E-refund means the refund of the amount done electronically.
E-refund is the method of repayment of financial help using electronic means. Or in simple terms, it is the process of getting financial aid deposited in your account electronically.
Students who are seeking financial aid have to enroll in the E-refund process. Once the E-refund process is completed, the institution can directly transfer the funds to the student’s bank account.
Before an electronic refund, the reimbursement process requires ten days to get deposited in the bank account.
To take advantage of this refund process, you have to enroll for the same. When eRefund is processed and settled in your bank account, you will receive an email notification.
There are various benefits if you opt for an Electronic refund. Technology has changed the face of education and this is one-way in which it has revolutionized the world.
Electronic refund is a very convenient process. You do not have to go to the bank to deposit the cheque.
The E-refund process eliminates the chances of a cheque being lost or stolen. In the traditional refund process, address mismatch problems happen that are removed in the electronic refund process.
You have the liberty to choose the bank account for the electronic refund process. You need to update the Erefund account if there is any change in bank details.