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