How to Request the Issue of a Credit Balance

General Credit Balance/Issue of Overpayment Policy

  • Credit balance must be available for issue
    • Available for issue is defined as semester enrollment is confirmed (add/drop period has ended) and no payment is in an "estimated" status

  • "Estimated" funds are not available for issue to your direct deposit preference
    • "Estimated" funds may be advanced for books/supplies by requesting SHU Dollars to your Sacred Heart University ID Card

  • Requests must be made online (student login required)

  • Allow up to 21 days for the issue of your requested credit balance

Federal Aid Credit Balance Process

Applicable Funds: Direct Loans, TEACH Grant, PELL Grant, Supplemental Education Opportunity Grant (SEOG) or Parent/Graduate PLUS Loans

  • When Sacred Heart University is in receipt of your federal loan (Direct Stafford, Parent/Grad PLUS and/or TEACH) disbursement(s), you will be notified via University email.
    • All Federal funding will appear in an "estimated" status prior to being processed for disbursement, per Student Financial Assistance disbursement policies and confirmation of award eligibility
    • "Estimated" funds are not available for issue; they may be advanced for books/supplies by requesting SHU Dollars to your Sacred Heart University ID Card
  • If the federal loan disbursement(s) create a credit balance, the overpayment will be automatically processed to your direct deposit preference within fourteen (14) days of credit balance creation.
  • Parent PLUS loan recipients: 
    • The Parent PLUS loan disbursement must exceed the cost of the semester for which the loan has disbursed to pay for the resulting credit balance to be issued to the parent borrower automatically. 
    • When the Parent PLUS loan is less than the cost of the semester, the resulting credit balance is not as a result of the PLUS loan itself.  The federal credit balance is automatically released to the student's direct deposit preference.
      • The direct deposit preference is set-up online by the student with BankMobile.  The student may change the destination of credit balances (overpayment delivery preference) as necessary. 
  • Loans

Credit Balance Delivery via Direct Deposit Preference

Sacred Heart University issues all student credit balance/overpayments through electronic funds transfer (EFT). The University has partnered with ‌BankMobile, a financial services company to bring this method of credit balance delivery. This service provides higher education institutions and their students with efficient, convenient and easy-to-use solutions to handle financial disbursements.

The program provides SHU students with increased choices when it comes to receiving their financial aid or school credit balance/overpayment. For more information, visit the BankMobile website.

Bank Mobile Customer Care phone number is (877) 327-9515 or contact Student Accounts at SAO@sacredheart.edu, (203) 371-7925 or West Campus, West Building, 1st Floor, W-193.

View our contract with the servicer

Request Issue of Credit Balance

  • Required: Confirm your account has an available credit balance to issue to you. Log on to your online account activity to review.
    • Funds with an "estimated" notation are not available for issue.
    • If the add/drop period of the semester has not ended, funds are not available for issue.
  • Only students may request release of credit balances by completing the request form below
  • Login requirements are: your Sacred Heart University login credentials (same as access to SHU email, SPA, or MySHU)
  • Allow up to twenty-one (21) days for processing to your direct deposit preference

Request Credit Balance