Tuition Refunds
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. To sign up or update your Non-Payroll Direct Deposit information follow these steps:
- Log into Experience (mtu.edu/experience)
- Click on "Enable Direct Deposit Updates" on your Payment and Billing card
- If you currently do NOT have direct deposit set up: Click on the yellow Enable Direct Deposit Access button
- If you DO have direct deposit set up and need to update your information, input your current routing number and account number (even if it's for payroll), then Click the yellow Enable Direct Deposit Access button
Once you have Enabled the Direct Deposit access:
- Click on the Banner 9 link
- Click Direct Deposit
- Scroll down to Accounts Payable Deposit
- Fill in your bank routing number and account number and save.
Important Note: Direct Deposit information CANNOT be updated or added during a University Payroll Week. If the add/updated option is not available, please check back next week.- 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 again online.
Refund Schedule
Financial aid is disbursed to student accounts by the end of the second week of the semester. Federal regulations require that students are refunded credit balances as a result of financial aid within 14 days of disbursement. Refunds of tuition accounts with a credit balance as a result of Federal Direct Loan proceeds are initiated by the end of the second week of the semester, with the exception of accounts with credit card payments. Refunds as a result of overpayment, Alternative Loans, non-loan financial aid and Direct loans with credit card payments are initiated by the end of the third week of the semester. This may result in a partial refund during week two with the remaining processed during week three. 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.
Direct Deposits are processed daily. If you have signed up for Accounts Payable Direct Deposit, you will receive an email once the refund has been initiated with the bank and you should see the refund reflected in your bank account within five business days. If you have NOT signed up for Accounts Payable Direct Deposit, paper refund checks are processed once a week and mailed by Friday of that week.
It is the student's responsibility to maintain correct addresses. Mailing addresses (local address where refund checks will be sent) may be updated with Experience using the My Account card and the Update Addresses link.
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 Third Party Billing
If a credit balance exists on a student account and a third party placeholder credit has been applied to the account, the credit will remain on the student account until the third party vendor payment has been received at the University. Third Party examples include but are not limited to: MET, Kalamazoo Promise, ROTC, Bright Horizons, Vocational Rehab, etc.
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, Flywire, and PayMyTuition
If a credit balance exists on a student’s account for an amount greater than the cost of attendance and the payment was made by wire transfer, Flywire or PayMyTuition, the funds will be returned by original method of payment 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.