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If your school provides you a refund, it is yours to use. The school has something called a cost of attendance which allows them to build in some extra money for living expenses, transportation, child-care (if appropriate for you), school supplies, books, and miscellaneous expenses.
How do schools process refunds?
The check may be mailed to you or deposited directly in your bank account, or the amount may be credited to your college account for future school costs. The length of time it takes to receive a college refund depends on your school, among other factors, and it generally takes between several days to two weeks.
When should I expect my student loan refund?
In summary, you might expect to receive your refund within 1 to 4 weeks after the financial aid disbursement, but its best to check with your specific schools financial aid office for precise timelines.
How does a school refund work?
You may receive a paper refund check or the money may be directly deposited into your bank account (you can sign up for direct deposit through the online portal for your school account). The refund might also be credited to your college account, in which case it wont be sent to you.
Do school refunds count as income?
As for refunds, if the refund is a result of a scholarship or grant overpayment and the recipient was not required to return the funds to the scholarship or grant provider, then the refund is considered taxable income and must be reported on the recipients tax return.
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The Tuition Refund Plan refunds unused tuition and helps cover unpaid charges in the event of a student separation (as outlined in the policy). The refund is paid to the school and credited to the student account with any funds, not required to settle the account, returned to the family.
Related links
Florida Residency for Tuition Purposes | Admissions
Oct 27, 2010 All students who are admitted to a public College or University in Florida must complete an affidavit and provide proof of residency for tuition purposes.
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