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Financial Refund Schedule    
 
Direct Deposit of Financial Aid Refunds
Financial aid refunds will be direct deposited to the bank account you specify. The instructions for providing your bank account information will be emailed to you from our vendor, ScholarChip, shortly after your initial registration. ScholarChip will give you a link to set up your banking information at ScholarChip. After this ScholarChip will make a small deposit to your account to verify the information you provided. You must recognize that this deposit was made to your account by logging back into ScholarChip and verifying the small deposit.

“Scheduled” Dates and Amounts (Not Guaranteed)
Most students will receive their semester refund (see your award letter) via Direct Deposit on this schedule:
1/3 of indicated semester refund: second Monday of the second block you attend
1/3 of the indicated semester refund: second Monday of the third block you attend
1/3 of the indicated semester refund: second Monday of the fourth block you attend
 
Mitigating Circumstances
The above “schedule” of dates and amounts is for your general planning purpose and is not guaranteed, or technically accurate. The following circumstances will alter the above schedule:
1) All your financial aid requirements must be met before you receive any refund
2) Your first refund takes place after you begin attending courses totaling at least six credits
3) Your first refund takes place no sooner than three weeks after your first course in a semester
4) Your first refund for fall semester cannot be sooner than the first week of the September block
5) If you drop a block, your next scheduled refund will be postponed a block
6) Any change in your charges or aid, after registration, during a semester, alters the refund
 
Technical Calculation
Your first refund is calculated to be 1/3 of the semester refund (as indicated on your award letter as of that refund date). Except in the case where the total federal aid for the semester (excluding Federal Work Study) is greater than the charges for that semester (federal aid credit balance). The first refund amount is the “federal aid credit balance” or 1/3 of your indicated semester refund, whichever is greater.
 
Your second refund is half of the remaining Student Accounts credit balance, as of the applicable scheduled refund date. Your final semester refund is the remaining Student Accounts credit balance.

Scheduled Dates
The process to prepare a refund involves many offices and complex processes, and therefore can never be guaranteed. It is important to notify Student Accounts on the scheduled date, if you do not receive your refund, so that we may rectify the processing gap. 
 
Dropped or Skipped Blocks Delay the Scheduled Date until the Following Block
The first refund is scheduled to be the second Monday of the second block attended, with the condition that the first two blocks attended must total at least six credits. Additional refunds are scheduled on the second Monday of the next block attended, where each block is at least four credits (when a four credit block is offered in two segments, two credits each, attendance must be all four credits to avoid a scheduled date delay).

Semester Scheduled Blocks are Less than the Full Semester
In the case of a student attending only three blocks, the two refunds are each ½ of the indicated semester refund. If a student attends only two blocks in a semester, the entire refund is scheduled for the second Monday of the second block. However, in these special cases, as student may need to correspond directly with Student Accounts about their unique academic schedule so that Student Accounts can correctly schedule, adjust, or reschedule projected refund amounts. Email Student Accounts: stuacct@mum.edu
 
Petition for Exception
Students who fall outside the above schedules, or who want to petition for an exception or a different schedule, may file a Finance Review Board petition at the Enrollment Center. Please allow one week for the review of the petition.
 
Federal Aid Credit Balances
A Federal Student Aid credit balance has a specific definition by the US Department of Education: University charges minus federal student aid, excluding Federal Work Study. We don’t hold federal aid beyond the first refund. The second and third refund amounts contain only institutional funds, by this federal definition. Scheduling multiple refunds helps students to avoid receiving funds for which they may become ineligible if dropping future blocks.
 
 
 
 
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