Using the direct deposit method to receive refunds in lieu of paper checks will ensure faster access to funds throughout the year and especially during the holiday season, when the university is able to electronically deposit student refunds even though the university is officially closed. This will give access to refunds approximately seven days sooner than if the refund was issued by paper check. The electronic process is also more secure and will eliminate the possibility of a check being lost in the mail or mishandled in the postal service.
As of November 1, 2007, the Department of Education has given permission to colleges and universities to require that students provide banking information to the institution, which will enable the electronic deposit of student aid refunds into the student's designated checking or savings account.