For the Summer 2014 semester, the date that refundable financial aid will begin posting to student accounts is June 16th (for Summer Pell and 10-week direct loans). For students taking only 8-week classes, the earliest that refunds from loans will begin posting to student accounts is June 23rd. All direct loans in Summer will post to student accounts in two installments and thus there could be multiple refunds.
Use your Ivy Tech Debit Card to set up your refund preference at ivytechdebitcard.com
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:
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/.