Students who change credit status by dropping a course or withdrawing from the University should review the Registrar's Office refund and withdrawal schedules.
Room and Board Refunds
Refunds of room and board charges will be prorated on the basis of the number of weeks used.
Credit-Balance Refunds—Financial Aid or Overpayment
Refunds may be direct deposited into your checking or savings account, or checks will be mailed. Checks are not available for pickup. Avoid lost or stolen checks and delayed funds by signing up for direct deposit.
Direct Deposit— Direct Deposits are processed daily. Log into Banweb and click on "Pay Bill/Confirm Enrollment". Then select "Non-Payroll Direct Deposit Destination” and follow the directions to add, delete or change your banking information.
- You will receive an email from Financial Services and Operations confirming the amount of your payment or refund and the date it will be transmitted to your bank.
- Confirm with your financial institution that your payment or refund has been deposited into your account before writing checks against these funds.
- If you change accounts or banks after signing up, update your information online.
Check— If you do not choose direct deposit, a check will be mailed to the Mailing address we have on file. Checks are processed weekly.
Regulations require that students are refunded credit balances as a result of financial aid within 14 days of disbursement. Mass disbursement of financial aid to the student accounts is done on Wednesday of the first week of the semester. Refunds of tuition accounts with a credit balance as a result of Federal Direct Loan proceeds are initiated the following day, with the exception of accounts with credit card payments. Those credit card and Direct Loan refunds will be disbursed during the third week of the semester. Refunds as a result of overpayment, Alternative Loans or non-loan financial aid are initiated during the third week of the semester. Financial aid disbursed after Tuesday of the third week will be refunded as the credits appear on the student accounts. Future dated charges, such as rent, will be paid from the credit balance before the refund is created.
Refund checks are processed once a week. Direct deposits are processed daily and available in the recipient account two business days after appearing on the student account.
Refund checks will be mailed on Thursday for refunds initiated during the prior Thursday to Wednesday.
Refund checks processed during the third week of classes will be mailed on Wednesday.
It is the student's responsibility to maintain correct addresses. Mailing addresses (local address where refund checks will be sent) may be updated through Banweb (Student Information System).
A $10 fee may be assessed to the student's account if he or she requests a stop payment and reissue of a credit balance check within fifteen days from the date of issue. No fee will be assessed if the request comes fifteen days or later after the date of issue.
Refunding Procedure with Credit Card Payment
If a credit balance exists on a student account and a credit card payment was made to the account for the same semester, the credit card account is refunded.
Refunding Procedure for International Wires
If a credit balance exists on an international student’s account for an amount greater than the cost of attendance and the payment was made by wire transfer, the funds will be returned by wire transfer to the original source.
Title IV Disbursement Authorization
Federal Regulations require Michigan Technological University to obtain authorization to apply Title IV Financial Aid to various charges on your student account. Title IV aid includes Federal Pell Grants, Federal SEOG and Federal Direct Loans. Title IV aid can only pay for tuition, course related fees, inclusive access fees, student activity and Experience Tech fees, and University contracted housing and meals, without the additional authorization.
To authorize Title IV aid to cover other charges that may appear on your Michigan Tech Student Bill, such as parking permits and fines, course related fines, library fines, damage charges, late fees, and any other fines or fees related to University services, a Title IV Disbursement Authorization Form (with a Yes selection) must be submitted.