Colorado Mesa University issues refunds to students when their account has an eligible credit balance. Common reasons include having financial aid payments in excess of their account balance or credits for dropped courses within the appropriate deadlines for a refund. See Important Dates for add/drop/withdraw deadlines. Refunds are processed each business day, with direct deposits hitting bank accounts approximately 48 hours after processing. Paper checks are only issued every other Thursday.
For each term, initial refunds begin being processed the week before full term classes begin. Disbursement day is the Friday before the first day of class. All paper checks will be mailed. After receiving an initial refund, any remaining refunds will not be processed until after the Census date unless you notify us in writing that you have completed adding or dropping courses before the Census date.
Direct deposit and paper checks will be issued for financial aid and scholarships. Please see below for more information on these two methods. Direct deposits will hit bank accounts approximately 48 hours after processing. Paper checks are only issued and mailed every other Thursday. If the refund is caused by dropping classes and the balance was paid with a ACH or credit card, we will refund the original payment method.
Federal Financial Aid funds apply to the student balance first before other funding in the order they are posted to the account. Parent Plus funds are the first to be applied to the student's balance. If a refund is due to a parent, they will receive an email from CMU with the steps to set up direct deposit, if no action is taken that the refund will be a paper check mailed to the address on the loan application.
Student Direct Deposit (ACH) Refunds
All students are encouraged to sign up for direct deposit with the bank of your choice. By doing so, refunds will be electronically deposited directly to a checking or savings account of your choosing. Signing up for direct deposit is easy and convenient through your online ePay account.
*Double check your account information for accuracy
*All future refunds will be made to this account
When creating an Direct Deposit (ACH) Refund profile in ePay, always verify the bank information you enter to ensure funds are sent to the correct account. Direct deposits will hit bank accounts approximately 48 hours after processing. Realize that your bank may not post your deposit immediately.
Parent Direct Deposit (ACH) Refunds
Parent Plus Loan Refunds are now eligible for Direct Deposit. The Parent that initiated the Parent Plus Loan in Studentaid.gov must be the parent that signs up for the direct deposit in ePay. They can either be a students Authorized User or the parent will be emailed on the day of the refund to set up a parent refund account in ePay.
Parents will be sent an email with these directions when a Parent Plus Refund is eligible to be refunded to the parent.
- Log into the ePay parent portal by utilizing the email on your loan application (the email address this email was sent to)
- In the blue menu bar, click on Refunds
- Complete the Two-Step Authentication
- Once Two-Step Authentication is complete: Click on eRefunds Tab and Select Direct Deposit Method
- For Direct Deposit Refund: Enter Loan Borrower Verification Information
- Click Set Up New Account: Enter Account Information as found on personal check: Click Continue and Save
NOTE: DOB and last 4 of SSN MUST match the loan borrowers DOB & SSN from the loan application.
If a refund method and verification of the SSN and DOB is not complete, this will delay your refund and may be mailed to the address on the loan application.
Paper Check Refunds
Checks are only printed every other Thursday and will be mailed to the permanent address on file. Please verify that your address is up to date.
Refund Guidelines
CMU encourages you to use direct deposit with the bank of your choice.
Refunds: Paper checks print every other Thursday, Direct Deposit is ran daily, please allow 1-3 business days for refund. All paper checks are automatically mailed to the permanent address on file.
Financial Aid Disbursement dates may vary depending on your status.
A. No. Setting up direct deposit to your bank account only gives CMU permission to deposit money you are eligible for through the Student Accounts Office into your bank account.
Q. When do I get my refund?
A. Once you have satisfied all financial aid and/or refund requirements, at the beginning of each semester, refunds are deposited into your bank account on or around the Friday before classes start. If you are on Delayed Disbursement and/or Split Disbursement, refunds are deposited 30 days after the initial disbursement date. If you add or drop classes, upon eligibility, your refund will be processed. See published dates above for Financial Aid disbursement. Financial Aid disbursement may vary depending on your status.
Q. Is there any additional fee for using direct deposit?
A. No. There is no fee for setting up direct deposit.
Q. Once I have signed up for direct deposit, am I able to change to a different account?
A. Yes, you are able to change accounts. To do so, you will first need to go to ePay.
After completing these steps, you will then be able to add a new direct deposit account. To ensure the funds go to your new account, the new account must added 24 hours before your refund is processed. To find out if you have time to update your information, please call IRIS at (970) 248-1177.
Q. I did not get my refund directly deposited to my bank account, why and where is it?
A. This may be due to one of the following reasons:
1.) The banking information that you submitted has an error.
2.) The bank account has been closed.
3.) You did not sign up for direct deposit. Contact IRIS to check the status of your refund.
To check your direct deposit bank account information through ePay.
Q. I have applied for a Parent Plus Loan?
A. If a refund is due to a parent, they will receive an email from CMU with the steps to set up direct deposit (ACH), if no action is taken that the refund will be a paper check mailed to the address on the loan application. If accepted Parent Plus to Student on application, then refund will be processed to the student.
Q. I have withdrawn from school, when do I get my refund?
A. Enrollment deposits and any other refunds, less any outstanding charges, are directly deposited 2 to 3 days after your withdrawal has been processed by Financial Aid and Student Accounts. Refunds cannot be released before that time. This may take several weeks due to processing volume.