University of Chicago students will benefit from a new direct deposit option for student refunds, effective July 6.
The Office of the Bursar will offer students the option of direct deposit for refunds of financial aid or student loan payments that exceed the amount a student owes the University. By enrolling in this service, students can direct their funds to the bank account of their choice.
Students will now have easier access to their funds through electronic deposits, said Bursar Michael Kocelko. The longstanding practice of picking up paper checks has been eliminated, although the checks can still be mailed to students.
The University has partnered with Nelnet Business Solutions, one of the leading education and finance companies in the United States, to offer the service.
This new service will have a positive impact on students and staff by eliminating students waiting in long lines in the Bursar's Office, said Dan Villareal, Manager of Tuition & Billing.
The benefits of direct deposit include:
- Quicker access to funds
- No waiting in long lines to pick up refund checks
- No special arrangements for those living off campus or studying abroad
- No lost or stolen checks
- No mail delays
To sign up for direct deposit, students must register online via cMore, the University portal for student services.
