Students may find that they have a negative balance, or credit, on their account due to an excess of funds from financial aid or other form of payment to the account. These credits can be refunded back through direct deposit or by check. Checks may be requested to be picked up at the Student Accounts office, or mailed to the address indicated on the refund request form. Direct deposit must first be set up on Touchnet at https://www.mville.edu/myaccount. Please be advised: If a student requests to receive their refund by check and there is direct deposit set up on the account, the refund will be processed as a direct deposit. Direct deposit information must be removed from Touchnet if the student would like to proceed with receiving a refund check. **Please note: Due to COVID-19, refunds cannot be processed for pick-up or sent via mail at this time. Please set up your direct deposit information on Touchnet.**
Excess funds from Parent PLUS Loans will be refunded back to the borrower if they have indicated to directly receive a refund of any credit resulting from the PLUS Loan. If the borrower elects instead for the student to receive the refund, the refund will be processed to the student. Borrowers may also authorize this by signing the bottom of the refund request form.
Please note that if a credit is caused by an excess of financial aid, refunds cannot be issued until the aid is disbursed to the student's account. Please allow 7-10 business days for the refund to be processed and to receive the credit by check or direct deposit.
In previous years, your 1098-T included a figure in Box 2 that represented the Qualified Tuition and Related Expenses (QTRE) that was 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 (QTRE) you paid during the year.
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
Should you have questions, please contact an informed tax preparer or adviser.