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: https://disbursements.bmtx.com/refundchoices/. BMTX, Inc. 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.

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 utilizes BankMobile Disbursements, a technology solution, powered by BMTX, Inc. 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 or visit this link for more information: https://disbursements.bmtx.com/refundchoices/.