Direct Deposit of Excess Funds for Plus (Parent) Loan Borrowers
What is direct deposit?
- Instead of receiving a check for excess PLUS loan proceeds, funds are electronically transferred from the university to a bank account.
What are the benefits?
- Direct deposits are processed daily, and there is no charge for this service.
- Excess funds are delivered directly to the bank account within the next two business days.
- There is protection against the theft or the loss of checks. Lost checks take several weeks to replace.
Can a direct deposit be made to any bank?
- The university can direct deposit to any financial institution within the U.S. with electronic funds transfer capabilities.
- Most banks participate in the electronic funds transfer network.
- Contact the bank if you have questions about its ability to accept direct deposit.
When can I sign up?
- You may sign up any time during the semester.
- To guarantee processing, please submit the required documentation to the Office of the Bursar at least two weeks prior to the anticipated refund.
How do I sign up?
- The PLUS Loan Direct Deposit Authorization Form is available here.
- Please complete and sign the PLUS Loan Direct Deposit Authorization Form.
- Attach an unused voided check to the form with “VOID” written across the face of the check.
- Return the completed form along with a voided check to:
Office of the Bursar
P.O. Box 1848
University, MS 38677