If your financial aid and loan funds total an amount that is greater than billed costs, after all university charges have been paid you will be able to access the remaining credit balance in a cash release.
All financial aid and loan funds that are deposited into a student account will be used to pay university charges first, which may include tuition, fees, housing, health insurance, meal plan, Husky card charges, etc. If your financial aid and loan funds total an amount that is greater than billed costs, you will be able to access the remaining credit balance in a “cash release” after all university charges have been paid.
Students who are enrolled in direct deposit will have their refunds deposited directly into the bank account on file. If you are not currently enrolled in direct deposit, your check will be mailed to you directly.
In order to request a cash release check, you should submit a Student Refund Request form to the Student Accounts Office. The online request form is located under the Self-Service tab on your myNEU portal. Be sure to verify that you have an existing credit on your account before submitting your request. Keep in mind that anticipated credits are funds that have not been received by the university, and therefore cannot be refunded.
If the credit balance in your account resulted from a Parent Loan (such as the Federal Direct Parent PLUS or MEFA loan) or the Higher One Payment Plan, you will need to have a Refund Authorization Form on file with the Student Accounts Office before the check can be issued.
At times, the Student Accounts Office may ask a Financial Aid Counselor to review your eligibility for a cash release. You will be notified by email should this occur. Once your cash release is reviewed, an email will be sent to you with the status.
Cash release refunds will not be available until after the start of the term. Once bills for the upcoming term are issued, any credit balance that may have existed on the account will be used to pay the new term charges, and you will no longer have a credit. You cannot ask for a cash release once the next term’s bills have been issued.
It is possible to use financial aid and alternative loan funds to pay for rent outside of the university. You will need to calculate the amount of funds you will need to cover your rent and utilities for the academic year in addition to your billed costs. If you need assistance with this, your Financial Aid Counselor will be happy to work with you to create a financial plan.
Please keep in mind that cash releases are not issued until after the start of the term, especially if you need funds for the 1st of the month (such as in September, January, and May). For example, do not rely on fall term funds to pay September’s rent.
For information about the Law School cash release process, please visit their website.