When to Expect Your Refund

For the Summer 2013 semester, the date that refundable financial aid will begin posting to your Ivy Tech Student Account is June 17, 2013. However, each student's situation is different based on numerous factors including Federal, State and College requirements, therefore, not every student's financial aid will be posted to their Ivy Tech Student Account on that date.

Please note:

• All Summer loans are single term and thus will be posted in two installments during the summer.  For most students enrolled in 10 week courses, the first installment will begin posting on June 17th.  For most students taking 8 week courses, the first installment will begin posting on June 24th.  Second installments will be posted after the midpoint of the student’s courses.
  
• Loan funds for first-year, first-time loan borrowers cannot be posted to the Student Account until 30 days after your the student's course(s) have begun (this applies to loans only, not other types of aid such as Pell grants and scholarships). The term "first-year, first-time borrower" applies to students who have never had a student loan at Ivy Tech or any college/university, and have either earned less than 30 credit hours or are enrolled in a technical certificate (TC) or certificate of training (CT) degree.

Here is a summary of the refund process:

Step 1: Prior to the refund disbursement date, estimated financial aid appears on the My Account page in Campus Connect (see screenshot below). To get to this screen log in to Campus Connect and click on View Account Balance under the My Ivy Tech section.

Step 2: After the financial aid refund post date, you will know that your aid has posted when your account looks like one of the following two screenshots.

Screenshot #1: All of your aid has been posted. The negative amount due is the amount you will receive back as a refund within 14 days.

Screenshot #2: Partial aid has posted. The negative amount due on line one (Amount Due) is the amount you will receive back as a refund within 14 days. Remaining financial aid should be released at a later date.

It is possible that only a portion of your aid will post to your account, leaving a balance in your Estimated Financial Aid. Reasons for partial aid disbursements include:

1. A 30-day delay in your loan for first-time, first-year loan borrowers
2. A single-term loan  (Fall only or Spring only) which requires the 2nd installment after mid-point of the student’s enrollment period
3. An incomplete requirement needed to fully disburse the remaining estimated aid.  (Check Campus Connect Verification and Authorization link under the Financial Aid section of My Ivy Tech)
4. A recent enrollment change which may require an aid adjustment.  Enrollment changes are routinely reviewed and adjusted as needed by your Financial Aid Office.  Continue to monitor your Campus Connect My Account page using the View Account Balance link. 

Step 3: Your amount due goes from a negative number to a zero balance (not including any remaining estimated aid) and you see the word "Refund" on the View Account Activity page (as shown below in the red section). We "zero out" students in a computer process late at night, every weeknight, until all refunds are processed. After you zero out, it takes 2 business days to transfer the money to Higher One. The transfer of funds usually occurs around noon on that 2nd business day.

Step 4: If you selected the OneAccount/Ivy Tech debit card as your refund preference, you will receive your money on the 2nd business day after Higher One processes the wire (transfer). If you selected direct deposit to your bank, you will receive your money in an additional 2-3 days. If you did not select a refund option, a paper check will be mailed to you within 21 days after Higher One receives your refund from the College.

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For information about using the Ivy Tech Debit Card, please visit http://www.ivytech.edu/ivy-tech-debit-card/.