When the amount of financial aid applied to a student account exceeds tuition and University Housing room and board, a refund will be issued to the student within 14 days of the disbursement of aid. If a student has educationally related expenses assessed to their student account (such as Graham Health Center charges, lost student ID charges, Counseling Center charges, etc.), the student will be responsible for paying these charges out-of-pocket. Financial aid cannot be used to cover these charges.

Processing of credit balance refunds resulting from excess financial aid generally begins 10 days before the first day of the semester. Students who elect to receive their refund by direct deposit will generally receive their refund in 4-6 days from the date it is posted to their account. Students who elect to receive their refund by check will generally receive their refund in 7-10 days (due to mailing time). Refund checks are mailed to the current address on file. 

Processing of credit balance refunds resulting from overpayments, dropped course, etc. generally begins after the last day to add/drop courses for the semester. Students who elect to receive their refund by direct deposit will generally receive their refund in 4-6 days from the date it is posted to their account. Students who elect to receive their refund by check will generally receive their refund in 7-10 days (due to mailing time). Refund checks are mailed to the current address on file. 

How to receive refunds

Direct Deposit: To elect to have your refund direct deposited, please visit the Direct Deposit web page.

Credit Card Refunds: If a payment is made on a student account by credit card, the credit will be issued to the original credit card. Credit card refunds are processed according to the schedule above. Students must keep in mind that it can take the credit card company up to 3 weeks to complete its portion of the refund process.

Escheats/Unclaimed Property (Un-Cashed Checks): Per State of Michigan regulations, all un-cashed payroll and refund checks (except for Title IV financial aid funds) are to be escheated (sent) to the State of Michigan. Oakland University escheats these checks when they become one year old.

Federal Regulations stipulate that if a refund check that resulted from the application of Title IV financial aid funds is due to escheat to the State of Michigan, the university must instead return the Title IV funds to the appropriate aid program. Oakland University returns un-cashed federal financial aid refunds on a monthly basis.

Please cash your refund check in a timely manner to avoid having to contact the State of Michigan or Oakland University to retrieve funds that were escheated and/or to avoid losing financial aid funds that you were eligible for at the time of disbursement.