (registered for sufficient credit hours, satisfactory grade point, entrance interview done, no defaults, etc.).
If a loan is transmitted by paper check, the loan cannot be credited to a student account until eligibility is verified AND the check is sent to the student AND endorsed and returned.
Loans sent to NSU electronically, a process called EFT (Electronic loan transfer) can be processed more rapidly by the banking system and by NSU. Borrowers authorizing EFT will receive refunds more rapidly than students who do not.