Options you have for credit balances:
- Reduce your loan(s) - send an email to the Financial Aid Office
- Leave the credit balance on your account - your credit balance can be used to pay current charges and/or will carry over and apply to the next term
- Receive a refund
For Students without a Parent PLUS Loan
- Enroll in eRefund online in Transact
- Notify the Financial Aid Office that you'd like to receive a refund for the term.
- After you've enrolled in eRefund and updated your Credit Balance Authorization Form, refunds will processed by the Student Accounts Office after the completion of Week 2; typically refunds are processed by the end of Week 3 of the term.
For Students with a Parent PLUS Loan
Refunds are issued to the parent by check or electronically to the student. If the parent borrower would like to change who the refund is issued to, the parent borrower should complete the PLUS Loan Credit Balance Authorization (PDF).
Note: Only students can enroll in eRefund online in TRANSACT.
In order to receive your refund electronically, you must first register your checking or savings account information in TRANSACT. Follow these steps to enroll in eRefund:
- Access your Transact account. Note: Only students can access eRefund.
- On the Overview page, scroll to the middle of the page to the section "Sign up for direct deposit refunds!"
- Click "Sign Up."
- Read and agree to terms by checking "I agree to terms" and then click on "Continue."
- Select "New Bank Account" in drop down box, complete the requested information, and click "Complete."
- You will receive a confirmation email when eRefund enrollment is set up.
Note: eRefund is different from Direct Deposit. Direct Deposit is used by the Payroll Office to pay earnings for student employment.
**Credit balances due to over payments made by wire transfer will remain on the student billing account for future charges or returned to the sending institution. Lawrence University will not act as an intermediary for transference of funds through the credit balance refund process.