Financial Aid Refund Schedule

Direct Deposit of Financial Aid Refunds

Financial aid refunds will be directly deposited to the bank account specified by the student. Students receive a Direct Deposit (ACH) Authorization Form around registration day; the form allows students to provide their bank account information, and authorize MUM to complete necessary transactions. If students choose not to enroll for direct deposit, the student must inform the Student Accounts office ( so the refund may be processed accordingly.

“Scheduled” Dates and Amounts (Not Guaranteed)

Most students who start the semester at normal entry points will receive their semester refund (see your award letter) via Direct Deposit on this schedule, assuming there is no break in continuous course attendance:

  • 1/3 of indicated semester refund: about three weeks after starting semester course attendance
  • 1/3 of the indicated semester refund: about one month after first refund if no break in course attendance
  • 1/3 of the indicated semester refund: about an additional month later if no break in course attendance

Mitigating Circumstances

There are many circumstances which may alter the expected dates and amounts. Please contact Student Accounts if you alter your semester course schedule or have questions about your expected refund dates or amounts. The following circumstances will alter the above schedule:

  1. All your financial aid requirements must be met before you receive any refund
  2. Your participation in your first course must have been reported to MUM Registrar in time to meet the first scheduled refund
  3. If you drop a course, your next scheduled refund will be postponed until the next course you attend
  4. If you start a semester later than the normal entry point, your first refund may take some weeks longer
  5. Any change in your charges or aid, after registration, during a semester, alters the refund

Technical Calculation

Your first refund is calculated to be 1/3 of the semester refund (as indicated on your award letter as of that refund date). Except in the case where the total federal aid for the semester (excluding Federal Work Study) is greater than the charges for that semester (federal aid credit balance). The first refund amount is the “federal aid credit balance” or 1/3 of your indicated semester refund, whichever is greater.

Your second refund is half of the remaining Student Accounts credit balance, as of the applicable scheduled refund date. Your final semester refund is the remaining Student Accounts credit balance.

Scheduled Dates

The process to prepare a refund involves many offices and complex processes, and therefore can never be guaranteed. It is important to notify Student Accounts on the scheduled date, if you do not receive your refund, so that we may rectify the processing gap.

Semester Scheduled Courses are Less than the Full Semester

In the case of a student attending only two or three months of a term, the refund amounts may be split into one or two installment amounts to be determined by Student Accounts on a case by case basis. In these special cases, as student may need to correspond directly with Student Accounts about their unique academic schedule so that Student Accounts can correctly schedule, adjust, or reschedule projected refund amounts. Email Student Accounts:

Petition for Exception

Students who fall outside the above schedules, or who want to petition for an exemption or a different schedule, may file a Finance Review Board petition at the Enrollment Center. Please allow one week for the review of the petition.

Federal Aid Credit Balances

A Federal Student Aid credit balance has a specific definition by the US Department of Education: University charges minus federal student aid, excluding Federal Work Study. We don’t hold federal aid beyond the first refund. The second and third refund amounts contain only institutional funds, by this federal definition. Scheduling multiple refunds helps students to avoid receiving funds for which they may become ineligible if dropping future blocks.


I am a US citizen or Green Card holder *

* required fields

Send Request >