Financial Aid Refund

Refund Information

  • What is a Financial Aid Refund?
  • How Do I Receive My Financial Aid Refund?
  • Federal Regulations - Cash Management
  • US Bank ID Card and Banking Services Agreement

We understand that you will be facing many expenses when you arrive at USD; therefore, we process refunds as quickly as possible.

Refunds for a semester will be processed automatically when the term begins. Therefore, no refunds will be issued prior to the start of the semester. A refund also cannot be processed until there is a credit balance on the student account. Please note: If all financial aid requirements are met, loans, grants and scholarships begin posting to the student’s account 10 days before the beginning of the start of classes.

Additional Refund Information

  • Credit balances resulting from a check payment are refunded 10 business days after payment is received.
  • All refunds of check overpayments from personal sources, including payments from a trust up to $5,000 are refunded to the student.
  • Payments made from a trust account, resulting in an excess of $5,000 will be returned directly to the trust account.
  • If there is an excess distribution of funds from a 529 plan payment it will be refunded to the 529 plan directly.  Please refer to Publication 970 and consult your tax advisor or 529 plan administrator regarding the excess funds and tax implications.