For the Summer 2012 semester, financial aid refunds will begin posting to Campus Connect on June 11th for students whose classes started on May 21st, and June 25, 2012 for students whose classes started on June 4. Each student's situation is different based on numerous factors, therefore not every student's financial aid will be posted on the dates published above. The college has 14 calendar days from the time the aid actually posts on Campus Connect to release your refund.
Please note:
- Federal Direct Student Loans must be disbursed in two installments – usually one in the Fall and one in the Spring for students with a Fall/Spring loan.
- All Summer loans are disbursed in two installments during the Summer term. The first disbursement will occur after the date posted above and the second disbursement occurs shortly after the mid-point of the semester.
- All single term loans will be disbursed in two installments during that term (this rule applies to you if you are receiving loan funds for Fall only or Spring only).
- Refunds for first-time loan borrowers cannot be posted in Campus Connect until 30 days after your course(s) have begun (this applies to loans only, not other types of aid such as grants and scholarships). The term “first-time borrower” applies to students who have never had a student loan at Ivy Tech or any college/university, and have either earned less than 30 credit hours or are enrolled in a technical certificate (TC) or certificate of training (CT) degree.
Here is a summary of the refund process:
Step 1: Financial Aid posts, meaning aid no longer shows as “estimated”, in Campus Connect on the Recent Activity page within your Student Account. Once this has posted to your account, your refund will be released within 14 days.
Step 2: Your student account balance goes from a negative number to a zero balance (not including any remaining estimated aid) and you see the word “Refund” on the Recent Activity page. We "zero out" students in a computer process late at night, every weeknight, until all refunds are processed. After you zero out, it takes 2 business days to transfer the money to Higher One. Follow us on Facebook to see daily updates on refund processing during the heavy refund period.
Step 3: If you selected the OneAccount/Ivy Tech debit card as your refund preference, you will receive your money on the 2nd business day. If you selected direct deposit to your bank, you will receive your money in an additional 2-3 days. If you did not select a refund option, a paper check will be mailed to you within 21 days after Higher One receives your refund from the College.
For more information on refunds, please visit www.ivytech.edu/ivytechdebitcard.
