Student Refunds

Students may be eligible to receive a refund, in accordance with federal Title IV regulations, when payments applied and realized on their student account exceed the sum of billed tuition, fees, dorm, meal charges and any other allowable ancillary charges. Payments may include disbursed financial aid (including scholarships, grants and loans), check payments, and other payments resulting in a credit balance. The refunding process starts immediately following the official start date of the semester. Refunds are generally issued once per week.  Students and their authorized users may review the student’s account and balance details in Payment Portal. 

Refund Preference

BankMobile is Pace’s third-party refund distribution company. All students are encouraged to select a refund disbursement preference with BankMobile. 

There are two refund options available through BankMobile - 

  1. Deposit to an Existing Account – Your refund will be deposited directly into your bank account. You must provide your banking information to BankMobile. 
  2. Deposit to a BankMobile Checking Account – Access your refund the same day it is disbursed to BankMobile and receive a debit card. 

Visit Pace’s BankMobile Refunds webpage for more details on choosing a preference- Auxiliary Services BankMobile Refunds.

Beware of scams. Neither Pace University nor BankMobile will ever ask for your two-factor authentication or password. 

Forms of Payment, Payment Prioritization, and Refund Sequence:

Various forms of payment can be used to pay an account balance. If multiple forms of payment are used and the account is overpaid, then certain payment types are prioritized to be applied against billed charges. Any remaining, leftover payments that are not applied against billed charges are refunded. 

Here is the order for payment prioritization -  

  1. Federal Student Aid (Federal Pell Grant, Federal SEOG, Federal Direct Student Loans, and Federal Direct PLUS Loans (Parent Loans for Undergraduate Students or Graduate PLUS loans) 
  2. Private Loans 
  3. State Aid (New York State TAP & other state aid programs)  
  4. University Scholarships / Endownments
  5. Personal  & Third Party Payments** (Please note that credit cards are refunded first, then check payments)  

** Third-party payments may be subject to conditions made by the third-party payor. As a result, the payment prioritization level for a third-party payment may differ than above. 

Any remaining payments not applied to charges will be refunded. 

Example:

Student has a $5000 bill for a semester. $4000 is paid via federal loans, $2000 is paid via personal check, and $1000 is paid via university scholarship. This means that in total, $7000 is paid against a $5000 in semester charges - the account is overpaid by $2,000. 

Per the prioritization rules above, $4000 in federal loans are applied to the balance first, then $1000 in university scholarships are applied. The remaining $2000 personal check will be refunded to the student via BankMobile. 

Financial Aid recipients should refer to Financial Aid guidelines prior to withdrawing from some or all courses, Financial Aid Refund and Repayment Policy.

Refund policy is subject to change without prior notification. Contact Student Accounts Office for more information.