Tufts University issues all student account credits through electronic disbursement. In order to avoid delay in obtaining a refund, students must select a refund disbursement method through Tufts eRefund (BankMobile) at https://www.refundselection.com/.
Living Expense Refunds From Federal Title IV Funds (most commonly, Stafford and Perkins Loans)
When your student loan disbursement has been received by Tufts, you will be notified by the Office of Financial Aid (OFA). If all eligibility requirements have been met including entrance interviews, and if the disbursement overpays your student account, the Bursar’s Office will automatically generate a refund payment. Refunds are processed twice a week for electronic delivery on Wednesday and Friday afternoons.
All students’ refund checks are issued through Tufts eRefund. If there is a problem processing your eRefund, a paper check will be mailed to your local address. Paper checks will only be mailed if no electronic choice is selected (paper checks may take up to 21 days to arrive at your address). For this reason, it is important for you to maintain your SIS address records (see Student Address Changes) (also see Stop-payment Fees). Refund Checks are NOT available for pick-up. To avoid delays in obtaining your refund, be sure to designate a refund disbursement method through your eRefund account.
Cancellation of Borrowing
If you receive a refund; but intend, within 14 days, to cancel all or part of your loan disbursement, you must return the funds to the Bursar’s Office. Returned funds can be paid in person with a check or may be paid electronically through your eBill account. If you are returning funds by mail or through eBill, you must contact the Bursar’s Office to make us aware of your desire to return funds. You should then contact the Office of Financial Aid to request that they initiate the return of the funds to your lender.
Because there are specific Federal regulations regarding the cancellation of loans, it is helpful to discuss your plans with the OFA in advance. Ideally, decisions on borrowing should be made prior to disbursement.
If you received a refund check and do not intend to cancel your loan, your refund check should be cashed or deposited within thirty days of receipt.
Holding Credit Balances on your Student Account
Some students request that we hold credit balances on their account toward future charges. Such requests must be submitted in writing to the Bursar’s Office. No credit balances may be held beyond the end of the academic year, (technically defined as the last day of the loan period).
Other Student Refunds
Though most refunds are done automatically, if you have an overpayment resulting from other than a Federal loan disbursement, such as an Alternative loan or an outside scholarship, you should request a refund from our Office. This may also apply to students using the HigherOne TuitionPay Plan and to students on full military scholarships. We can accept your request by phone, e-mail, U.S. mail, or in person. Such requested refunds are generated on the same schedule as above.
Stop-Payments on Student Refund Checks
If your refund is not received by you within 10-14 days of issuance, you need to contact the Bursar’s Office. A stop-payment will be placed and we will reissue the refund. Tufts University is charged by our bank for stop-payments. A fee of $25 will be charged to your account if the lost refund was the result of an incorrect eRefund set-up or an incorrect SIS Local address.
To view our institution’s contract with BankMobile, a Division of Customer Bank, click here: