Direct Deposit

Direct deposit is the preferred method for receiving your student refund. When you sign up for direct deposit, Drexel will deposit your student refund into the checking or savings account of your choice. The checking and savings account must be a (U.S.) bank account. If you do not have a (U.S.) bank account, you will need to establish one before you can enroll in direct deposit.

The benefits of using direct deposit include:

• Quick – You will have access to funds sooner. No more waiting for the mail!
• Secure – Direct deposit is added protection against theft or time delays from the mail.
• Convenient – Drexel University will deposit your refund directly into your bank account, and then send notification of the deposit to you via email so you know when the money has been disbursed.
• Confidential – We maintain the strictest confidentiality regarding your bank account. We will access your account only to deposit money or correct erroneous deposits.

To enroll in direct deposit, please have your University ID number and bank account information ready and follow these instructions:

• Log in to DrexelOne.
• Navigate to the Billing+Financial Aid tab.
• Select the "eRefunds" link in the Manage Online Billing section of the Billing channel.
• Select "Set Up Account." 
• Fill out the bank account information.
• Select "Continue."
• Review the Terms and Conditions.
• Select "I Agree."
• Select "Continue."

Once this has been completed, you will see a confirmation page indicating that your direct deposit account has been successfully set up. An email will also be sent to your Drexel email account.

Refunds for Parent PLUS Loans

Parents who apply for a Direct Parent PLUS Loan have the option to authorize their student to directly receive any refund from the loan. Parents who do not select this option will receive refunds from the Parent PLUS loan and can sign-up for direct deposit, separate from their student.

Refunds to parents from PLUS Loans will be issued as mailed paper checks, unless the parent signs up for direct deposit. To set-up direct deposit for a Parent PLUS Loan refund, the student must first establish their parent as an authorized user. Once this is complete, the parent should take the following steps:

Step 1 – Establishing an eRefund Account

• Log in to Drexel's eBill website.
• Select "Payment Profile" under "My Payment Setup".
• Select "Electronic Check (checking/savings)" from the "Method" drop down.
• Enter the required information pertaining to the account in the fields provided.
• Save the payment method (i.e., "My Checking" or "Mom's Checking").
• You will then need to select "Send Code" which will send a verification code to the phone you indicated for the Two-Step Verification process (if you need to update your phone number, you can do so in the "Security Settings" under "My Profile Setup").
• Enter the verification code and select "Verify".
• Once verified, check the box to set the account up for eRefunds.
• Select "Continue".
• Select "I Agree" and continue once you have completed reading the ACH Payment Agreement.
• You will receive an email confirming that you have signed up for eRefund. If you do not receive an email, please log back in to verify you have completed all the necessary steps.

It is important to remember that a bank account established for direct deposit of a Parent PLUS Loan refund is separate from a bank account established by a student for direct deposit.

Step 2 – Align Your Personal Information with Parent PLUS Loan Application

• Log in to Drexel's eBill website.
• In "My Profile Setup" select "Personal Profile".
• Enter your full name as it appears on your Parent PLUS Loan Application.
• You can edit this information if your student or yourself initially entered something differently (i.e., nickname) by selecting "Edit" next to the name fields.
• Enter in your date of birth and last four digits of your Social Security Number.
• This information must match your Parent PLUS Loan Application.