Credit Balance Refund
A credit balance can exist on your student account when loans, scholarships and other payments, such as 529 or College Savings Plan payments, are applied and cover more than the balance owed, or when you make registration changes that reduce what you owe. You will be refunded the credit balance on your student account automatically once refunding begins each term.
What are eRefunds?
When you sign up for eRefunds in PittPAY, you designate the personal U.S. checking or savings account where you want your student refunds to go. With eRefunds, your money will be available in your bank account within 2-3 business days, and address changes won’t delay your refund. This is especially important if you live on campus or away from home.
- Login to PittPAY above and click “Select eRefund preference” from the Account Summary tab.
- Enter the routing and account number of the checking or savings account where you want your refunds to go.
What if I do not sign up for eRefunds?
The credit balances on your student account will be sent by paper check and mailed to your home address. This may not be where you currently reside or intend to reside in the future, so eRefunds is the best way to be sure you receive your money quickly, directly in your bank account, regardless of address changes.
When does refunding occur?
Federal regulations prohibit the University from applying loans, grants, or scholarships to the student accounts until 10 days before the first day of any academic term. Fall term refunding follows that schedule, and starts immediately after aid begins applying to student accounts. Financial Aid for Spring term begins to disburse on January 1, and refunding begins on January 2.
Refunding is an automatic process each weekday, but it is suspended during the first two weeks of fall and spring terms during the add/drop period. After confirming that they have a credit balance on their student account, students can still request their refunds when the automated process has been suspended by emailing email@example.com, and including their seven digit student ID number in the email. Please note, refunds are not issued on anticipated credit balances – only actual balances that result after anticipated aid is disbursed to apply to the account.
eRefunds for Parent PLUS borrowers
The disbursement of your Parent PLUS loan to your student’s account may create a credit balance. On the PLUS Loan application, you are asked whether you want the refund to go to your student or to you. If you elect to have the refund delivered to you, sign up for eRefunds in PittPAY on the Authorized User side of PittPAY.
- Use the Authorized User Login button above to login with your email address and PittPAY password (not your student’s), then select Manage eRefunds from the Account Summary tab.
- Enter the routing and account number of the checking or savings account where you want your refunds to go automatically. This can be your bank account or your student’s bank account.
What if a Parent PLUS Loan borrower does not sign up for eRefunds?
If you elected on the PLUS Loan application to have the credit balance that your loan disbursement creates on the student account issued to you, it will be mailed by paper check and sent to your home address. This may not be where you currently reside or intend to reside in the future, so eRefunds is the best way to be sure you receive your money quickly, directly in your bank account, regardless of address changes.