With the spring semester just around the corner, take note of the following critical information on financial aid disbursement and refund processing.
Financial Aid Disbursement & Refunds
Financial aid is typically applied to your bursar account 10 days before classes begin. However, the disbursement timeline varies by academic year (MS1-MS4). Refunds are usually processed within five business days after financial aid is credited to your account.
Direct Deposit
The speed of your refund depends on whether you have a direct deposit set up. Check or update this by visiting One.IU. Select or search for "Direct Deposit of Bursar Refunds." This will show the bank account you have linked to for refunds. If updates are needed, make those changes promptly.
If you don't have direct deposit, your refund will be mailed to the address on file. Delivery will depend on United States Postal Service (USPS) timing, so setting up direct deposit is strongly recommended to avoid delays.
Bank Processing Times
Refund availability depends on your bank's processing schedule. Since this is the holiday season, some banks may adjust their hours of operation. We strongly suggest contacting your bank to confirm their timeline and plan accordingly.
Bursar Refund Processing Schedule
The IU Office of the Bursar processes refunds on Tuesday and Friday of each week. Below is the anticipated refund timeline for Spring 2025:
- First Year (Phase 1, Year 1): Refund processing begins December 24.
- Second Year (Phase 1, Year 2): Refund processing begins January 3.
- Third & Fourth Year (Phase 2 and 3): Refund processing begins January 3.
Remember: it may take 1-3 business days for your bank to make the funds available.
University Closure
The university will be closed from Wednesday, Dec. 25, 2024, through Wednesday, Jan. 1, 2025. It will reopen Thursday, Jan. 2, 2025. Plan accordingly, as services and support will be unavailable during this time.
For assistance, contact the Office of Student Financial Services before the closure via email (medaid@iu.edu) or phone (317-274-8568).
