Faster and Simplified:
The Next Generation of Refunds
Student refunds and financial aid disbursement are easy, safe, and reliable with eRefunds. In addition to robust reporting capabilities, this solution offers students a full range of refund options, including:
Refunds are processed and delivered via direct deposit to the student’s bank account, allowing schools to refund students in one to two business days.
Emailing digital checks to the address on file in the school’s student information system gives students faster access and more control since they can print their refunds and deposit them in person or via their bank app. This method also reduces schools’ printing and postage costs.
Students typically receive paper check refunds in three to five business days. Delivery can take up to 30 days in some instances.
Credit Card Refunds
Schools with an eRefunds license can refund a student’s credit card payment back to the credit card on file. Refunds can be processed through PayPath for schools offering this solution.
Instant Pay: Coming Soon
Instant Pay, an Original Credit Transaction feature, enables refund recipients to receive funds instantly on their Visa or Mastercard debit card instead of waiting for a direct deposit or a mailed check. Watch for this feature in summer 2020.