If you have met all eligibility requirements, the anticipated disbursement date for your federal grant and/or loan(s) will be approximately one week prior to the start of the term. At this time, funds will be credited to your student billing account to apply toward your charges. Please refer to your Ebill for exact disbursement amounts for each fund that you are receiving. Funds will continue to disburse daily throughout the term for students who subsequently complete their requirements.
If your financial aid disbursement exceeds your charges, you will have a credit balance on your student billing account. Refunding for credit balances is processed twice per week on Tuesday and Thursday nights.
The quickest way to receive your credit balance refund is via direct deposit. Please visit AU Access > My Finances> Banking Direct Deposit Information in order to enter your direct deposit information for student refunds. You will receive an e-mail when your refund has been transmitted to your designated bank account. Please allow at least 1-2 business days for these transactions to be processed and always verify with your bank that funds have been received prior to writing checks or using your debit card.
Important Credit Balance Refund Information for Parent PLUS Borrowers
For Parent PLUS Loan funds, your refund, if applicable, depends on your answer to the Credit Balance Option on the federal PLUS Application. If you request the credit balance to go to "Me", Auburn University will mail a check to the parent borrower IF the overpayment is a direct result of the Parent PLUS loan. Many parents will set their personal bank account up with AU Student Financial Services for refunds and think that they should select "Me" here. However, AU cannot verify the owner of the bank account, and will have to mail a check to be compliant with federal regulations. A check will take longer than a direct deposit. If you request the credit balance to go to "the student", the overpayment will be direct deposited into the bank account on file at AU Access > My Finances > Banking Direct Deposit Information.
Student's Right to Cancel All or a Portion of Federal Direct Loans and/or Federal Teach Grant
After funds disburse, you have a right to cancel all or a portion of the Federal Direct Loan or TEACH Grant. If you wish to reduce or cancel, please notify the Office of Financial Aid within 14 days of the date the funds are credited to your student account. You may email your request to finaid7@auburn.edu.
Parent's Right to Cancel All or a Portion of Federal Parent PLUS Loan
After funds disburse, you have a right to cancel all or a portion of the Federal PLUS Loan. If you wish to reduce or cancel, please notify the Office of Financial Aid within 14 days of the date the funds are credited to your student account. You may email your request to finaid7@auburn.edu.
