Refund of a Credit Balance

If your total financial aid exceeds tuition and fees, you can receive a refund of the credit balance that appears on your Student Account.

Boston University utilizes an online refund request process in partnership with Nelnet Campus Commerce. Nelnet’s Student Choice Refunds (SCR) will allow you to store your checking or savings account information for ACH refunds.

You may request your refund on the MyBU Student portal once the funds have been received by the University and posted to your account.

Step 1 – Enroll in Student Choice Refunds (SCR)

  1. Logon to the MyBU Student portal and select “Money Matters”
  2. Go to “Manage my Student Choice Refund Account,” click “Next” and select “Bank Account (Direct Deposit)” on the next page
  3. Enter the details of the bank account you wish to use for electronic refunds and click “Save”
  4. Your ACH refund profile will be saved for future refund requests – you only need to complete this step one time
  5. Refunds cannot be processed without an SCR profile!

 Step 2 – Refund Request Process

  1. To request a refund, logon to the MyBU Student portal and select “Money Matters”
  2. Go to “Student Account Inquiry” and click the blue arrow to review your available credit balance
  3. Click the “Request a Refund” link in the upper right corner and follow the instructions
  4. BU Law Financial Aid will review your refund request and confirm your eligibility
  5. Approved refunds will be deposited into your bank account in 3 to 5 business days, but no earlier than the first day of classes

Note: If the credit on your student account is the result of pending financial aid items, Boston University has not received the funds. You may not have a refund issued until the awards have posted to your student account.

Federal loans that cover more than tuition and fees

In compliance with federal regulations, an automatic refund will be processed if the total amount of your federal loans (Federal Direct Unsubsidized Loan and/or Graduate PLUS) exceeds allowable semester expenses, unless you authorize the University to retain the funds to cover other expenses. Allowable expenses include, and are limited to, tuition, required fees, and contract room and board. This is known as a Title IV Refund.

Since federal regulations prohibit the University from using excess federal funds for non-allowable charges (including medical insurance, late fees, Convenience Points, library fines, and prior balances), a federal refund may result in an outstanding balance on your student account.

You can prevent this balance by completing a Federal Financial Aid Credit Authorization Form and submitting it to Student Accounting Services.

If you have a scholarship, the amount of the scholarship is not counted as part of the Title IV refund amount and will remain on your student account until you request the refund.

Please note: You should bring adequate funds to cover September/January expenses such as rent, security deposit, books, and relocation costs. Boston University policy prohibits the University from releasing any funds to a student before the first day of classes.