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.
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