Getting a Refund

Important

For information about refunds due to dropping, withdrawal, or dismissal, please consult the New York Tech Catalog for the Withdrawal/Dismissal Refund Policy.

From New York Institute of Technology

If New York Institute of Technology owes you money from overpayment on a bill, you have choices on how to receive your refund. Our school delivers your refund with BankMobile Disbursements, a technology solution, powered by BMTX, Inc.

For more information, visit this link

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• Overpayments received via wire transfer that are made to a student's account may be wired back to the originating account. Only funds intended to pay tuition and fees should be sent to New York Institute of Technology. Funds intended to be used for a student's personal expenses, should be sent directly to your student's private bank account
• For payments by personal check, bank check, or domestic wire transfer, refunds will be issued via paper check or direct deposit.
• For payments by credit card, refunds will be issued directly to the credit card used. The credit can take anywhere from 5–7 business days to be applied to your credit card from the date the University processes it.
• For payments made through FlyWire, TransferMate or international wire transfer, refunds will be distributed to the bank and account that issued the original payment.
• If the credit card on file has expired, or the payment processor requires additional banking information in order to process a refund, the student will be asked to present proof of the original payment. Failure to provide this information may result in the return of funds in accordance with the New York State escheatment process.

Requesting a Refund

Select your refund preference through BankMobile Disbursements, and request a refund by following these steps.

Online:

1. Log in to the Student Service HUB
2. Choose My Student Account select "Choose My Refund Method"
3. Then request a refund by selecting "Submit Refund Request"

Note: If a credit balance is due to a personal check or ACH check, it will be subject to a 30-day hold unless proof of clearance has been provided.

More information about BankMobile Disbursements

From Federal Student Aid

Title IV Financial Authorizations

• Title IV funds are federal student aid (FSA) funds administered by the U.S. Department of Education. Title IV funds include Direct Subsidized/Unsubsidized Loan, Direct Graduate PLUS Loan, Direct PLUS Loan, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), and Federal Perkins Loan. It does not include scholarships from the College or other private organizations.
• Federal Student Aid (FSA) regulations specify what charges on your student account your federal financial aid can pay. FSA pays tuition, mandatory fees, room, and board without an authorization. Your Title IV Federal financial aid will automatically pay your current-year institutional charges (i.e. tuition, mandatory fees, room and board). No further authorization is needed.
• An excess of Title IV funds occurs when the total amount of Title IV funds disbursed to your student account exceeds charges for tuition, mandatory fees, and room and board billed by the College on the student account. An excess of Title IV funds does not necessarily mean that you have a credit balance on your overall account. It means that there are no other charges that those funds may pay.
• If you choose not to grant permission to pay other charges with your Title IV aid, we will release your aid to your student account and it will pay only tuition, mandatory fees, and room and board for the current academic year.
• You may receive a refund and may be sent a bill for any charges that could not be paid with your Title IV aid. Receiving a refund does not indicate that there are no charges due on your account. These unpaid charges can result in a late fee and/or a financial hold on your account that would prevent you from registering for classes and the release of your diploma. Students will be responsible for paying those remaining fees by the Office of the Bursar's published deadlines.
• You may choose to authorize the College to use your Title IV funds to pay certain other educationally related charges such as tuition insurance or health insurance (to avoid the scenario above).
• If the total amount of Federal Student Aid—such as Pell Grant, SEOG, Direct Loans (Subsidized and Unsubsidized), Graduate PLUS, PLUS (parents), and Perkins loans—credited to your student account is greater than your bill, a refund will be automatically generated within 14 days in compliance with federal regulations.
• You may authorize New York Tech to use the funds to pay for other charges on your student account. To grant authorization go to the Student Service HUB—Your Home for University Business—under My Finances select Authorization Statement link. See a video about the process.
• Your authorizations will be valid from the date of submission, extending through your entire New York Tech career, unless you rescind them. Cancellation of an authorization is not retroactive. For the best possible experience, make your choices before your aid disburses for the next term.

Additional FAQ's

• If I grant permission, will I still be able to request a refund for the credit balance on my student account?
  Yes. You may request a refund of excess Title IV funds or any other eligible credit balance on your student account during your enrollment at New York Tech.
• How may I rescind a Title IV authorization?
  Send an email to refunds@nyit.edu. Please note that changes to your authorizations are not retroactive and take effect when they are processed. Download, print, and complete the Federal Funds Authorization Form (PDF). Return it by mail, fax, or in person to the Office of the Bursar.
• What about authorizations for Parent PLUS loans?
  At this time, Parent PLUS Loan credit balances are automatically mailed by check to the originator of the loan at the address provided on the loan application. In certain cases, the originator may have directed overpayments to be applied to the student account at the time the loan application was completed.

Note: If a credit balance is due to a Parent PLUS Loan, it will be refunded to the parent borrower.

PLUS Loan Refunds

The ePLUS service delivers your PLUS (parent) loan refund with BankMobile Disbursements, a technology solution powered by BMTX. ePlus provides a fast and convenient way to send your PLUS Loan refund directly to your student via the same method they choose to receive other refunds from their school. When it comes to refunds, your student always has choices for how to receive their money. For more information visit ePlus Plus Loan Refunds.

View our third-party servicer contract for refund management