Refunds/Disbursements
eRefunds PLUS is Now Available!
eRefunds PLUS is a service that allows students to set up a designated bank account to receive disbursement or refund checks electronically through direct deposit. Students may elect to have their refunds deposited into their personal bank account or choose a Discover debit card attached to a Discover Cashback Checking account.
NIC is pleased to offer eRefunds PLUS through the TouchNet Student Account Center which can be accessed through their MyNIC portal page. Direct deposit is the fastest and most secure way for students to receive their refunds. NIC students will have full control of their refund profile to add, delete, or change the bank accounts as they see fit. NIC will not share any personal information with TouchNet, the student will input the necessary information to set up their refund preference.
Who does this affect?
All NIC students will need to select an eRefunds PLUS preference in the Student Account Center. It is important that all students set up their eRefunds PLUS preference so that NIC may ensure timely delivery of any credit balance on the student account.
All NIC refunds are issued electronically from NIC through ECSI and the TouchNet Student Account Center. You must choose a refund preference.**
Benefits of eRefunds PLUS:
eRefunds PLUS is easy, fast, and convenient for students. They will set up secure, online refund profiles (bank accounts to receive disbursements); receive emails when a distribution is pending and notification emails when a deposit has been made.
Sounds good, what's next?
The first and very important step is to ensure that each student's profile in MyNIC has a phone number, address, and birth date. This information is necessary for identity verification and disbursement or refund preference selection.
Next steps:
- Students should have their nine digit bank routing number and their bank account number available.
- Log into your MyNIC and select "Self Service". Click Student Finance which will take you to the NEW Student Account Center. After you have clicked on the financial responsibility consent, you will have a pop-up screen that will prompt you to make a refund selection. This pop-up prompt will continue to remind you each time you log in until you choose your preference.
- Enter and confirm the bank account information to set up which account you would like the refund deposited to. If you do not have a preferred bank account, you may apply for a Discover Cashback Checking account on this screen.
NOTICE:
Dual credit students will be mailed a check for any refunds, to the address that is on file with the college.
**If no refund preference is set up, a check will be mailed to the student's address that is on file with the college. Check delivery can take up to 21 days from the date of disbursement.
**Parent borrowers of Federal Direct PLUS Loans who do not sign the authorization to release funds to their student will be issued a paper check by NIC for excess Parent PLUS Loan funds.