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Refunds from CMU

Refunds may be issued from Central Michigan University for a variety of reasons: disbursement of financial aid, dropped courses, bookstore returns, etc. 

All student refunds are issued electronically by BankMobile, CMU's refund payment service provider.

A schedule of refund payment dates and information about Parent PLUS refunds are available below.

Upcoming refund dates

Parent Plus Refunds Processed TuesdayRegular Refunds Processed Wednesday
09/03/202409/04/2024
09/10/202409/11/2024
09/17/202409/18/2024
09/24/202409/25/2024
10/01/202410/02/2024
10/08/202410/09/2024
10/15/202410/16/2024
10/22/202410/23/2024
10/29/202410/30/2024
11/05/202411/06/2024
11/12/202411/13/2024
11/19/202411/20/2024
11/26/202411/27/2024 - No regular refunds
12/03/202412/04/2024
12/10/202412/11/2024
12/17/202412/18/2024

 

Non-student/business refunds

Non student and business account refunds will be issued once monthly on the second Monday of the month.

Refund assistance

Student refunds

To select a refund preference, log in to CentralLink and follow the prompts from the Student Refund app.

To provide flexible options for student account refunds, Central Michigan University has partnered with BankMobile.

If you are unable to access your online account or have questions about your refund method, contact BankMobile customer care at (877) 327-9515 or request support online.

Note: Refund account changes made on refund payment dates may not take effect before refunds are processed. To confirm the account your refund has been sent to, please sign in to your BankMobile profile.

To view our institution's contract with BankMobile, a division of Customers Bank, please visit BankMobile's site.

Below is information provided by PNC Bank complying with provisions under 34 CFR 668.164(e)(2)(vii), (e)(2)(vii), (e)(3), (f)(4)(iv), (f)(4)(v), and (f)(5) from the Department of Education:

  1. Total consideration paid in the period July 1, 2023, through June 30, 2024: $115,888
  2. Total number of customers holding student financial accounts which originated under the contract from July 1, 2022 to June 30, 2024: 2,116
  3. Mean student costs in the year ended June 30, 2024: $7.99
  4. Median student costs in the year ended June 30, 2024: $0.00

Due diligence for PNC Bank

The fees and rates charged by PNC are fair and reasonable to what others in the market charge. CMU referenced the student fee schedule from PNC and compared the rates to the metrics provided by the Consumer Financial Protection Bureau for the top 20 banks.

Overdraft Fees:

  • While PNC is on the highest end of the range ($0-37, PNC charges $36) over half of the banks charge within 1% of PNC’s rate. Of those banks that charge an NSF, PNC is one of two that has a daily limit of 1 charge. The banks that charge a lower NSF fee allow multiple charges per day which may exceed PNC’s $36 charge.
  • There is no charge for PNC customers to use PNC ATMs.
  • There is no monthly service charge on accounts.
Visit Bankmobile

Parent PLUS refunds

Federal Parent PLUS Loans are disbursed directly to students’ billing accounts. When applied in combination with student loans and other financial aid, Parent PLUS loans are the first to be disbursed.

Borrowers may elect to receive refunds of overpayments directly in certain cases. Any credit balance up to the amount of the student’s financial aid award is first refunded to the student. If a credit balance remains, that amount can be refunded to the Parent PLUS borrower(s).

Direct deposit

A letter will be mailed which contains an identification (business partner) number and verification code. Upon receipt, the borrower(s) should navigate to the linked website below.

Provide your business partner number, verification code and birthdate to log in then follow the prompts to set up your direct deposit account.

If you have questions about your direct deposit, call OneCentral at (989) 774-3618 or email us at onecentral@cmich.edu.
Parent Plus Direct Deposit Setup