Disbursement of Refunds
Refund checks or direct deposits will be produced every Monday and Thursday. Cutoff times for processing refunds are end of day Wednesday for processing on Thursday and end of day Friday for processing on Monday. The exceptions to the refund schedule are the following:
- Banking or school holidays: Refunds will be processed the next business day.
- Philadelphia Campus is closed: Refunds will be processed the business day the campus reopens.
- First disbursement date of each term: Refunds will be processed seven to 10 days following the disbursement of loans.
It is strongly recommended that students sign up for direct deposit for their refunds. This process is safer and a more convenient way for students to receive funds. Direct deposit of student refunds is available by completing an authorization form. The initial setup for direct deposit will take approximately one week. The funds will be electronically posted to your bank account within two days after the above-mentioned days. For example, if your refund is processed for availability on Monday, then the funds will be posted to your bank account on Tuesday or Wednesday.