University of Illinois Policy on Student Account Overpayments

• Overpayments under $5,000: University Bursar posts the full payment to the designated student’s account and holds the credit balance on the student account for 10-15 days then refunds the credit balance via direct deposit to the student’s designated bank account. Note, some overpayments must be sent back to the method of payment - credit cards, international payments, etc.
• Advance payments of $5,000 or more: University Bursar posts the full payment to the designated student’s account and holds the credit balance on the student account until the start of the next semester. Note, some Advance payments must be sent back to the method of payment - credit cards, international payments, etc.

Please Note: If a student receives Federal Financial Aid after the overpayment/advance payment has been posted, University Bursar cannot guarantee that the overpayment/advance payment will be held. It may be refunded along with any financial aid refund, even if a request to hold the advance payment has been submitted.