Financial aid awards are based on the total cost of attendance, including items that do not appear on the bill (such as, books and supplies, and miscellaneous expenses).Sometimes, the total amount of financial aid accepted may be greater than the amount billed, resulting in a refund.
Refunds are typically available once classes begin. To receive a refund, all financial aid requirements must be complete and your actual enrollment must match the expected enrollment on which your financial aid award is based.
Students need to set up direct deposit to receive their refund.
Refunds will be made payable to the student if the credit balance was a result of financial aid from the student's name (Federal Direct Subsidized/Unsubsidised loans, private education loans, scholarships and/or grants).
Refunds will be made payable to the parent if a parent PLUS loan has been borrowed (up to the amount of the PLUS loan), unless the parent authorized the refund to be issued to the student. This authorization is provided when the parent applies for a PLUS loan, or provided in writing/email to SFS.
Direct deposit sign up is required for students to receive their financial aid refund. (Parent refunds are not issued through direct deposit).
To set up direct deposit, students should have their bank account information handy (account and routing numbers), and set it up through their myUVM portal. Once logged in, from the Student Financial Services page students should select 'Set Up Direct Deposit' (found under the Student Account banner).
Note: Direct deposit for payroll (positions held at UVM) are separate from direct deposits for refunds and Human Resources should be contacted with any questions at 802-656-3150.
To set up direct deposit, students should have their bank account information handy (account and routing numbers), and set it up through their myUVM portal. Once logged in, from the Alumni page students should select 'account and billing information' (found under the Your Account banner). Once in the Student Information System, select 'Return to Account and Billing Information Menu' (found on the top right). Then on the Account and Billing Information Menu, select 'Set Up Direct Deposit for Student Refund'.
If you have a monthly payment plan in place, you will not receive a refund until the payment plan is paid in full for the semester based on your enrollment. If the payment plan, in combination with other resources, is creating an overpayment on your account, you may contact Nelnet Campus Commerce to reduce the payment plan so that your monthly payments will be smaller. Otherwise, Student Financial Services will contact Nelnet Campus Commerce to reduce your plan.
For medical students eligible to receive a refund, due to an over-payment of financial aid over the amount owed for tuition and fees, view the timing of refunds (provided all requested information has been submitted and reviewed).
If you have a credit balance that you would like held on your account for future semesters, please send an email from your UVM email account to request. You will receive an email response once your account has been updated to reflect your request.