University of Illinois policy on student account overpayments is as follows:
Overpayments less than $5,000: Unless otherwise requested, USFSCO posts the full payment to the designated student’s account and holds the credit balance on the student account for 10-15 days then refunds the credit balance via direct deposit to the student’s designated bank account.
Overpayments of $5,000 or more:
Unless otherwise requested, USFSCO posts the full payment to the designated student’s account and holds the credit balance on the student account until the first day of the next semester.
To hold an overpayment on the student account longer than the first day of the next semester, USFSCO requires that written notification, designating the student’s name, University Identification Number (UIN), and semester(s) for which the payment is intended, be submitted with the overpayment to:
Mail: University Student Financial Services & Cashier Operations
Attn: Accounts Receivable Operations
162 Henry Administration Building, MC-367
506 South Wright Street
Urbana, IL 61801
Note: If the student receives Federal Financial Aid after USFSCO has posted the overpayment to the student’s account, USFSCO cannot guarantee the overpayment will be held. The overpayment may be refunded along with any Financial Aid refund the student receives, even if USFSCO has received written notification to hold the overpayment for future semester(s).
If the student graduates or leaves the University before the credit balance is exhausted, the credit balance will be refunded via direct deposit to the student's designated bank account or mailed by check to the student.