The funds will be sent electronically through the banking system in the same manner as direct deposit payroll. Electronic Funds Transfer (EFT) is safe, timely, and convenient - no more lost mail.
If you close your bank account without providing a new authorization, the transfer will be rejected by your bank and will delay your refund. A direct deposit can also be rejected if you entered an incorrect bank account number.
No, all funds must be deposited in one checking or savings account in your name. Excess funds from Parent PLUS Loans will be issued by check to the borrower.
Direct deposit can go to any financial institution within the United States.
To ensure processing a refund as a direct deposit, please enroll prior to the start of the term.