Credit Refunds
Refund Information
Students who have a credit on their account after all billed expenses have been settled, can request a credit refund. Refund amounts can be made up of personal payments, scholarships, and loan funding.
Refund Conditions
Students with a valid credit balance are eligible to receive a refund. Refunds can be processed when the following conditions have been met:
- Classes for the applicable term have begun.
- Your “Anticipated Aid” has been received and credited to your student account.
- If the credit balance is the result of an overpayment by check or an online payment, 10 days have passed since receipt of the payment.
Refund Processing
If the refund processing conditions have been met, refunds are processed according to the method of payment received by Boston University.
- Electronic or paper check payments require a 10 day waiting period before being refunded as a check or direct deposit.
- Credit card payments are credited back to the credit card that was used for payment.
- If your balance was paid through either Flywire or Convera, the refund will be sent back to the original account from which the funds were transferred.
- If it is determined that your refund must be made co-payable to an outside sponsor, lender or other third party, your refund will be processed as a check to the agency.
Set-Up Electronic Refund
- To receive an advance, you must link your bank account to your Nelnet Student Choice Refund profile to receive the funds, which can be found in MyBU Student under ‘Nelnet Payment & Payment Plans’. Please be aware that funds will only be given after your semester begins.
- Boston University has partnered with Nelnet Campus Commerce as an electronic (ACH) refund provider. Nelnet’s Student Choice Refunds (SCR) product allows students to store their checking or savings account for ACH refunds. To create or update your SCR profile, visit MyBU Student and select “Financials” from the left navigation menu, then select “Student Account Balance” and “Nelnet Payment & Payment Plans.” You will then be in Nelnet’s QuikPAY environment. Select “Manage Refunds” to continue into Nelnet’s SCR portal. If you are accessing the portal for the first time, you will be immediately displayed the SCR enrollment screen. On the first page, you may choose to add a secondary email address, to which all SCR related emails will be sent. Then, on the next page you will enter your bank account information. This information will be used for all future electronic refund requests. After initially storing your bank account details, you may edit the information at any time by visiting the “Manage Refunds” link in Nelnet’s QuikPAY environment.
Federal Title IV Refund
- In compliance with federal regulations, all Federal Financial Aid recipients whose total federal funds exceed allowable semester expenses will be sent a Federal Title IV Refund automatically, unless the student authorizes the University to retain the funds to cover other expenses.
- Allowable expenses include, and are limited to, tuition, fees, and contract room and board. Since federal regulations prohibit the University from using excess federal funds for non-allowable charges (including medical insurance, late fees, convenience points, library fines, and prior balances) a Federal Title IV Refund may result in an outstanding balance. Students can prevent this by completing a Federal Financial Aid Credit Authorization Form and submitting it to Student Accounting Services .
Contact
Please contact Student Accounting Services or the Refunds page for additional information.
Graduate Refund Request Form
Please note, that with the implementation of our new Student Information System, refunds are to be processed and refunded automatically. However, due to system issues and delays, students with a valid credit balance will need to submit the Graduate Refund Request Form to initiate their request. Once the form has been received, Student Accounting Services will review and process the refund request accordingly.
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