Direct Deposit of Excess Funds
for Plus (Parent) Loan Borrowers
The University of Mississippi offers direct deposit of excess funds from the Federal PLUS (Parent Loan for Undergraduate Students) program.
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?
The direct deposits are processed daily, and there is no charge for this service.
The excess funds are delivered directly to the bank account within the next two business days.
Mailing address problems are eliminated.
There is protection against the theft or the loss of checks. Lost checks take several weeks to replace.
You do not have to worry about the refund if you are out of town or cannot pick up your mail.
Can a direct deposit be made to any bank?
The University can direct deposit to any financial institution within the USA 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 for downloading at http://www.olemiss.edu/depts/financial_aid/online/DirectDepositFormPLUS.pdf.
This form is also available from our tellers in the Office of the Bursar.
Please complete and sign the PLUS Loan Direct Deposit Authorization Form.
Attach an unused voided check to the form.
Be sure to write “VOID” across the face of the check.
Return the completed form along with a voided check to:
Office of the Bursar
Post Office Box 1848
University, MS 38677
If you want to use a savings account for the electronic transfer, please call The Ole Miss Student Financial Services Help Line at 1-800-891-4596 for instructions.
If you have questions, please call The Ole Miss Student Financial Services Help Line at 1-800-891-4596.
FOR THE PLUS LOAN DIRECT DEPOSIT AUTHORIZATION FORM