Disbursements and Refunds

 

 

Lender Disbursements


Lender disbursements include Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Grad Plus Loans, Direct Parent Plus Loans, Alternative Loans, Perkins Loans, Heath Professions Student Loans, Federal Nursing Loans, and other University-held Loans.

Once lender disbursements have been received by the University on a student's behalf, the loan proceeds will be applied to your outstanding tuition account balance for the specified loan period. Any residual loan funds will be refunded to the student.

*-Since financial aid regulations do not allow the University to pay balances for terms not included in the loan period, it will be necessary for students to pay summer, winter, and prior aid year term balances from their fall or spring refund personally. Failure to do so will result in a hold on their academic records and the application of late fees to any unpaid balance.

In the event that a student has a refund due, that refund will be sent in accordance with the delivery preference selected at BankMobile's website refundselection.com. Refund processing takes seven to 10 business days from receipt of funds from your lender.


Paper Check Lender Disbursements and Scholarships

Paper checks received by the University are two-party checks. A paper check loan and/or scholarship recipient is responsible for coming to the Cashier's Office to endorse the check. Once the paper check disbursement has been endorsed by the student, the loan/scholarship proceeds will be applied to their outstanding tuition account balance for the specified aid period. Any residual financial aid funds will be refunded to the student via BankMobile according to the refund preference selected.


Loan Return

As the borrower, you have a right to cancel part or the total amount of a lender disbursement. If you wish to cancel any part of your loan, please notify your Financial Aid Counselor in Student Financial Assistance and Education at RS-FinAid-Debt-Mgmt@campus.umaryland.edu or contact your lender directly.


Refunds

New Payment Method for Student Refunds

To view our required disclosures and contract with BankMobile, a Division of Customer Bank, click here.

All student refunds will be distributed according to the method of payment chosen by each student through the BankMobile website for student refund processing. Students will need to choose their method of refund delivery by using the personal code they will receive in the mail. Once a student signs on to the BankMobile website, they are in complete control of how and where their refund will be delivered. For information on this new refund management process, please consult the FAQs.