Sometimes, the combination of payments and financial aid on a student’s account creates an overpayment, resulting in a credit balance. BW issues credit balances as refunds directly to the student. Some students borrow more financial aid than necessary in order to generate a refund that can be used toward books, off-campus housing, groceries, or other indirect costs associated with attending a university.
The first refund cycle at the beginning of each term will not occur until after financial aid has officially disbursed and typically not until after classes have started. After that, refunds will be issued continuously on a rolling basis. Refunds are processed weekly on Thursdays.
Students and/or authorized users are strongly encouraged to set up an "eRefund" preference in the BW Payment Portal to receive refunds as ACH direct deposits. This method ensures that you receive your refund in a timely, secure manner. If you have not already done so, you can set up an eRefund preference online by logging into the BW Payment Portal and navigating to "Refunds" > "Set up a new account." An eRefund preference must be set up prior to the refund being issued. Student accounts with a credit balance and no eRefund preference will have their refunds issued as physical checks to the most recent address on file. BW cannot direct deposit a refund that has already been issued as a physical check.
Credit balances resulting from non-federal financial aid sources will first be used to cover any outstanding prior term balances before being issued as refunds.
Important Information for Parent PLUS Loan borrowers:
The only exception to the standard refund processes are credit balances resulting from Federal Direct Parent PLUS Loans. On the loan application, parents are asked whether or not they want any potential credit balance from the loan refunded to them (the borrower) or to their student. If the borrower selected for the credit balance to be refunded to the borrower, BW will issue the refund for those excess PLUS funds as a physical check made payable to the loan borrower. It will be mailed to the address on file.
BW does not offer a direct deposit option for Federal Direct Parent PLUS Loan refunds issued to the borrower. These refunds will always be issued as physical checks. BW is beholden to the instructions provided to us on your loan application. The refund preference selected on the loan application cannot be altered after the application is completed and approved.