|Direct Deposit for Student Account Refunds|
What is a credit balance?
A credit balance is created on the student account when the sum of all payments is greater than the sum of the charges. Once charges are recorded on the student account, payment transactions can be posted. Disbursements from student loans, grants, scholarships, 529 accounts, online transactions processed in PittPAY (eCheck or credit card), and cash or check payments may create a credit balance.
What is a refund?
When a credit balance is created on a student's account, the funds are automatically sent to the student, and that process is called refunding. There is one exception to this rule. When the credit balance is the result of a PLUS Loan (Parent Loan for Undergraduate Students) applying to the student account, the parent borrower is refunded instead of the student.
What is Direct Deposit?
The safest, fastest, and most direct method the University uses to send funds TO you when refunding from a student account is Direct Deposit to a U.S. bank account. (Note, we are not able to process direct deposits to international bank accounts.) The funds are sent through the electronic banking system from the University directly to the U.S. bank account the student designates in PittPAY for this purpose. The bank account the student chooses for Direct Deposit can be their own, or any U.S. bank account the family feels is appropriate for the University to use for depositing student account refunds.
Remember, all credit balances on the student account will be sent to the student, with one exception. When the refund is the result of a PLUS loan applying to the student account, the funds are sent to the parent borrower. Therefore, all parent borrowers should be Authorized Payers, and they should enroll in Direct Deposit on the Authorized Payer side of PittPAY.
Students create Authorized Payers in PittPAY and assign each one their own login ID and temporary password. Then, Authorized Payers log on to http://student-info.pitt.edu, select Authorized Payers login to PittPAY, enter the login name and password their student assigned to them, and select Direct Deposit from the PittPAY menu.
When does refunding occur?
Federal regulations prohibit the University from applying loans, grants, or scholarships to the student accounts until 10 days before the first day of any term (semester). Since that activity creates credit balances, refunding follows that schedule, and starts immediately after aid is applied to the student accounts. Refunding is an automatic process, and it runs daily beginning 10 days before the start of every semester except during the add/drop period. While the automated refund process is suspended during add/drop, your refund will be processed manually if you send an email to email@example.com letting us know you would like us to process your refund for you.
How are refunds processed?
Students and their Authorized Payers will see a credit balance on the Current Account Details screen in PittPAY once charges have been recorded and all payments are posted to the student account. When the refund process runs and selects student accounts with credit balances, a refund transaction is recorded on the account, which you will see on the Current Account Details screen. The Direct Deposit will occur to the bank account the student designates in PittPAY 2-3 business days from the date of the refund transaction on the student account.
Remember, automatic refunding is suspended during the add/drop period each term, so it may take a little longer to see the refund transaction on the Current Account Details screen during the beginning of each term. Students can see the Direct Deposit sent to the bank account they designated in PittPAY on the Transaction Details screen. If the refund from the student account was the result of a PLUS loan, Authorized Payers can see the Direct Deposit sent to the bank account they designated in PittPAY on the Transaction Details screen on the Authorized Payer side of PittPAY.
Student Payment Center
University of Pittsburgh
G-7 Thackeray Hall
Pittsburgh, PA 15260
8:30 to 4:45 M - Th
9:30 to 4:45 F