Credit Balance/Refund

FINANCIAL AID IS NOT REFUNDED TO STUDENTS BEFORE THE SESSION STARTS – PLEASE PLAN ACCORDINGLY!

Overpayments, billing adjustments, loan disbursements, and financial aid postings may result in a credit balance on your account.   To view your student account for a credit balance refer to My Account History and Course and Fee Statement link in My Siena.   

  • The refunds for credit balances are typically directed to the student, but when required , the refund may be directed to a scholarship/grant agency, parent or third party payer whose payment created the credit balance.
  • Refunds of credit balances created by financial aid (loans or State/Federal Grants) are reviewed and processed within 14 days. This time frame is mandated by the Department of Education.  Siena does require written authorization to hold overages on account for future sessions.  These can only be carried during the academic period that the funds were released. 
  • Parent PLUS loans will be refunded by check to the parent listed on the loan application.  The parent may authorize a bookstore credit or the refund to be directed to the student.  (See the PLUS Refund Authorization form located at the bottom of the page . The form must be submitted prior to the start of the session) 
  • Credit balances resulting from a student payment will be refunded before the end of the payment period. 
  • Credit balances resulting from a credit card payment in the Transact system will be refunded back to the originating card.(Remember the convenience fee is non-refundable) Transact electronic payments will be refunded to the BankMobile refund preference.

Refunds will be disbursed to students via their BankMobile refund preference. Refund selection packets will be mailed to the student’s permanent address, prior to the start of your first session.  Activation must be completed online before refund can be accessed. Log onto www.refundselection.com https://www.refundselection.com to activate and choose your refund payment preference.  Check our BankMobile link for additional information regarding your refund options. 

2022-2023 Aid/Loan Estimated Posting Dates

Fall 2022 – Our office is committed to providing you with prompt refund service.  Federal regulations require our office to provide access to your credit balance refund within 14 days of the posting date. 

Check your Account Balance history for the aid posting date to estimate the timing of your refund.  Remember that your refundable credit is dependent on aid with a posted date, any aid reflecting a pending status, will delay your refundable credit.

  • Adrian Campus students Fall Sub/Un-Sub and PLUS Parent Loans post to Siena: 9-8-2022
  • Graduate and Offsite/Online students FA-1 Sub/Un-Sub and PLUS Parent Loans post to Siena: 9-8-2022
  • Pell Grant post to Siena: 9-9-2022
  • Graduate and Offsite/Online students FA-2 Sub/Un-Sub Loans post to Siena: 11-3-2022
  • MI Tuition Grants and TIP Grants are TBD by the state.  *State controlled release date expected: 12-2-22

*  Late awards and aid/loans posted outside of the scheduled University dates are reviewed for refundable credits on a weekly basis.

✔ Winter 2023 – Our office is committed to providing you with prompt refund service.  Federal regulations require our office to provide access to your credit balance refund within 14 days of the posting date. 

Check your Account Balance history for the aid posting date to estimate the timing of your refund.  Remember that your refundable credit is dependent on aid with a posted date, any aid reflecting a pending status, will delay your refundable credit.

  • Adrian Campus students Winter Sub/Un-Sub and PLUS Parent Loans post to Siena: 1-19-2023
  • Graduate and Offsite/Online students WI-1 Sub/Un-Sub and PLUS Parent Loans post to Siena: 1-19-2023
  • Pell Grant post to Siena: 1-20-2023
  • Graduate and Offsite/Online students WI-2 Sub/Un-Sub Loans post to Siena: 3-24-2023
  • MI Tuition Grants and TIP Grants are TBD by the state.  *State controlled release date expected: 2-28-23

*  Late awards and aid/loans posted outside of the scheduled University dates are reviewed for refundable credits on a weekly basis.