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UIC Student Account Refunds

1/9/2013  7:30 am

You’ve received, or will soon be receiving, a student account refund from the University.  Here are a few things you should know about your refund:

  • The refund could be the result of excess student financial aid funds that have been applied to your account for the current term.
  • You could still owe a balance for a previous term or for late fees, even though you received a refund.
  • Changes can occur on your account after your refund has been disbursed, so it is important to check your account frequently.

What to do once you have received your student account refund:

√ Check your student account.

  • Do you owe a balance?
  • Have all of your tuition & course fees been charged to the account?
  • If you’re living in University Housing, has your housing & meal plan been charged to the account? 

√ Consider course changes early.

  • Are you thinking of changing your class schedule?
  • You could be subject to a reduction in grant aid if dropping credit hours.  Check your Financial Aid eligibility and Satisfactory Academic Progress requirements to see if you could owe money back to the University.
  • The Office of the Registrar assesses tuition and fees charges.  Review the tuition and fee rates.

√ Expect possible changes in student loans and some financial aid eligibility if you are receiving a tuition waiver or scholarship later in the semester.

  • Your waivers and scholarships count toward your financial aid eligibility and can reduce your eligibility for previously awarded financial aid, including student loans.  Be sure to report tuition waivers and additional scholarships through your Award Letter by clicking “Request Changes”.

√ Budget your refund throughout the semester.

  • There are multiple ways to budget your refund; here are just a few:
    • Pay for big-ticket items up front (e.g., pay rent for the whole semester).
    • Allow yourself a limited amount of spending money every month or week.
    • Keep emergency savings for unexpected expenses or opportunities.
  • Track where your money goes throughout the semester using tools that best fit your budgeting style.

√ If you don’t’ need it, give it back.

  • Student loans can cost hundreds or even thousands in interest.  If you find that you do not need all of your loan money, you can reduce your loans online through the Award Letter’s “Request Changes” link for student borrowers or through a printed form submission for Federal Direct Parent Plus Loan borrowers.

Still confused? Check out the Student Account Refund Video!

Failure to understand your financial obligations to the University and how changes in your course load could affect your student account could have a profound impact on your education, including an inability to register for classes, obtain your transcript or even receive a degree.

Stay on top of your financial responsibilities by frequently checking your student account activity and practicing valuable financial management skills throughout the semester.


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