Refunds
If payments exceed the balance owed to Virginia Commonwealth University, the student may receive a refund. Refunds, with the exception of credit card payments and excess federal Parent PLUS loan proceeds (when applicable), are issued to the student in the student’s name regardless of the original payment source(s).
All refunds are subject to review.
Credit card policy
In accordance with credit card regulations, overpayments made by credit card will be returned to the credit card account. All other overpayments will be refunded to the student.
Direct deposit
Financial aid and scholarship recipients are encouraged to sign up for Direct Deposit Bank Authorization. This authorization remains in effect until a written cancellation is submitted to Disbursement Operations.
Students not enrolled in direct deposit will receive a refund check via mail. A current permanent mailing address must be on file with the Office of Records and Registration for the refund to be processed.
Overpayments
Overpayments from current semester financial aid and scholarships will be refunded automatically through the financial aid refund process if the overpayment occurs while the student is currently enrolled. During the fall and spring semesters, refunds will begin to be available starting on the first day of classes. Some financial aid funds and other award types may require further review and additional approval before the refund is processed.
Typically, students participating in the direct deposit program will receive their refunds in seven to ten business days after the financial aid or scholarship funds have disbursed (overpaid the account). This is the quickest and easiest way to receive a refund.
Students who do not participate in the direct deposit program should allow additional time for their refunds to be received since refund checks are mailed. Checks are mailed to the student's permanent address in eServices. Additionally, most banks will place a hold on the funds from check deposits until the check has cleared the bank per guidelines from the Federal Reserve. To avoid the possible delay of accessing all of the funds due to bank holds, students may wish to enroll in direct deposit.