Refund Policy

 

Overview

The University's policy is to refund eligible credit balances from student bursar accounts in compliance with all applicable regulations. OSUIT adheres to the U.S. Department of Education rules and regulations as outlined in The Federal Student Financial Aid Handbook.

 

Credit Balance Definition

A credit balance occurs when the total credits (e.g., payments, loan disbursements, scholarships) exceed the total charges applied to a student's account for the semester, including full university housing charges.

 

Eligibility for Refunds

A credit balance eligible for a refund means all applicable charges and credits have been posted to the account, and the student's eligibility for such funds has been reviewed and confirmed or adjusted based on current eligibility, enrollment, or other conditions. Anticipated funds, including financial aid, are not considered credits until disbursed to the account.

Note: Some financial aid programs and waivers may not be disbursed until well into the semester, especially for first-time OSUIT students. Please plan accordingly.

 

Title IV Authorization

Federal aid cannot cover some items (such as books) without your permission. Complete the Title IV authorization with Financial Aid annually to allow federal aid to pay these items. Here’s how:

1. Log into the portal and go to self-service.
2. Click the "Financial Aid" tab.
3. Click "Award."
4. Click "Award for Aid Year."
5. Select the current award year from the drop-down menu and submit.
6. Click the "Resources/Additional Information" tab.
7. Accept or decline the following:
   • I authorize OSUIT to pay non-institutional charges with Title IV funds (e.g., bookstore charges).
   • I authorize OSUIT to pay prior year charges with my Title IV funds (up to $200).

Note: Declining may result in owing money after refunds are disbursed.

 

Account Balances and Payments

If a refund is issued and a balance is subsequently created in the student's account, the student is responsible for returning the funds or paying the balance per University billing policies, including penalties and late fees.

 

Withdrawal

If a student withdraws, Federal Student Aid (Title IV funds) may need recalculating. Aid may be returned to the federal source or refunded to the student based on the specifics of the withdrawal date. Consult Student Financial Services before processing refunds for changes in enrollment or withdrawals.

 

Direct Deposit Information

Direct deposit is the most secure and quickest method for receiving refunds and stipends. Direct deposit refunds are processed daily and typically deposited within two to three business days. You are notified via email when a direct deposit occurs. If you opt-out of direct deposit, refunds are issued by check and mailed within five business days.

 

How to Sign Up for Direct Deposit

1. Log in to the portal.
2. Click the OSUIT Bursar Icon.
3. Select the "eRefunds" tab.
4. Set up your account.

 

Refund Methods

There are two methods for receiving a refund:

1. Direct Deposit: Funds transfer to your checking account within 48 hours after the credit becomes effective.
2. Refund Check by Mail: Mailed to your local address (verify your address). A stop payment fee of $15.00 applies if required.

Remember: Direct Deposit is the fastest and easiest way to receive your refund. If opting out, cash checks within 90 days to prevent them from becoming stale dated.