Students may be eligible for a refund when any combination of financial aid, private loan funds or direct payments exceed the charges on their student account. Refunds are processed automatically; therefore you do not need to submit a request for a refund. They are processed after the semester Add/Drop date but will vary based on your actual financial aid disbursement date. Refer to the Academic Calendar for current Add/Drop dates. Your refund can be processed in two ways. We strongly encourage you to enroll in Direct Deposit.
Student Refunds
Direct Deposit – Processed Daily
RMC uses Transact’s eRefund to electronically deposit student refunds directly into the checking or savings bank account provided. This service is highly secure and keeps your information safe and private.
Students can set up direct deposit by going to the “Go to Transact” link under MMW Finances tab then My Account. Once in Transact, go to “My Account” and look for the eRefund section.
Note: all Parent PLUS loan credit balances refunded to the parent borrower will be mailed by paper check to the parent’s attention. Parents should request refunds through MMW Parent Portal.
Paper Check by Mail – Processed Weekly
Students who do not sign up for direct deposit will receive their refunds by paper check mailed to the permanent home address on file. You may not pickup your refund check in person. It is the student’s responsibility to update their address with the Registrar’s Office. If the address is not valid, chances are high that refund checks will be returned or lost and will result in significant delays.
Refund FAQs
When will I receive my refund?
Each term, the Business Office will begin processing student refunds after the Add/Drop date. Students who have set up direct deposit can expect to receive their refund within a few days after the refund has been processed. Students who do not have direct deposit on file will receive a check in the mail from USPS.
I enrolled in direct deposit for this semester. Do I have to sign up again next term?
No. The direct deposit information will remain active as long as you are enrolled at the college. It is the student’s responsibility to update their bank account information in Transact.
Why didn’t I get a refund even though I see a credit balance on my account?
Perhaps you previously elected to keep credit balances on your account. Credit balances related to a Parent PLUS loan must be requested by the parent. Contact Student Accounts if you have further questions.
What if my account is with an out-of-state bank?
Refunds can be sent to any financial institution within the United States.
What happens if my bank account information is invalid or changes?
The Business Office receives notification of any accounts that are invalid or closed when a student refund is returned. Change your banking info in Transact anytime.
Will I be notified when funds are deposited into my bank account?
Yes. An email notification will be sent once a refund has been processed. Your deposit should be posted 1-3 days after receiving the notification email, it varies bank by bank.
Can my parents sign up for direct deposit if they took out a Parent PLUS Loan?
Parents who have not authorized the student to receive the excess refund from the Parent PLUS Loan will receive a check in the mail via USPS. We currently do not have the option to direct deposit funds to parents.