Refunds

The Office of the Bursar processes all Student Account Refunds. A refund occurs when credits on the student account are in excess of the current charges. Refunds are normally created by a financial aid disbursement intended for living expenses (i.e., loans) or the result of a cash over-payment.

Our office regularly reviews students for refund eligibility, making these assessments weekly. All students are encouraged to enroll in a Refund Disbursement Method as incoming students in anticipation of a refund distributed during their academic career.

Refund Disbursements

Students are encouraged to enroll in Direct Deposit, as this is our most efficient method of receiving a refund. We recommend students to select their Refund Disbursement Method before the first quarter of their matriculation begins. Students may have their refunds deposited directly to a U.S. checking or savings bank account.

To enroll in Direct Deposit:

  1. Access your my.UChicago Account
  2. Click on Finances
  3. Go to Account
  4. Click on Direct Deposit Enroll

Direct Deposit delivery will typically occur within 3 to 5 business days after a refund is posted to your Student Account. Students may also choose to have their refund distributed to a reloadable debit card by following the above steps and selecting a Reloadable Debit Card.

You will be issued a Paper Check if no Direct Deposit or reloadable Debit Card is on file. This check will be mailed to your Physical address while enrolled. You may update your address online at my.UChicago.

In some cases, an overpayment may need to be returned/refunded to the payment source.

Refund Schedule

Our office processes refunds weekly. Financial Aid disburses quarterly, and awards are available for refund around ten days before the start of a quarter.

All students must be enrolled in units to be eligible for a financial aid refund for a given quarter.

Cash overpayments are released at the start of the fourth week of the quarter after the close of the add/drop period. Students eligible for a Cash Overpayment Refund for Autumn and Winter Quarters may retain their credit for future quarters.

Students who withdraw from the University will be refunded once they are reviewed and approved by their Financial Aid Office. Refunds as a result of a withdrawal typically take 10-15 days after the withdrawal date to process.