Student Refunds & Direct Deposit
Refunds of Financial Aid
A financial aid refund is defined as financial aid/loan credits greater than institutional charges owed the university. All refunds are issued to the student. Timely refunds are dependent upon the receipt and processing of all documents required by University Scholarships and Financial Aid and upon enrollment in Direct Deposit. You must allow sufficient time for processing in the Bursar's Office before direct deposit of your refund to your designated bank account is possible. If you have not provided us your bank information, your refund check will be mailed to the permanent address you have listed on Hokie Spa at the time the refund is processed. Refunds from over payments and/or financial aid are processed by the Bursar's Office twice each week. Students are notified by e-mail after a refund has been deposited to their bank account or a refund check has been mailed. If you do not receive your refund within a reasonable time frame, please contact us at bursar@vt.edu.
Refunds for Resignations and Reduced Course Load
Depending on your course load and the date you drop a course, you may or may not be entitled to a refund. If you are planning to withdraw, resign, or reduce your course load, please contact our office at 540-231-6277 for refund information.
If you have financial aid, please contact your financial aid counselor before resigning, withdrawing or reducing your course load.
Federal Financial Aid
Federal financial aid regulations require the student to give the university permission to apply Title IV federal funds to miscellaneous charges (i.e. pharmacy, medical clinic, library fines, etc.) or prior term charges owed by the student. The Federal Financial Aid Release Form must be submitted to allow us to apply aid to these charges. Failure to submit this form to the Bursar's Office can result in a hold on the students account if these charges are past due. Download the Federal Financial Aid Release Form
How to Sign Up for Direct Deposit
You may sign up for direct deposit quickly and easily using the on-line enrollment system within the Hokie SPA/University Account Information. The same direct deposit information submitted here can be used for both student refunds and any pay received should you be employed, including work study. If you wish to submit a paper form, you may download the Direct Deposit Authorization Form (PDF).
Frequently Asked Questions
- How long will it take to have my refund deposited to my account after I complete the bank authorization?
- If you are due a refund and we receive your direct deposit form at least 1 week in advance of the refund, the funds will be automatically deposited to your bank account. You will also receive an email notifiying you of your refund.
- What happens if my refund is returned by my bank?
- If money has been directly deposited to a closed bank account we recommend the student to contact the bank to see if the account can be re-opened. This will be the quickest way for you to receive your refund. Otherwise we must wait for the receiving bank to return the funds. Once the funds are returned to Virginia Tech, you will receive a check within 2-3 business days. You will receive an email notifying you of the availability of your returned refund.
- How do I know when and how much has been deposited?
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Direct Deposit of refunds are transmitted to the bank each Monday and Wednesday. Notification of the refund deposit will be sent to you via e-mail.
- What happens if I change bank accounts?
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You may make any changes to your direct deposit information through the on-line enrollment system within the Hokie SPA/University Account Information. Changes will become effective as of the next business day. Or, you may submit a new Direct Deposit Authorization Form (PDF). Virginia Tech must have a least 1 week for a change of bank account information to become effective if submitted via paper form.
- Will I be able to receive a check for part of my refund and have the rest deposited directly to my account?
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With Direct Deposit, the entire amount of your refund must be deposited to your checking account.
- Can I have my refund directly deposited to my savings account?
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The Direct Deposit of student refunds (either financial aid or overpayment) should preferably be deposited to a checking account. However, if a savings account is used, the bank must complete and sign the form. Do not attach a savings deposit slip.
- Into which bank may I have my refund deposited?
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Before submitting this form, you must verify that your bank is a member of an Automated Clearing House (ACH). Failure to do so will delay receipt of your refund. If you bank with a credit union, please contact them to see if additional information is needed for direct deposit.
Notice: Changes to Student Refund Policy
All student refund checks will be mailed to the student's permanent address listed on Hokie SPA at the time the refund is processed. Refund checks WILL NOT be distributed at the Bursar's Office Customer Service windows.
You can receive your refund faster by having your refund deposited directly to your bank account. Please use the On-line Direct Deposit enrollment system available through the Hokie SPA/University Account information. Here you may set up and maintain your direct deposit information quickly and easily.
If you choose not to have your refund deposited to your bank account, please make sure your permanent address listed on Hokie SPA is correct. Failure to do so will result in a delay in receiving your refund.
Requests for replacement refund checks will not be accepted by the Bursar's Office until 14 calendar days after the date the check was issued. The customer will be required to request a refund check replacement form from the Bursar's Office which will need to be completed, signed, and returned to the Bursar's Office to initiate replacement of a refund check.
Please avoid delays in receiving your refund by providing us your bank information for direct deposit.