If you have financial aid funds that exceed the charges on your student account at the time of disbursement, you will receive a refund, which may be used to pay other educationally related expenses. (Note that if subsequent charges are made to your account, you are responsible for paying them. Be sure to read the Terms and Conditions page.)
Your refund will be issued in the form of either a direct deposit into your bank account or a check mailed to your current local address. See below for information about what to do if you have excess funds but do not receive a refund check or deposit.
Direct Deposit Authorization
Direct Deposit is available through Wolverine Access and is the university's preferred way to pay your financial aid. It is also the best way to ensure your aid funds are received in a timely manner. To have your financial aid refunds deposited directly to your bank account:
- Visit Wolverine Access and navigate to the Payroll tile, select the "Direct Deposit" link to sign up. It will remain in effect until you cancel it.
- This authorization covers all money disbursed to you, including financial aid refunds and university employment wages (including Work-Study).
- Keep your bank account information up to date in Wolverine Access; if your bank account changes or the number is incorrect, your financial aid refund cannot be disbursed and your aid will be delayed.
- For Frequently Asked Questions about Direct Deposit and more information, visit U-M Financial Operations.
- If you do not have Direct Deposit, a paper refund check will be mailed to your local (current) address as listed on Wolverine Access. Always keep your address up-to-date with the university.
If You See a Credit on Your Student Account
Under some circumstances, your refund will appear as a credit on your student account. You will need to request that a refund check be issued to you for this credit. A check for your refund will not be issued automatically. In this case, you may contact Student Financial Services to request that the funds be released to you.
Likewise, Graduate Student Employees with full tuition waivers and students receiving assistance through the Michigan Education Trust or a ROTC tuition scholarship may need to request that their credit balances (excess aid) be released to them. These students should check their account on Wolverine Access and then contact us.
A Note About Loans and Financial Aid Refunds
If your parents borrow through the PLUS Loan program, they may elect to have any excess funds refunded either to them or to you. If you receive a refund for a loan and you do not want it, notify us in writing. Not cashing the check does not cancel the loan. Here are your options:
- Return your uncashed check to us with a note of explanation.
- If you have cashed the check or received direct deposit, request in writing that the loan be reduced for the desired amount. Once the loan is removed from your Student Account, you can then make an ePayment through Wolverine Access, or write a check payable to "University of Michigan." Visit the Student Financial Services website for more detailed information on making payments to your Student Billing Account.
Some types of aid can only be used to pay for certain types of charges. For example, federal aid funds may not be used to pay for orientation charges, phone bills, lost ID fees, etc.; and some aid is designated to cover only tuition charges. Therefore, you could receive a refund even if you have outstanding charges on your student account from the current term or previous terms.
If a balance remains on your student account, you are responsible for paying it after receiving a financial aid refund.