Direct Deposit

Refunds Delivered 2-3 Business Days

The fastest and most secure way to receive your refund is to authorize direct deposit by adding your preferred bank account information in MyUI.  If direct deposit information is not provided, refunds may be delayed up to 14 days.

 

A student may be eligible for a refund in the following situations:

  1. There is excess refundable financial aid on a student's account.
  2. There has been an overpayment on the U-Bill and the student would like the credit balance refunded.
  3. There has been a change in enrollment that has created a credit balance on the U-Bill.

Students who choose to withdraw from the University must complete the withdrawal request via MyUI to be considered for a refund of tuition paid.  Information regarding the amount of tuition and fees that a student will be responsible for after dropping a course or withdrawing their entire registration can be viewed on the Registrar's website.  https://registrar.uiowa.edu/drop-or-withdraw-tuition-responsibility

Refund Information

Financial Aid Refunds

The University of Iowa strongly recommends setting up direct deposit for all excess financial aid refunds, including those from Parent PLUS Loans. Direct deposit is the fastest and most secure way to receive your funds.

When Are Refunds Processed?

  • Refunds are processed daily, beginning the first day of each semester.
  • With direct deposit, funds typically appear in your bank account within 2–3 business days.

Important: If you do not set up direct deposit, your refund may be delayed by up to 14 days.

Account Refund Policy
  • Credit balances are automatically refunded following these guidelines:
    • Students - Refund is processed if the student does not register for the next regular semester or in the event of withdrawal from current registration. A processing period of 45 days may be required for such a refund and the account must have no activity for 60 days.
    • Employees - Refund is processed upon request or 60 days after no longer employed.
    • Other - Refund is processed when there has been no activity on the account for 60 days.
    • International Payments/Wires - Payments directed to the University of Iowa should be made for the amount due based upon the University U-Bill, or the expected amount of tuition and on-campus housing. Payments for off-campus housing, or other personal living expenses should be directed to your personal bank account, (not the University).  Please note: payments received in excess of the U-Bill will either be a prepayment for a future semester or the payment will be returned to the sender via the original payment source.
    • Credit Card Payments - Refund will be issued to the original card that was used to make the payment.
  • A request for refund must be made by the account holder to initiate an earlier refund.
  • Payment to this account by someone other than the student is accepted by the University in the name of the student.
  • Any refunds of credit balances due to withdrawal or overpayment will be made directly to the student by ACH or check, unless the payment methods were International Payment, Wire or Credit Card.

Questions regarding refunds due to dropped courses or withdrawal from the University should be directed to the Registrar's Office, https://registrar.uiowa.edu/drop-or-withdraw-tuition-responsibility.

 

Setup Direct Deposit

To receive your refund electronically, you must establish a Refund Account by providing your bank account information through MyUI:

  1. Login to MyUI
  2. Select the Financial Aid & Billing tab
  3. Select Bank Information - Refund Account
  4. Select an existing bank account or add a new bank account
  5. Answer the IAT (International ACH Transaction) rules question(s)
  6. Select the "Update your refund account" button

A green box displayed at the top of the screen is confirmation that your refund account has been updated. 

Parent PLUS Loan Refunds

Refunds from Parent PLUS Loans are also issued via direct deposit. 

Borrowers with guest access can add a Refund Account in MyUI by following the steps outlined above in the Setup Direct Deposit section.  

Individuals who do not have guest access must complete and submit the Parent PLUS Loan Direct Deposit Authorization Form.

  1. Download the Parent PLUS Loan Direct Deposit Authorization Form (PDF)
  2. Return the completed form to the University Billing Office for processing.