Refunds and Disbursements

Refunds

If the total amount of financial aid (loans, grants, scholarships, etc.) is greater than the total charges on a student's account, the student will be issued a refund. Refund checks are mailed out to the student's permanent address, or the student can set up direct deposit through the Controller's Office and receive the refund directly into a bank account.

  • Once you have your refund, you can use it to buy your books or to help with other educational expenses. Also, setting up a direct deposit with the Controller's Office will allow you to get your books a little faster than having a check mailed out to you.

  • Refunds generally are issued about one week before classes begin for the fall and spring semesters and about three days before classes start for summer sessions. In order for a refund to be issued on time, all of the required documents need to be submitted to the Office of Student Financial Aid by July 1st for priority processing. Visit the MyISU Portal, and click "View Financial Aid" in the Student Self Service badge to ensure all requirements are met.

  • Before charges for tuition and housing are posted to your account, you can get an estimate of what your refund will be by adding up the total amount of aid awarded for the semester and subtracting your anticipated costs. To use the University's estimated cost calculator, visit tuition and fees. Once the charges are posted to your account, subtract the charges from your anticipated financial aid to find out how much your refund will be.

  • If you need more financial aid in order to cover the cost of your education expenses, visit how to find more money.

Disbursements

  • Financial aid is disbursed directly to the student's ISU student account approximately one week before the start of the semester. Refunds are issued 1-2 days after the aid disburses to the student account.

  • Aid is based on the student's enrollment status at the time of disbursement. If a student drops courses after financial aid is disbursed, the award amount may be reduced. View award amounts on the MyISU Portal under Student Self-Service, then "Award By Aid Year."

  • You must meet all the institution requirements before financial aid is disbursed to your student account. The initial disbursement of aid occurs 10 days prior to the start of the semester, exception summer. Half of the amount applied for is disbursed at the start of the fall semester and the other half at the start of the spring semester. Be sure to check out the minimum credit hour requirements for each type of aid and check the MyISU Portal for any outstanding requirements.

    Generally, you may not have received your loan funds due to not completing one or more of the required steps, including accepting your Federal Direct Subsidized/Unsubsidized Loans online or completing the Master Promissory Note and Entrance Counseling. You can check for other requirements on the Types of Aid web page or you can speak with a financial aid staff member.

Direct Deposits

  • For information on how direct deposit works as well as instructions to sign up, visit Direct Deposit of Refunds.

  • Students may also sign up by submitting this Direct Deposit Authorization Agreement Form (in pdf format with type-in fields) via fax to (812) 237-8179. Forms may also be brought to the Office of the Controller or mailed to Indiana State University, Office of the Controller/Financial Accounting, 200 N. 7th Street, Terre Haute, IN 47809. Due to processing time required, it may take up to five business days for the request to go into effect. However, the average processing time is about two business days.

  • All Parent PLUS loan proceeds are paid directly to the student’s account. If a refund exists after eligible charges are paid, the parent may opt in to have the refund sent via direct deposit to the student’s bank account on record. This option is available by logging into the PLUS application at www.studentloans.gov, under “modify existing application.”

    At this time, parent PLUS loan refunds may not be sent via direct deposit to the parent borrower’s account.

Further Assistance

 

The Catalog of Indiana State University is the document of authority for all students. The requirements given in the Catalog supersede information issued by any academic department, program, college, or school. The University reserves the right to change the requirements at any time. The right to correct errors is also reserved.