With the spring semester just around the corner, take note of the following critical information on financial aid disbursement and refund processing.
IU School of Medicine's Office of Student Financial Services and Medical Student Education (MSE) departments are aware of the concerns with the August financial aid disbursements and refund processing. We're working closely with IU Indianapolis and the IU Bursar and Financial Services offices to navigate an improved process, necessitated by new FAFSA and institutional oversight regulations in academic year 2024.
If you anticipate financial hardships due to the refund disbursement timeline listed below, reach out as early as possible so we can connect you with available support processes and resources. For example, we've crafted a letter of support from our office, which can be used on your behalf with landlords, to request payment flexibility due to refund availability issues beyond your control.
Financial Aid Disbursement & Refunds
Financial aid can be applied to your bursar account no sooner than 10 days before classes begin. Therefore, the disbursement timeline will vary 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 its hours of operation. We strongly suggest contacting your bank to confirm its fund availability timeline and plan accordingly.
Bursar Refund Processing Schedule
The IU Office of the Bursar enhanced its schedule and now 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 January 3.
- Second Year (Phase 1, Year 2): Refund processing begins January 3.
- Third & Fourth Year (Phase 2 and 3): Refund processing begins December 24.
Remember: it may take 1-3 business days from the dates listed above 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. Responses may be delayed, so plan accordingly.
For assistance, contact the Office of Student Financial Services before the closure via email (medaid@iu.edu) or phone (317-274-8568).
