Refund Delivery Policy - Credit Balances
The university prefers that all refunds to students be delivered via electronic fund transfer (E-Refund). Students should enroll in E-Refund at least 10 days before the first scheduled disbursement.
- Financial aid refunds are processed weekly after the 100% drop period of the start of a term. Federal regulations require that excess be disbursed within 14 days from when funds are credited to the student's account (not when awarded).
- Students will be notified via email when an E-Refund has been disbursed. Students should allow at least 24 hours for the funds to be credited to their bank account.
- Students can set up E-Refund by following these steps:
- Log in to the myOLLU Portal
- Click on "Student Finance" located under Self Service
- Select "Make Payment/Confirm"
- Click "Continue to Payment Center"
- Click "I Agree"
- Select "Electronic Refunds" followed by "Set Up Account" and select "Account Type"
- After completion of the two-step verification you will receive a message stating your information has been saved
Students who do not enroll in E-Refund
The financial aid refund will be disbursed by check. The check will be mailed to the student's preferred mailing address as indicated in university records. If a mailed check is not received at the preferred address, there is a 10 business day waiting period before a replacement check can be issued.
Disbursements can be checked by logging in to the myOLLU Portal, and selecting:
- "Student Finance" in the "Self-Service" section
- Then "Account Activity"
Estimated financial aid is considered pending aid and is not subject to refund until finalized.