In accordance with new federal regulations, University of Iowa policy requires that all excess financial aid refunds and all 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 borrowers. 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 through the secure MyUI portal. Electronic refunds will be processed daily, beginning at the start of each semester, and will be deposited into your account within 2-3 business 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 in to MyUI
- Click on Financial Aid & Billing
- Click Bank Information-Refund Account under Finances & Billing
- Provide the requested information