Click here for more information about our NEW refund disbursement program through BankMobile Disbursements.
Per federal regulations, refunds are released no later than 14 calendar days after your financial aid disbursement posts to your account and all applicable university charges have been paid. The Office of Student Accounts will disburse financial aid to students after the Office of Student Financial Aid determines eligibility and authorizes disbursement.
Eligibility before Disbursement
Before disbursing Federal Student Aid funds, the Office of Student Financial Aid will make sure that you have completed all necessary steps in the financial aid process and any other steps required by the lender of any loan you have accepted. Disbursements are based on the number of credit hours you are enrolled at the time disbursement is processed. For loan programs, you must be enrolled at least half-time at the time of disbursement. Your Pell Grant will be prorated based on your enrollment at the time of disbursement.
A financial aid credit balance occurs after the university charges are paid in full, a refund will be generated through the Office of Student Accounts that can be used to pay for other costs associated with your education. Visit www.sutton2.mvsu.edu to check your student account.
How is Aid Disbursed?
All financial aid is disbursed in two installments. One half of the total is disbursed each semester and applied toward the charges on your student account (tuition and fees, room and board, and/or other university charges). Any transaction in which a financial aid credit exceeds the university charges for the term will generate a refund.
How will I receive my refund?
Beginning July 2016, all student refunds will be processed through BankMobile Disbursements. Each registered student will receive a Refund Selection kit at their current mailing address to let BankMobile know how you would like to receive the refund. Choose the option that best fits you - BankMobile Vibe Account, Deposit to another account or paper check.
When can I sign-up for refund disbursement?
A student can sign up for refund disbursement at www.RefundSelection.com once they receive the refund selection kit and personal code in the mail.
What are my refund method choices?
ELECTRONIC DEPOSIT TO ANOTHER ACCOUNT: Money is transferred to another account the same business day BankMobile receives funds from your school. Typically, it takes 1 – 2 business days for the receiving bank to credit the money to your account.
ELECTRONIC DEPOSIT TO A BANKMOBILE VIBE ACCOUNT: If you open a BankMobile Vibe account (upon identity verification), money is deposited the same business day BankMobile receives funds from your school.
PAPER CHECK DELIVERED BY USPS: A check is mailed the same business day BankMobile receives funds from your school, provided receipt is within daily cutoff times. Typically, it takes 5 – 7 business days for the check to arrive, depending on USPS First-Class® delivery timeframes.
How can I check my account balance?
Log in to www.sutton2.mvsu.edu or visit the Office of Student Accounts in Suite 155 of William Sutton Administration Building. No student account information will be discussed over the telephone. The Federal Family Educational Rights and Privacy Act (FERPA) prohibits MVSU from disclosing a student’s financial aid status without the student’s written consent.
Will I have an option to receive a refund check from MVSU?
No. All student refunds are processed through BankMobile, not on campus.
May I have my refund deposited directly to my checking or savings account?
Yes, the refund option of a personal checking or savings account is available once you sign up at www.RefundSelection.com. With this option, money is deposited in one to two business days.
For further questions concerning the deposit of your refund through either refund options, please call student customer service for BankMobile at 1-877-327-9515 or visit www.RefundSelection.com.
It is necessary that all MVSU students receive an MVSU student e-mail address and check it periodically.