In accordance with new federal regulations, University of Iowa policy requires that all excess financial aid refunds and all other credit balances from your university bill be electronically deposited to the financial institution account of your choice. This policy also covers refunds from PLUS loans to parents. Parent PLUS loan borrowers should print Parent PLUS Loan Direct Deposit Authorization.pdf and return the completed form to our office. For prompt refund processing, it is important that you sign on to MyUI and provide your bank account information into the secure MyUI portal. Electronic refunds will be processed daily and in your account within two days.
If you do not provide your financial institution information, your excess refund could be delayed up to 14 days.
Follow these steps to provide your financial institution information to the University:
- log into MyUI
- click on Financial Aid & Billing
- click Bank Information-Refund Account under Finances & Billing
- Complete the information requested