Credits and Refunds
Refunds due to excess financial aid money and overpayments are processed by the Office of the Bursar throughout the school year.
Disbursement of financial aid occurs according to federally mandated regulations. If a credit balance results once financial aid is applied to a student’s account, the surplus will be refunded to the student. Refunds are processed in the manner in which the payment is received.
How Do I Get My Refund?
Credit balances resulting from a credit card payment on TouchNet will be refunded back to the credit card used to process that payment (less the 2.75% convenience fee which is retained by TouchNet). All other credit balances will be refunded back to the student directly in the form of a paper check (which will only be available for pickup at the Lake Shore Campus after July 1) or electronically deposited into the student’s savings or checking account. Refunds processed through Direct Deposit should arrive two banking days after the refund is processed through Loyola's PeopleSoft system.
We encourage students to sign up for Direct Deposit so that the funds are electronically refunded and deposited directly into the student's bank account. To set up Direct Deposit, complete the Refund Direct Deposit Profile in LOCUS at www.luc.edu/locus. Students are responsible for the accuracy and maintenance of their Direct Deposit account on file through LOCUS at www.luc.edu/locus. Paper applications will not be accepted for direct deposit.
Refunds resulting from PLUS loans will be sent in the parent's name to the parent's address.
Beginning July 1, 2009, paper refund checks will no longer be mailed. After July 1, any student not signed up for Direct Deposit will be required to pick up paper checks in person at the Lake Shore Campus Bursar's Office. Refunds will be available for pick up the week after the refund is processed in LOCUS, only on the following days:
- Wednesdays: 12p - 4:30p
- Thursdays: 8:30a - 12p
To avoid waiting in line for checks at the Lake Shore Campus Office, sign up for Direct Deposit now! Complete and save the Refund Direct Deposit Profile in LOCUS.
When Are Refunds Processed?
Traditionally, Graduate student financial aid begins to post prior to the beginning of the term. Undergraduate student financial aid begins to post at the end of the add/drop period. Please allow two weeks for a refund to be processed by the Office of the Bursar once the excess credit has applied to the account.
If we do not have a valid permanent address on file, a refund will not be processed in any manner.
Questions or comments? E-mail us at bursar@luc.edu.