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Refunds and Direct Deposit
The majority of student account refunds
are generated by financial aid credits.
However, credit balances may also result
from other overpayment transactions
such as tuition, fee, library and parking credits, security deposit refunds, and duplicate payments. Students are
sent an email to their university email account whenever
a refund is processed on their account. All refunds are processed electronically by direct deposit, so make sure to enroll in direct deposit early! Direct deposit is the electronic transfer of funds into a checking or savings account. It
is the quickest, safest, and most efficient way to receive a refund. We maintain strict confidentiality with all bank account information. Visit our website at paymybill. uillinois.edu and select Refunds for instructions on enrolling in direct deposit.
USFSCO (University Student Financial Services and Cashier Operations) is responsible for managing student account transactions and collecting payment
for the university. USFSCO is the
office to contact with questions about charges or credits on the student account or information about
making payments to the university for the student account balance. USFSCO also handles inquiries regarding refunds for student account credit balances.
162 Henry Administration Building 506 South Wright Street
Urbana, IL 61801
217-333-2180
Email: usfscohelp@uillinois.edu Website: paymybill.uillinois.edu
FINANCIAL WELLNESS RESOURCE CENTER
Financial Wellness For College Students
Kathy Sweedler, Consumer Economics Educator, University of Illinois Extension
Biology 101, Intro to Anthropology, Calculus: your student will be exploring many academic topics in the next four years. From 18 to 25 years old, students also are likely to make important choices about spending and borrowing money. As a parent, you can help your student learn the financial skills they need.
A good place to start is to help your student develop a spending plan. To begin, sit down with your student and make a list of all anticipated expenses. Include expenses that you plan to pay for as well as expenses your student will be responsible for. Do your best to estimate costs. You may find the University of Illinois at Urbana-Champaign Net Price Calculator (at osfa.illinois.edu/aid/NPC/NPC.asp) to be helpful.
Once you have a list of expenses, talk about who will pay what. This is a good time for students to understand all of the expenses related to independent living including car
and health insurance, car maintenance, clothing, food, and more. While you may still be paying some of these expenses, students need to be aware that these are expenses they will be paying in the not too distant future.
• Will your student be receiving financial aid?
• Does part of their financial aid package include work study?
• Do you expect your student to work part-time during college? If so, which expenses are expected to be paid for by financial aid or wages?
Now is the time to be clear about your expectations as well as to listen to your student’s ideas.The next step is to build a monthly spending plan (budget).
People have an easier time managing their spending when it is clear how much money is available to spend and what expenses are anticipated during a short time period such as one month. A monthly plan lets you and your student check if your plan is working before too many problems can occur.
The University of Illinois Extension Financial Wellness program offers several budgeting tools (such as an
Excel budget form) at web.extension.illinois.edu/ financialwellness/resources.cfm. Of course, to know
if the spending plan is working, your student will need to keep track of where their money goes. This is a great habit to develop and especially useful during times of
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union.illinois.edu/PFP O