If your student account shows a credit balance, you may be entitled to a refund processed as either a paper check or as a direct deposit to your personal bank account. Before receiving your refund, you must establish a refund account in MITPAY by following the instructions below:
- Log-in to MITPAY and click on the eRefunds link in the menu bar.
- Click on the Set Up Account link to add your electronic banking information.
- Be sure to complete all the required information for your selection.
To request a refund:
If you are expecting a credit balance and want to make sure you receive the funds as soon as possible:
- Check your balance on MITPAY by reviewing Account Activity.
- You may only receive your refund after the semester starts and your anticipated credits are disbursed to your student account.
- If you have an actual credit balance, indicated by the negative balance under Term Balance on the Account Activity page on MITPAY, email email@example.com or call 617-258-8600 to request that the refund be processed.
After your refund has been processed, direct deposit funds will settle in your bank account within 2-3 business days.
Student Financial Services will only accept funds to cover a student's educational expenses while enrolled at MIT. Payments in excess of the determined Cost of Attendance for a term will not be accepted. Payment received in excess of the amount due will be returned in its entirety back to the payer. The Massachusetts Institute of Technology does not meet the definition of a "Financial Institution" as described in 31. U.S. Code 5312; therefore, MIT cannot accept payment for purposes other than educational expenses determined by The Institute.
This policy pertains to overpayments made by the student, the student’s family, and/or sponsors. Overpayments made by certain third parties, such as the Department of Veterans Affairs, are not subject to this policy. Overpayments/refunds as a result of federal loans and/or scholarships are also exempt from this policy.