Ivy Tech Refunds Process
For the Fall 2021 semester, the date that refundable Federal financial aid will begin posting to a student's account is September 7th, 2021.
Refunds can begin to post in the next business day's nightly processes. Each student's situation is different based on numerous factors, therefore not every student’s financial aid or refund will be posted at the same time.
- Loan funds for first-year, first-time loan borrowers cannot be posted to the Student Account until 30 days after the student's course(s) have begun. (This applies to loans only, not other types of aid such as Pell grants and scholarships). The term "first-year, 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.
- Loan funds for one semester only will be posted in two installments within the term.
- All Summer loans are for one semester only and thus will post in two installments within the term.
Here is a summary of the refund process:
Step 1: Prior to the refund disbursement date, estimated financial aid appears on the My Account page in IvyPay (see screenshot below). To access IvyPay, log in to MyIvy, click My Account Balance in the My Info section.
Step 2: After the financial aid refund post date, you will know that your aid has posted when your account looks like one of the following two screenshots.
Screenshot #1: All of your aid has been posted. The negative amount due is the amount you will receive back as a refund within 14 days.
Screenshot #2: Partial aid has posted. The negative amount due on line one (Amount Due) is the amount you will receive back as a refund within 14 days. Remaining financial aid should be released at a later date.
It is possible that only a portion of your aid will post to your account, leaving a balance in your Estimated Financial Aid. Reasons for partial aid disbursements include:
- A 30-day delay in your loan for first-time, first-year loan borrowers
- A single-term loan (Fall only or Spring only) which requires the 2nd installment after mid-point of the student’s enrollment period
- An incomplete requirement needed to fully disburse the remaining estimated aid. (Login to MyIvy > Tools & Resources > Financial Aid Requirements > Requirements, Verification Documentation and Financial Aid Authorization Forms)
- A recent enrollment change which may require an aid adjustment. Enrollment changes are routinely reviewed and adjusted as needed by your Financial Aid Office. Continue to monitor your student account activity using the My Account Balance link.
Step 3: Your amount due goes from a negative number to a zero balance (not including any remaining estimated aid) and you see the word "Refund" on the View Account Activity page (as shown below in the red section). 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 BankMobile. The transfer of funds usually occurs around noon on that 2nd business day.
Step 4: We have partnered with BankMobile Disbursements to deliver your financial aid refund. For more information about BankMobile, visit this link: https://bankmobiledisbursements.com/refundchoicessso/.
For information about refunds, please visit the BankMobile page.