Students must enroll for direct deposit on CougarNet to receive a student refund.
To be able to receive a refund, the student needs to be enrolled in direct deposit.
To enroll for direct deposit:
Student workers already receiving direct deposit of your paycheck need to do nothing to have your student refund deposited to the same account. If you want your student refund to be deposited in a different bank account, please log in to CougarNet and select "Update Student Direct Deposit" under the "Student Account" menu.
Students are notified by email to their official University email account when a student refund has been processed.
What is a student refund? A refund to a student occurs when the University owes the student money. A refund could be generated due to financial aid (scholarships, grants, loans, etc.) being applied to the student's account that covers more than what is being charged or an overpayment.
What is direct deposit? Direct deposit is the electronic transfer of funds into a checking or a savings account. It is the quickest, safest, and most efficient way of transferring funds. Students may use their checking or savings account or may use their parent's checking or savings account to receive their refund. The checking or savings account must be a U.S. account. If you do not have a U.S. bank account, you will need to establish one before you can enroll in direct deposit.
When will I get my refund? Each semester direct deposit of student refunds begin the Friday before classes begin.
Can parents receive parent plus loan refunds by direct deposit? No, only students can enroll for direct deposit at this time.
In some cases, class schedule changes and/or changes in financial aid eligibility may result in the student being required to repay a portion or all of the refund. Funds will NOT be withdrawn from the bank account set up for Direct Deposit purposes to repay the refund. Please monitor your CougarNet account regularly to determine if a balance is owed.
If a student receives a payment from the University via direct deposit at a U.S. financial institution and forwards the entire amount to a financial institution in a foreign country, then the student must notify the Bursar's Office (call 618-650-3123 or email email@example.com). This notification is required in order to comply with the U.S. Office of Foreign Assets Control (OFAC) and National Automated Clearing House Association (NACHA) regulations.