Office of the Bursar

Direct Deposit of Excess Financial Aid Funds for Students

What is direct deposit?

• Instead of receiving a check for your excess financial aid, 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 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 U.S. 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 sign up for direct deposit at least one week prior to the anticipated refund.

How do I sign up?

• You can sign up for direct deposit online through your myOleMiss account.
• When prompted, enter your WebID and password.
• After you read the terms and conditions and check the acknowledgment box, enter your bank’s routing number and your checking account number. When finished, click the “Add Bank Information” box.
• Verify the information in the pop-up box, then press confirm.
• You will receive a message that your account information has been added. 

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 U.S. 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
P.O. Box 1848 
University, MS 38677

Students who withdraw prior to the first day of classes for the semester will receive a credit for 100 percent refund of tuition, fees (with the exception of the nonrefundable registration fee), housing, and any remaining balance on meal plans or Ole Miss Express.

Students who withdraw on or after the first day of classes must withdraw during the refund period in order to receive a refund (see withdrawal dates below). Students who withdraw from UM during the refund period, will receive a 100 percent refund of tuition less a processing fee of up to a $100.00.

Students who drop from full-time to part-time status during the refund period, will receive a 100 percent refund of tuition for the difference between full-time and part-time. During the Fall/Spring semesters, because 12 – 19 hours are assessed the same full-time rate, a refund is not applicable for drops within this range.

Please go to the Academic Calendar for the withdrawal periods for dropping a course for the purpose of avoiding grade liability.

• Students must officially withdraw from the University if they register for classes and then decide not to attend Ole Miss. A student is considered as registered once a class schedule is secured.
• It is the student’s responsibility to officially withdraw from the University. Failure to withdraw before the end of the 100% refund period will result in charges for tuition and fees being posted to the student’s account.
• Students who fail to withdraw will receive a grade of “F” on their official University transcript for the term of non-attendance.
• Students receiving financial aid who drop/withdraw from classes may be responsible for repayment of loans and other financial assistance that they may have received.
• Students withdrawing after the refund period, will receive a ten dollar charge for each drop/add.

Due to extenuating circumstances, students may petition for consideration of a tuition refund not provided for in the University’s Refund Policy. Petitions with complete details of the situation including supporting documentation should be sent to the Office of the Bursar within one year of the first day of class for the semester for which the appeal is being made. Appeals can be submitted through our online appeal portal.   If you do not have access to our online appeal portal, you can also submit a paper appeal form.

The IRS requires the University to issue Form 1098-T to each student by January 31. Forms are mailed to the student’s permanent address on file.
The 1098-T contains important income tax information that is also furnished to the Internal Revenue Service; however, there is no need to attach Form 1098-T to your tax return.
There is also no IRS requirement that you must claim the tuition and fees deduction or an education credit.

The form indicates the payments received by the University in calendar year 2023 that pay for qualified tuition and related expenses.
In general, qualified tuition and related expenses are tuition and fees required for enrollment or attendance at an eligible educational institution.
Qualified tuition and related expenses do not include: insurance, student health charges, room, or board.
This form also reports the amount of scholarships or grants that you have received during the 2023 tax year.

In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of qualified tuition and related expenses you paid during the year.

Institutions are not required to furnish a 1098-T to non-resident aliens; to individuals whose qualified tuition and related expenses are waived or paid with scholarships; to individuals enrolled only in noncredit courses; or to those individuals whose calculations net to zero.

You can view your current or prior 1098-T forms online at any time by logging into myOleMiss and clicking on Financials, then select 1098-T.
On the next screen, select the year you would like to view in the drop down menu.
If you do not have access to a myOleMiss account please contact the Office of the Bursar by calling 1-800-891-4596 or visit us on campus in 202 Martindale.

Please note: The University of Mississippi does not provide tax or legal advice. The decision as to whether you qualify for an education tax credit should be determined in consultation with your personal tax advisor or the Internal Revenue Service.

Did you know that you can opt to receive your 2023 1098-T online? Sign up now! *Forms will be available no later than Jan. 31, 2024.

Not only is opting to receive your 1098-T online a great way to participate in the sustainability of our resources, but it also makes your life so much easier! By opting to receive your 1098-T online, you are sure to have access to it wherever and whenever you get online!

Log into myOleMiss and select the Student tab, then Financials and finally 1098-T Electronic Delivery Opt-In or click here.  Make your selection and click ‘Submit’.  It’s that easy! Parents and related parties can click here to sign up.

Don’t feel like the online 1098-T is for you? That’s fine too!  Your paper 1098-T will be mailed.

Students who complete the online election will receive an email notification once the form has been produced and is available for printing.

For more information, please contact us at 1-800-891-4596 or bursar@olemiss.edu.

For additional information, please refer to: