Rebates & Refunds

When an overpayment has been made for all charges for the term, a rebate or refund will be ordered for the excess payment. Rebates are ordered when the source of the payment is financial aid. When the source is anything other than financial aid, a refund will be ordered. You will be notified through your TU email address if one has been issued to you. 

Important Banking Disclosure

To facilitate the efficient distribution of Financial Aid and to provide convenient banking services for our community, Towson University contracts with BankMobile and PNC Bank, NA. Students are not required to have a bank account with either service provider in order to receive their financial aid rebate or student account refund via direct deposit (ACH).

Department of Education Cash Management Rules

On October 30, 2015 the Secretary of the Department of Education amended the cash management regulations and other sections of the Student Assistance General Provisions regulations issued under the Higher Education Act of 1965, as amended (HEA). The updated regulations are intended to ensure that students have convenient access to their title IV, HEA program funds, do not incur unreasonable and uncommon financial account fees on their title IV funds, and are not led to believe they must open a particular financial account to receive their Federal student aid. In addition, the final regulations update other provisions in the cash management regulations and otherwise amend the Student Assistance General Provisions. The following information is provided for the benefit of our students.

	Bank Mobile	PNC Bank, NA
Arrangement Classification	Tier I “processing direct payments of Title IV funds on behalf of the institution”	Tier II “financial accounts are offered and marketed directly to students”
Contract Documents (required by 9/1/16)	BankMobile Contract Assignment Letter Novation	PNC Contract Web Linking Agreement Card Linking Agreement PNC Lease Agreement PNC Lease 3rd Amendment
Major Features, Commonly Assessed Fees, Terms, and Conditions*	BankMobile Major Fees	PNC Major Fees
Total Consideration	Bank Moble Consideration	PNC Bank Consideration
Contract Data	Bank Mobile Data	PNC Bank Data
Responsible Office	Student & University Billing Office	Auxiliary Services
Contact for Concerns	Thom Ruby, Director	Jacob Smith, Director

* Format being developed by the Consumer Financial Protections Board (CFPB). Available information is provided until prescribed format is established.

This webpage is published to comply with the regulatory reporting requirements the Code of Federal Regulations Title 34, Part 668, Subpart K Cash Management (CFR 34.668.161-167).