Office of the Bursar
Tel.: 800-891-4596 Fax: 662-915-5097

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 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 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
Post Office Box 1848

University, MS 38677