Refunds of account credit balances
Credit balances resulting from financial aid will be processed automatically beginning the first day of the term for Fall and Spring and the first day of the first Summer Session the student is enrolled for Summer. Refunds will be issued through direct deposit, which means the funds will be sent directly to a bank account (determined by the student) once the refund is processed. Students will be required to sign up for eRefund online with their bank information. Students that do not sign up for eRefund (electronic deposit) will be issued a check mailed to their permanent mailing address that is listed in WaveNet. Credits from Parent PLUS loans will be issued to the person that applied for the loan and a check will be mailed to the address on the loan application.
A number of students rely on a financial aid refund to assist with living expenses at the beginning of the semester. As a result of a great deal of work by several administrative offices to audit individual accounts in advance of school starting, and to better serve our students, refunds will be processed daily beginning on the first day of classes.
The amount of the refund is based on the tuition charged and financial aid disbursed at the time of processing. Since the refunds will be processed prior to the end of the add/drop period, a student's enrollment changes may result in a refund that may be too large or too small. If any financial adjustments need to be made to the student's account, the student(s) affected will be notified of the change as quickly as possible. Please be aware that if you receive a refund with an amount that turns out to have been too large, you will be responsible for repaying your student account based on the established due dates and policies. In our judgment, the small risk of a slight adjustment in a few students' accounts was easily outweighed by the benefits gained from distributing eligible refunds right away.
To receive a refund for any other non-financial aid related credit balance remaining on the student's account after all charges and credits have been processed, the student must make a request for a refund, either in writing or through their Pepperdine email account.
Refund payments of credit balances will not be made until all funds have cleared the bank and are showing on the student's account; this includes credits from loan funds, checks, and dropped courses. If the credit includes a payment by check, there is a ten day waiting period before the funds may be returned.
Refunds from overpayments will not be issued until the end of the term and then only after the student has requested a refund from their Pepperdine email account. A $50 service fee will be deducted from the refund amount.