Disbursem*nts and Refunds (2024)

Lender disbursem*nts include Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Grad Plus Loans, Direct Parent Plus Loans, Alternative Loans, Heath Professions Student Loans, and Federal Nursing Loans.

Once lender disbursem*nts have been received by the University on a student's behalf, the loan proceeds will be applied to your outstanding tuition account balance for the specified loan period. Any residual financial aid funds will be refunded to the student via BankMobile Disbursem*nts according to the refund preference selected.

*Since financial aid regulations do not allow the University to pay balances for terms not included in the loan period, it will be necessary for students to pay summer, winter, and prior aid year term balances from their fall or spring refund personally. Failure to do so will result in a hold on their academic records and the application of late fees to any unpaid balance.

UMB delivers your refund with BankMobile Disbursem*nts, a technology solution, powered by BMTX, Inc. To view our third-party servicer contract for refund management, click here. BankMobile Disbursem*nts has a detailed web page with information about the BankMobile Disbursem*nts program through the following link: http://bankmobiledisbursem*nts.com/refundchoices/.

All student refunds will be distributed according to the method of payment chosen by each student through the BankMobile Disbursem*nts website for student refund processing. Students will need to choose their method of refund delivery by using the personal code they will receive in the mail. Once a student signs on to the BankMobile Disbursem*nts website, they are in complete control of how and where their refund will be delivered.

If you did not receive a personal code from BankMobile Disbursem*nts:

1. Visithttps://refundselection.com
2. Click “Need a Code?”, Enter your School Name, Student ID (beginning with the “@” symbol), and email address to be verified. The system will send you an email with a Personal Code.

For additional assistance, please contact Student Financial Services atStudentRefunds@umaryland.edu.

Timeline

Title IV Federal regulation requires that loan refunds be received by the student within 14 days. UMB strives to have this time shortened to 7-10 days. The refund file (list of all students expecting refunds) is generated and sent to BMTX, Inc. The refunds will be disbursed to students when BMTX, Inc. receives the wire transfer from the Maryland Office of the Treasurer. This is typically four business days after the file is generated.

The refund preference you selected will determine when your funds are available.

Your choices are:

• DEPOSIT TO AN EXISITING ACCOUNT – Money is transferred to an existing account the same business day BMTX, Inc. receives funds from UMB. Typically, it takes 1 – 2 business days for the receiving bank to credit the money to your account.

• DEPOSIT TO A BANKMOBILE VIBE CHECKING ACCOUNT – If you open a BankMobile Vibe checking account (upon identity verification), money is deposited the same business day BMTX, Inc. receives funds from UMB.

For this reason, BMTX, Inc. advises refund recipients to rely heavily on the email notification that is automatically sent out to the student when the refund is disbursed. Please keep in mind that BMTX, Inc. does not recognize any refunds until the entire process above is completed. If you call BMTX, Inc. customer service before they receive the wire transfer from the State, they will not see a refund in process for you but it doesn’t mean that there is not one.

You also can stay informed about the status of your refund by signing up for Mobile Alerts. With Mobile Alerts, you can personalize your preferences by opting to receive "Refund Status Alerts." If your mobile phone accepts text messages,changes to your refund status and preference will be automaticallysent to themobile phone number listed on your profile.