Credit & Refund Information
The University's policy is to refund eligible credit balances from student bursar accounts in compliance with all applicable regulations. OSU - OKC complies with the U.S. Department of Education rules and regulations in accordance with The Federal Student Financial Aid Handbook instructions.
A credit balance results when the total of the credits posted to a student's account (e.g., payments, loan disbursements, scholarships, etc.) exceeds the total of the charges applied to the account for the semester.
A credit balance eligible for a refund is where all the applicable charges and credits have been posted to the account and his/ her eligibility for such funds has been reviewed and confirmed or adjusted based on current eligibility, enrollment or any other applicable conditions.
Anticipated funds, including anticipated financial aid, are not considered credits to a student's account until the funds have actually been disbursed to the account.
Business Services’ account credits resulting from a credit card payment are refunded back to the credit card, not to the student.
Please note: Some financial aid programs and waivers may not be disbursed until well into the semester, especially for first-time OSU – OKC students; please plan accordingly.
Account Balances, Returns and Payments
In some cases, if a refund is issued and subsequently a balance is created in the student’s account, it is the student’s responsibility to return the funds to the University or pay the balance in accordance with the University’s billing and payments policies, including any applicable penalties and late fees.
If a student’s change of enrollment results in a withdrawal from the University, the level of Federal Student Aid (also known as Title IV funds; for example, Direct Loans, Plus Loans, Perkins Loans, and Pell Grants) awarded may need to be recalculated by the school’s financial aid office, along with any aid earned or not earned by the student, and returned to the federal source or refunded to the student, depending on the specifics of the situation. The amount of federal aid that may need to be adjusted and the pro-ration of the tuition, if any, are based on the date of withdrawal.
The Financial Aid Office will be consulted before processing a refund for students who have had a change in enrollment or are withdrawing from the University.
Direct Deposit Information
The Office of Business Services encourages using direct deposit as the most secure and quickest method for receiving bursar account refunds and stipends. Direct deposit refunds are scheduled every working day and should be deposited into your bank account within two to three business days, depending on the bank. You are responsible for verifying funds are available in their bank account before spending the funds. You are notified via e-mail when a direct deposit refund or stipend occurs. If you do not choose to participate in the direct deposit program, your refund is issued by check. Refund checks are mailed on a bi-weekly schedule to students’ local addresses. The Business Services Office cannot cash these University-generated refund checks nor can they cash personal checks.
Signing up for direct deposit is quick and easy. To add/manage banking information and receive deposits electronically, do the following:
- Log into myOKSTATE
- Under Quick Links, click on OSU-OKC Business Services Acct
- Click on “Refunds” on the top menu bar
- Under “Current Refund Method”, click on “Set Up Account”
- A dialogue box will appear: click on an “Existing Account” or “Set up a New Account” and the “Continue” button
- If you clicked on an “Existing Account”, your refund account will be assigned to the existing account
- If you clicked on “Set Up Account”, enter the required information and click “Continue”
- Agree to the terms and click “Continue”
How can we provide such an accelerated schedule for Direct Deposit?
The reason is the Direct Deposit Program is completely electronic, eliminating all manual processing steps.
Remember, Direct Deposit is the fastest and easiest way to get a Business Services refund!
How do I get my refund?
There are two methods for receiving a refund:
- Direct Deposit
- Refund check by mail to local address
The Direct Deposit Program provides quicker delivery of your refund when your Business Services account has been overpaid. If you participate in direct deposit, your refunds will transfer to your checking account within 48 hours after the credit becomes effective on your bursar account. The Direct Deposit Program is a service that is totally electronic, eliminating all manual processing steps. If you do not choose to participate in the Direct Deposit Program, your refund will be issued by check. Refund checks are mailed on a bi-weekly schedule to students’ local addresses. The Business Services Office cannot cash these University-generated refund checks nor can they cash personal checks.