Students DO NOT have to have a bank account with US Bank to receive their refund via direct deposit (ACH).
Students are provided the choice to have any overpayment of charges which results in a credit balance deposited into their bank checking account or to have a refund check mailed to them.
When are Student Refunds Processed?
The University sends refunds to students approximately seven days after a credit appears on the student account. Students are encouraged to use their checking account to sign up for direct deposit to receive refunds.
Excess Financial Refunds will be processed via Direct Deposit each semester on the following dates:
How to sign up to have your refund sent directly to your checking account via Direct Deposit
Log into MyNKU – Student-Self-Service Tab- Click on Biller Direct Tab → Select Manage Bank Accounts → Click Add Account → Enter Bank Account Details → Check Box for Account to Refund → Click Review → Click Confirm
What you'll need:
When can I expect to receive my refund once it has been issued on my student account?
The funds should be in your bank account within 2-3 business days after the scheduled refund date.
Refunds cannot be picked up at the university under any circumstances.
It is not necessary to contact our office to request a refund since the refunds are processed seven days after the financial aid disburses to the student account. A refund cannot be issued to a student until their aid (or tuition credit) has been disbursed to their student account, which will then create a credit balance. Below is an example:
How do I know if my refund has been issued?
You can check your Student Account via MyNKU to see if your refund has been processed. Follow the steps below to access your student account information:
If the refund has been issued you will see the words "Refund Direct Deposit". As an example:
Refund Direct Deposit
We're happy to help you if you have questions about direct deposit or about your bill in general. Just e-mail us at email@example.com or call 859-572-5204.
Once the Direct Deposit refund appears on your student account, the funds are transferred to your bank account within 2-3 business days. The processing time varies by banking institution. Benefits include: elimination of mailing time, address issues and theft of paper checks.
Instructions can be found on the NKU website at Student Account Services Direct Deposit
The University issues direct deposit refunds to any U.S. financial institution with electronic funds transfer capabilities. Most banks participate in the electronic funds transfer network. Contact your bank if you have any questions about the bank's ability to accept direct deposit.
Yes, all accounts set up to receive refunds must be checking.
Online enrollment is available anytime at myNKU through the "Biller Direct" tab. For instructions, please go to direct deposit.
Change your bank information through Biller Direct by choosing the “Manage Bank Accounts” option.
No. Payments made from your bank account must be manually submitted by yourself via e-check through Biller Direct. The University will not draw funds from any account listed on your student record.
Credit balances that are refundable are processed seven days after the credit posts on the student account. Direct Deposit Refunds are processed Monday, Wednesday and Fridays during fall and spring semesters. The only exception will be during the summer semester when they will be processed on Tuesdays and Fridays.
Students paying by personal check (including e-check) must wait seven days after the payment has been posted to the account before a refund is processed.
Students are responsible for ensuring the accuracy of routing and banking account numbers to avoid delays in receiving their funds.
To enroll or to make changes, go to Biller Direct via your MyNKU account and select the “Manage Bank Accounts” option.
If you are unsure as to why you received funds from NKU or would like more information, please contact the Office of Student Account Services immediately. They can be reached at (859) 572-5204. NKU reserves the right to audit student accounts and correct any and all financial errors identified during the course of the audit. When a corrective action warrants adjustments to a student account, NKU will attempt to make contact with the student to explain the situation and the corrective course of action taken to reconcile the difference.
A. Students who officially withdraw from all classes or drop class(es) on or before the last day to register, as published in the academic calendar, are eligible for a 100 percent adjustment of the total tuition and fees assessed.
B. Students who officially withdraw from all classes or drop class(es) after the last day to register but within first 3 weeks of term as published in the academic calendar are eligible for a 50 percent adjustment of the total tuition and fees assessed.
C. Refunds of Military Tuition Assistance (TA) funds are governed by Department of Defense (DOD) requirements addressed in a specific policy and refund schedule. Students receiving TA funds should contact NKU’s VA Certifying Official before dropping or withdrawing from a course to determine how it could impact your military Tuition Assistance and potential repayment obligations. Military Tuition Assistance (TA) Refund Policy and Schedule
A reimbursement of some or all tuition depends on when a student drops a class, or several classes, and whether the student adds other classes. Refunds are calculated based on the number of financially equivalent hours, not academic hours. This means that a student who drops and adds the same number of credits does not necessarily end up with the same tuition bill as he or she would have gotten for the initial set of courses. For example, if a student originally had 15 credit hours and dropped 5 credit hours during the 50 percent tuition adjustment period, the student would be charged for 12.5 hours (15 credits less half of 5 credits = 12.5 credits). It the student added five credits at the same time, the student would be charged for 17.5 hours. The formula to determine financially equivalent hours is as follows:
Previous academic hours - (dropped hours * tuition adjustment percent) + added hours = financial equivalent hours charged.
To determine refund eligibility, calculate:
New tuition charge - previous tuition charge = difference.
If the difference is negative, the student is due a refund; it the difference is positive, the student owes money to the university.