University Bursar Home

Student Refund and Direct Deposit Information

Enroll for Direct Deposit

You may enroll for direct deposit using the online enrollment system within the Hokie SPA or through MyVT "University Account Information menu". The same direct deposit information submitted here can be used for both student refunds and for any pay received should you be employed -including work study.

Types of Refunds:

Credit Card Refund Policy

Overpayments by credit card are refunded back to the payer's credit card which initiated them. The payer or authorized payer will see a credit on their credit card statement.

If a customer's account has a credit and any payment for the term has been made by credit card, the credit will be applied back to the payer's credit card account.

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. Students are notified by e-mail after a refund has been deposited to their bank account or a refund check has been mailed. 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.

Important Information Regarding Federal Financial Aid:

Federal financial aid regulations require the student give the university permission to apply any excess Title IV federal funds (for example, Stafford Loans, Pell Grants and Perkins Loans) to any non-institutional charges on the student account that are within the same aid year as the federal financial aid. The university can apply up to a maximum of $200 of any excess federal financial aid to non-institutional charge balances remaining from prior years. All charges other than tuition, program fees, comprehensive fees, room, meals, and mandatory software are defined as non-institutional charges. With permission, such charges can be paid with Federal Financial Aid before a refund is calculated. The Federal Financial Aid Release information is your permission to allow us to apply aid to these charges. A decision not to grant this permission to the university can result in a hold on the students account if these charges are past due. Submit your Federal Financial Aid Release Authorization online (Hokie SPA). The link to the instructions can be found under the University Account Information Menu.

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.

Frequently Asked Questions

How long will it take to have my refund deposited to my account after I enroll in Direct Deposit?
Direct Deposit information will be active overnight. Refunds issued thereafter will be direct-deposited.
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?

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?

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.

Will I be able to receive a check for part of my refund and have the rest deposited directly to my account?

With Direct Deposit, the entire amount of your refund must be deposited to your checking account.

Important Notice about International ACH/Direct Deposit Transactions

New banking regulations effective September 18, 2009 require Virginia Tech to obtain additional information for funds that are electronically deposited via Automated Clearing House (ACH) in a U.S. bank and then forwarded in entirety by "standing order" to a non-U.S. bank. Until this additional information can be obtained, payments of this nature must be paid by paper check or will be rejected by the ACH network. This includes ACH payments processed by Virginia Tech for vendor invoices, payees on disbursement vouchers, student refunds, payroll direct deposit, and travel reimbursements.

If you currently forward, or in the future plan to forward, ACH payments to a non-U.S. bank; you should immediately inactivate or change your direct deposit information currently on file with Virginia Tech. You need not take any action if you do not and will not forward ACH payments to a non-U.S. bank.

STUDENTS receiving REFUNDS, FACULTY/STAFF receiving TRAVEL REIMBURSEMENTS, and FACULTY/STAFF receiving PAYROLL DIRECT DEPOSIT can inactivate direct deposit through the Hokie SPA/MyVT enrollment process.

Failure to take action will result in your bank rejecting your international deposit and returning the funds to Virginia Tech. Virginia Tech is not responsible for international ACH transactions that are rejected and/or delayed due to missing information. Virginia Tech is also not responsible for any bank fees or overdraft fees that are a result of a failure to take action.