Excess Funds Information

What are Excess Funds?

Excess funds are any credit balance (funds remaining) on your student account after your tuition and fees have been paid. Funds are first applied to your tuition and fee charges. Any remaining funds (excess funds) are disbursed to you, the student.

How do I know if I'm getting excess funds?

Check the Account Center in the student portal. Once in the Account Center, go to My Finances > Account Information to view your Account Details. This will show your ledger card transactions. If there is an amount shown in parenthesis in the Balance column ($XXX.XX), meaning a negative amount, you have a credit balance on your account. This will be disbursed to you, the student. If there is an amount NOT in parenthesis in the Balance column, you do not currently have a credit balance on your account and will not receive excess funds until after there is a credit balance on your account.

student portal account details univ

Rasmussen University delivers your refund with BankMobile Disbursements, a technology solution, powered by BMTX, Inc. Visit this link for more information: http://bankmobiledisbursements.com/refundchoices/. BankMobile will mail or email you a Refund Selection Kit with instructions on how to select a refund preference.

If you have not received a current Financial Aid Award Notification, your aid eligibility has not yet been determined. You may be missing documents necessary to process your aid. You can view missing documents in the Account Center by going to My Documents > Document Center. You can view your Financial Aid Awards under My Financial Aid > Financial Aid Awards.

When and how will I receive excess funds?

The University begins disbursing financial aid no earlier than three weeks into each quarter. It can take several weeks for your financial aid to be applied to your account. You can view your Financial Aid Awards in your Student Portal Account Center under My Financial Aid > Financial Aid Awards.

If you have a credit balance on your account, your excess funds will be scheduled and posted in two business days. Holidays and/or special circumstances may affect the standard timeline. ACH Direct Deposit and BankMobile Vibe accounts are the quickest way to receive excess funds. You’ll receive the funds within one to two business days after your excess funds is posted to your account if you have ACH Direct Deposit or a BankMobile Vibe account.

Examples:

  • Credit balance on your account created on Friday, April 30. Excess funds will be posted on Tuesday, May 4.
  • Credit balance on your account created on Tuesday, May 4. Excess funds will be posted on Thursday, May 6.

As noted above, Rasmussen University partners with BankMobile to disburse financial aid and other school refunds to students. Additional information is available in your Student Portal under Resources > Business Office > BankMobile and FAQ. The refund program allows the following three options for receiving refunds:

  • Electronic deposit to a bank account of your choice (ACH Direct Deposit)
  • Electronic deposit to a BankMobile Vibe account
  • Paper check delivered by USPS. The default selection will be CHECK. However, the check will not be immediately mailed. You will receive daily emails from BankMobile requesting that you make your selection in order to receive your excess funds.

ACH Direct Deposit and BankMobile Vibe accounts are the quickest way to receive excess funds. You’ll receive the funds within one to two business days after your excess funds are posted to your account. BankMobile will be communicating with you directly via email to encourage you to select a method to receive your funds. It’s important that you choose a refund preference method to ensure there is no delay in receiving your funds.

Regardless of your refund preference, you have access to track the progress of your refund by logging into your BankMobile account. You can also confirm that you’ve made your refund selection in order to timely receive your excess funds.

  • BankMobile Student Support Number – 877-327-9515
logo-accreditation-acen logo-accreditation-ccne chart-credential-laddering-associates-bachelors-masters 0 Credits 90 Credits 180 Credits 48 Credits Start Here HIGH SCHOOL GRADS Start Here TRANSFER STUDENTS Start Here SECOND DEGREE PURSUERS End Here ASSOCIATE'S DEGREE Start Here MASTER'S DEGREE PURSUERS End Here BACHELOR'S DEGREE End Here MASTER'S DEGREE chart-credential-laddering-associates-bachelors 0 Credits Start Here HIGH SCHOOL GRADS Start Here TRANSFER STUDENTS 90 Credits Start Here SECOND DEGREE PURSUERS End Here ASSOCIATE'S DEGREE 180 Credits End Here BACHELOR'S DEGREE chart-credential-laddering-msn chart-credential-laddering-nursing-programs chart-credential-laddering-nursing DNP MSN RN to BSN LPN to RN Bridge Accelerated BSN Professional Nursing ADN Practical Nursing Diploma Pre-Licensure Post-Licensure icon-colored-outline-bank icon-colored-outline-certificate icon-colored-outline-circle-dollar-sign icon-colored-outline-folder-search icon-colored-outline-hand-heart icon-colored-outline-head-blocks icon-colored-outline-head-cog icon-colored-outline-head-heart icon-colored-outline-health-plus-leaves icon-colored-outline-hospital icon-colored-outline-lifelong-learning icon-colored-outline-light-bulb-analytics icon-colored-outline-location-pin icon-colored-outline-magnifying-glass icon-colored-outline-monitor-healthcare icon-colored-outline-monitor-paper-search icon-colored-outline-nurse-rays icon-colored-outline-padlock-shield icon-colored-outline-person-presenter-screen icon-colored-outline-scales ras-logo-flame ras-logo-horizontal ras-logo-stacked icon-colored-advance icon-colored-arrows-cross-curve icon-colored-briefcase-star icon-colored-build icon-colored-bulb-analytics icon-colored-certificate icon-colored-continual-development icon-colored-duo-chatbox icon-colored-folder-mortarboard icon-colored-forward-ribbon icon-colored-gears-clock icon-colored-globe-pen icon-colored-growth icon-colored-hand-bubble icon-colored-hand-stars icon-colored-hands-gear icon-colored-head-blocks icon-colored-head-cog icon-colored-health-plus-leaves icon-colored-hospital-building icon-colored-laptop-cbe-skyscraper icon-colored-laptop-checkmark icon-colored-laptop-webpage icon-colored-location-map icon-colored-location-pin icon-colored-monitor-paper-scan icon-colored-mortarboard-dollar icon-colored-national icon-colored-people-chat-bubbles icon-colored-person-cheer-star icon-colored-person-laptop-checkboxes icon-colored-person-screen-instructor icon-colored-person-whiteboard icon-colored-phone-chatbox icon-colored-police-light icon-colored-prep icon-colored-presenter icon-colored-regional icon-colored-save-time icon-colored-shirt-hat icon-colored-skyscraper icon-colored-state icon-colored-student-centered icon-colored-support icon-colored-world-experience icon-triangle-arrow-up-plant icon-triangle-calendar-pencil icon-triangle-clock-rotating-arrows icon-triangle-display-gears icon-triangle-hand-right-speech-bubble icon-triangle-laptop-coding-brackets icon-triangle-mortarboard icon-triangle-paper-ribbon icon-triangle-person-cheer-star icon-triangle-person-juggle icon-triangle-triple-people-chat-bubble icon-modality-campus icon-modality-field icon-modality-online icon-modality-residential icon-arrow icon-bank icon-camera icon-filter icon-general-chart icon-general-connect icon-general-degree icon-general-discuss icon-general-email icon-general-find icon-general-hat icon-general-heart icon-general-laptop-building icon-general-laptop icon-general-leader icon-general-map icon-general-money icon-general-paperwork icon-general-people icon-general-phone icon-general-speak-out icon-head-heart icon-info-circle icon-mail-forward icon-mglass icon-play-solid icon-quote-mark-left icon-quote-mark-right icon-scales icon-share-square-o icon-simple-chat icon-simple-desktop icon-simple-find icon-simple-hamburger icon-simple-phone icon-spinner icon-tag icon-testimonial-quotes icon-util-checkbox-white icon-util-checkbox icon-util-checked-white icon-util-checked icon-util-chevron-down icon-util-chevron-left icon-util-chevron-right icon-util-chevron-up icon-util-circle-arrow-down icon-util-circle-dot icon-util-language-switch icon-util-loading icon-util-open-window-link icon-util-pdf-link icon-util-refresh icon-util-x rebrand-arrows icon-social-facebook-colored icon-social-facebook-square-colored icon-social-facebook-square icon-social-facebook icon-social-google-plus-square icon-social-google-plus icon-social-instagram-colored icon-social-instagram icon-social-linkedin-square-colored icon-social-linkedin-square icon-social-linkedin icon-social-pinterest-p-colored icon-social-pinterest-p icon-social-twitter-colored icon-social-twitter-square icon-social-twitter icon-social-youtube-play-colored icon-social-youtube-play graduate-cap-star-coin hand-coin hand-heart nurse-stethoscope-rays card-send-smile person-yoga-pose suitcase-star