Refunds
Proceeds originating from student aid programs in excess of all student account charges (tuition, fees, monthly housing, and other related expenses) will be mailed to the student, electronically deposited, or held on account when authorized by student.
NOTE: Title IV aid can only be credited towards institutional charges. Non-institutional charges such as finance charges, late penalty fees, etc. can not be paid from your Title IV aid. This may result in a refund being generated leaving an outstanding balance on your account for which you are responsible.
Processing Schedule
Title IV credit balance is reconciled within 14 calendar days of the creation of the credit through one of the following:
- Holding funding until end of academic year if an authorization has been received
- Payment by EFT (direct deposit into students bank account) if an authorization has been received
- Payment by check to student if prior two bullets don't apply
Credit balances are reviewed 3 times a week on Monday, Wednesday and Thursday. However, refunds are not generated for credit balances less than $1.00. These balances are written off by the college after remaining on the account for a period of 2 years.
eRefund
The eRefund system offers students a faster more secure means of receiving refunds for any credit balance after all tuition, fees, and other charges are assessed. To be eligible for an eRefund, you MUST enroll in eRefund by 5PM on the evening prior to the processing day. You are only required to enroll in eRefund one-time. However, should you un-enroll from eRefund you will begin receiving refunds as a check by mail. You will be required to re-enroll in order to begin receiving eRefunds again.
eRefund deposits are generally available in your bank account within 1 to 2 banking days after the eRefund has been processed. However, eRefunds are deposited into your bank in accordance with your banks policies and procedures. University holidays, banking holidays, and inclement weather may delay a deposit.
If you would like to continue to receive your refunds in the form of a check via mail, you don't have to do anything except confirm you address is current.
How to enroll in eRefund: Students can elect to receive their refunds directly to their US bank account by enrolling through Transact Payments via the myTC Portal.
- Login to MyTC (https://my.tc.
columbia.edu/) - Click on the tab "Student Resources"
- Click on the link "Account Summary".
- Click on the button "Pay Now". This will take you to the eBill & ePay site on Transact Payments.
- Click on "My Account" on the left side menu.
- There you will find a section marked "Direct deposit refunds".
- Click on the link "Sign up" to the right of the text "Student Account Refund".
Your bank must be based in the United States, and you will need your bank account information (account & routing #'s) to enroll. Debit/credit card information is not a valid bank account and will not be able to receive refunds.
View eRefund Service Terms and Conditions
Students NEED to confirm with the Registrar's Office that their address is current. A student may have multiple addresses on the college system. The address order of precedence for mailing a refund check is as follows: 1) Campus Address, 2) Mailing Address, or 3) Permanent Address.
Refunds pending disbursal of aid will not be mailed until actual aid is received and credited to students account. Please confirm all required financial aid applications and documentation have been filed with the Office of Financial Aid by the published deadline, and that all financial aid eligibility requirements have been met.
Returning Federal Loan Funds
You may cancel all or part of your federal loan(s) by submitting a Federal Loan Change Form [PDF] for the appropriate aid year to the Office of Financial Aid within 45 days from the date of disbursement. If you have already received a refund, then you may be required to return the funds to the Office of the Bursar.
More Information:
For further information about financial aid please visit the Office of Financial Aid web site by clicking on the link below.
To find out the refund percentage for dropping courses, click the following link:
To check your account balance, click on the following link: