There are various reasons a student could have a credit balance and receive a refund but most often come from over-payment on the U-Bill. The signup and method selection process is done in Nelnet, but can be accessed from Workday through the Student Financials Hub. The refund options are Direct Deposit, Re-loadable Debit Card, or Check.
Direct Deposit
Our preferred method for student refunds is Direct Deposit. This will allow for swift and secure refunds directly to the student's chosen checking or savings account. When signing up you will need to enter the account holder name, bank name, account type, routing number, and account number of the bank account you would like for the funds to be sent to. If your banking information should ever change you will have to log in an update it. Once a refund is sent, you should receive it in your bank account within 2-5 business days.
Iowa State University cannot send a direct deposit (ACH) transaction to a foreign bank account. If you choose to have your payroll/student refund/travel reimbursement direct deposited and do not have a domestic bank account you may open a free bank account associated with your ISUCard at US Bank*.
Prepaid Debit Card
If you have a reloadable debit card you can have your refund loaded directly onto the card. Reloadable debit cards are not issued or provided by the University, Workday, or Nelnet and they are not the same as a debit card for your bank account. When signing up you will need to enter the account holder name, card provider, routing number, and account number linked to your reloadable debit card. Once a refund is sent, you should receive it on your card within 2-5 business days. For information about possible fees contact your card provider.
Check
This is the default option for Student Refunds, if you have not selected a different option you will receive any refunds via paper check. All checks are sent payable to the student and mailed to the mailing address on file in Workday. It can take 3-14 business days for you to receive your refund once the check has been mailed.
*Iowa State University chose U.S. Bank as its partner to offer students, faculty and staff the option to add banking functionality to the ISUCard. ISU receives financial support from U.S. Bank in the form of marketing funds, royalties, card stock, and other compensation to offset costs otherwise incurred by the school. Students, faculty and staff are not required to open an account with U.S. Bank to receive or use the ISUCard for other campus services. The university partnership with U.S. Bank was formed after a competitive selection process. Questions about the University’s partnership with U.S. Bank may be directed to the ISUCard Office at 515-294-2727 or by email to idcard@iastate.edu