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Financial Aid Refunds
At MassArt, refunds are generated by the Student Accounts/Bursar’s Office by check unless the student has set up direct deposit via Self-Service. Direct deposit is the preferred method for students to receive their refunds in a timely and efficient manner.
Financial aid, with the exception of federal work study, is disbursed through the student’s account. A student may view their anticipated financial aid on their Statement of Account in Self-Service. Aid remains “anticipated” until it is disbursed.
Financial Aid Refunds
If your financial aid exceeds your billed expenses at MassArt, you are able to receive a refund for the excess amount.
This amount is refunded to the student.
If the amount of the Parent PLUS Loan exceeds the billed expenses, and the parent borrower requested to receive the refund in their Parent PLUS Loan application, a refund will be mailed to the parent borrower.
Students that receive financial aid refund checks may use this money for any sort of educational expenses such as rent, art supplies, food, etc.
Students that want to use their financial aid to buy books and supplies at the bookstore can get bookstore vouchers in $200 increments during the first two weeks of each semester for use in the school store.
The Business Office disburses the refunds, and will notify students via MassArt email when refunds are available.
IMPORTANT POINT #1
If you are due a refund, you will generally receive your refund sometime in October for the Fall semester and sometime in early March for the spring semester (as long as the financial aid funds have been received by the College).
IMPORTANT POINT #2
If you want to ensure that you will receive your refund in a timely manner, make sure that you have completed all of the items on your Financial Aid Checklist in Financial Aid Self Service, and let Student Financial Assistance know if you plan to enroll in less than 12 credits.
IMPORTANT POINT #3
Dropping or withdrawing from classes may affect your financial aid, not to mention getting your degree in a timely manner. See more on the Withdrawal & Refund Policy HERE.
Frequently Asked Questions (FAQ)
How long does Direct Deposit take?
The funds will be deposited into your account in two to three business days. Make sure the refund is in your account before you try to use the money. If for any reason your bank won’t accept the funds, we’ll let you know. (This is usually due to an incorrect account number or routing number, so double-check your numbers when you sign up for direct deposit.)
If you change accounts or banks, remember to update your direct deposit information in Self-Service.
Can I divide my refund among different accounts if I use Direct Deposit?
You may only select one account for the Direct Deposit of your refund. All refunds will be deposited to your designated account.
What if my refund date falls on a holiday or weekend?
If your refund date falls on a holiday or other dates when financial institutions are closed, your money will be available on the next business day.
What should I do if I change financial institutions?
You will need to login to the Student Self-Service Portal and enter your new account information.
What if I no longer wish to participate in Direct Deposit?
You will need to login to the Student Self-Service Portal and inactivate your Direct Deposit account information. This will initiate paper checks to be cut for any future refunds.
Is there a fee for Direct Deposit?
No, there is no fee associated with the Direct Deposit Program.
What if my refund goes into someone else's account?
The funds will be electronically transmitted to your designated account. When entering your account information on the Student Self-Service Portal, verify that you have entered the correct account and routing numbers.
What should I do if I have a problem with Direct Deposit?
Problems with Direct Deposit are rare because funds are transmitted electronically, thus eliminating human error. If you do experience a problem, contact the Bursar’s Office.
What if I didn't receive my refund within the published time frame?
If you have not received the Direct Deposit after 3 business days of receiving the email confirmation, please contact the Bursar’s Office for assistance.
I have Direct Deposit for my payroll check; I am a University employee. Will I automatically receive my student refund via Direct Deposit?
No, your payroll account is not linked to your student account. You must access the Student Self-Service Portal and enter your Direct Deposit account information for your student refund.
What should I do if I lose my refund check?
If you picked up or were mailed a physical refund check and lost it, submit a Check Reissue Request form to the email address provided on the form.
You should also check your billing address—and update it, if necessary—if you receive your refund as a check. You can do this via Self-Service, or also contact the Registrar’s Office.