Disbursements and Refunds

Learn about the timeline for disbursements, how funds are applied to your account, and the UMB student refund process. Whether you're anticipating a financial aid disbursement or need clarification on refund procedures, this page serves as your go-to resource for understanding the financial aspect of your student journey. 

Lender Disbursements

Lender disbursements include Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Grad Plus Loans, Direct Parent Plus Loans, Alternative Loans, Heath Professions Student Loans, and Federal Nursing 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 financial aid funds will be refunded to the student via BankMobile according to the refund preference selected.

*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.

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

Student loan borrowers, as listed in the electronic master promissory note, have the right to cancel or reduce their federal direct or private alternative loan disbursement.  If you wish to cancel any part of your loan, please contact University Student Financial Aid - aidtalk@umaryland.edu or 410-706-7347 for assistance.


UMB has partnered with BankMobile, powered by BMTC, Inc., to deliver student refunds. To view our required disclosures and contract with BankMobile, a Division of Customers Bank, click here. BankMobile has a detailed web page with information about the BankMobile Disbursement program through the following link:  http://bankmobiledisbursements.com/refundchoices/.

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.

If you do not receive a personal code from Bank Mobile: 

  1. Visit https://refundselection.com
  2. Click “Need a Code?”, Enter your School Name, Student ID (beginning with the “@” symbol), and email address to be verified. The system will send you an email with a Personal Code. 

For additional assistance, please contact Student Financial Services at StudentRefunds@umaryland.edu.


Title IV Federal regulation requires that loan refunds be received by the student within 14 days. UMB strives to have this time shortened to 7-10 days. The refund file (list of all students expecting refunds) is generated and sent to BankMobile. The refunds will be disbursed to students when BankMobile receives the wire transfer from the Maryland Office of the Treasurer. This is typically four business days after the file is generated. 

The refund preference you selected will determine when your funds are available. 

Your choices are:

  • DEPOSIT TO AN EXISITING ACCOUNT – Money is transferred to an existing account the same business day BankMobile receives funds from UMB.  Typically, it takes 1 – 2 business days for the receiving bank to credit the money to your account. 
  • DEPOSIT TO A BANKMOBILE VIBE ACCOUNT – If you open a BankMobile Vibe checking account (upon identity verification), money is deposited the same business day BankMobile receives funds from UMB. 

For this reason, BankMobile advises refund recipients to rely heavily on the email notification that is automatically sent out to the student when the refund is disbursed. Please keep in mind that BankMobile does not recognize any refunds until the entire process above is completed. If you call BankMobile customer service before they receive the wire transfer from the State, they will not see a refund in process for you but it doesn’t mean that there is not one.

You also can stay informed about the status of your refund by signing up for Mobile Alerts. With Mobile Alerts, you can personalize your preferences by opting to receive "Refund Status Alerts." If your mobile phone accepts text messages, changes to your refund status and preference will be automatically sent to the mobile phone number listed on your profile.