IONA

Student Refunds

Iona College provides students with two free refund delivery options:

  • Direct deposit to your checking or savings account
  • Paper check

Direct Deposit

This option provides the quickest method for delivery of your funds. Students should have bank routing and account numbers ready when enrolling in this refund option.

Paper Check

Paper checks are the default method of refund delivery for students who do not actively select the direct deposit option. Please note that paper checks will be mailed to the address on file with the College.

To sign up for direct deposit of your student refund to your bank account, log in to your Iona College PeopleSoft account and follow this path:
  • Self Service
  • Campus Finances
  • Bill + Payment
  • eRefunds
Students who are due a refund of payments or financial aid funds in excess of their College charges should read the following:

Iona College provides students with two fee-free refund delivery options to obtain a credit balance or Title IV credit balance refund. Those two options are eRefund (ACH/direct deposit) or paper refund check. Iona College students are informed that the eRefund (ACH/direct deposit) option provides the quickest method for refund delivery. Paper checks are the default method of refund delivery for students who do not actively select the direct deposit option. All paper refund checks are mailed to the address on file.

A credit balance occurs whenever a student has funds credited to their account which exceeds the total amount of a student’s direct charges. Credit balances resulting from Title IV program funds are refunded directly to the student or parent as soon as possible, but no later than 14 days after the credit balance occurred. A Title IV credit balance occurs when Iona College credits Title IV program funds to a student’s account and the total of those funds exceeds the student’s tuition, fees, room, board and other allowable charges. Federal regulations also require that the College document that a student begin attending classes in order to be eligible for a refund of a credit balance. Therefore, the Office of Student Accounts begins processing refunds once the add/drop period for a semester has passed.

For students who have completed the Title IV authorization, any financial aid in excess of charges for the fall will remain as a credit balance on the student account. If you would like to override your authorization and request a refund, please do so by completing the Student Refund Request Form located in your Iona College PeopleSoft account under Self Service, Electronic Forms.

The Office of Student Accounts will hold a credit balance for a student after receiving a signed electronic authorization until the beginning of the last term of the academic year where the credit balance exists.
 
A student should be proactive in ensuring that Iona College receives funds from the various payment sources that are particular to his or her refund situation. The student's account must be paid in full before the College will release a refund.

Aid disbursement, including but not limited to Title IV program funds, is authorized for disbursement to a student’s account as long as general student eligibility criteria and the general standards of student eligibility for Title IV funds are met. Federal loan and grant funds are sent to us electronically. If your loan is arriving as a paper check, it will take approximately 10 to 14 days from the disbursement date to reach our office. In most cases, you will be required to endorse the check, so that it can be posted to your student account and begin the refund process.

For all payment sources, you may verify that the funds have been credited to your student account by contacting Student Financial Services or viewing your account statement. New York State TAP funds will be credited to student accounts toward the latter part of the semester after eligibility certification has been completed by the College.

Students are encouraged to log in to their Iona College PeopleSoft account and sign-up to receive their refund electronically. This will expedite access to funds received via a refund on your account as they will be direct deposited to the checking or savings account which you specify. The process takes only a minute to complete and we advise you to have a check or bank statement handy for your bank account number and routing number. Students are responsible for knowing College policies regarding adding or dropping courses and refund of tuition and fees. Refunds are granted only after the official withdrawal procedure has been completed.