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Financial Aid Refunds 101

Dear Students,

The fall semester financial aid disbursement is scheduled to begin on September 5th.

We will begin processing financial aid refunds on September 6 & 7.

In order to receive your refund, you will need to enroll in eRefund from the main page of your MAXPay online account (login required).

Click the eRefund enrollment link located at the bottom of the MAXPay main page.

If you have already enrolled but need to change your banking information, click the 'Edit' link to add a new bank account and select the new banking profile to receive future eRefund deposits.

Commonly Asked Questions:

Q: How do I know if I am receiving a refund?
A: If you or your parents borrowed supplemental loans to cover additional expenses such as books, supplies, meals, or other living expenses, and you requested more than the cost of tuition and required fees, you will see a 'Credit Balance' on your MAXPay account, reflected in parentheses. Example: Credit Balance ($1.00).

Q: How long does it take to receive my funds?
A: Typically, funds will be available within 1-3 business days from the date refunds were processed.

Q: I'm a parent who borrowed a Federal Parent Plus loan. How will I receive my refund?
A: If you borrowed the Parent Plus Loan and did not designate your student to receive the refund, they will need to provide your bank account information in their eRefund profile.

By law, we are required to process all refunds through the student's MAXPay account and this feature is disabled on the parent's MAXPay portal.

Q: What if I borrowed a Federal Parent Plus loan and I want my student to receive the refund?
A: Email financial_aid@mcad.edu and request that the refund be directed to the student.

Q: Why haven't I received my refund?
A: Once your refund has been processed, your account balance should reflect a $0.00 balance. After September 7th, if you still have a credit balance, it may mean that we haven't received all of your financial aid yet. Email financial_aid@mcad.edu to check the status of your financial aid or obtain an anticipated disbursement date.

Still have questions?

Email student_accounts@mcad.edu

Thank you,
Miguel Granger
Director, Student Accounts

Posted: 
Thursday, August 30