Electronic Fund Delivery (EFT)

Electronic Fund Transfer (EFT) continues to be the most popular choice among students for delivery of their loan funds.

Stafford Loan funds will be delivered in this manner if the student's lender is set up with electronic delivery at RU.  Students who filed a paper application for a Lender that has not agreed to deliver funds electronically to RU will receive a check.  Students that have their money delivered by EFT and want excess funds (money not owed to the university) deposited directly into their checking or savings account (RU Direct)  must supply a voided personal check and an authorization form.  These forms are done once. If the student wants to change the bank account to which the funds are delivered, he/she must complete a new authorization and attach a voided check.

The Electronic Fund Transfer (EFT) process also  includes PLUS (Parent) Loans.

With parent borrower approval, any surplus loan funds can be automatically deposited into the student's personal checking or savings account. The Student Accounts Office will forward an authorization letter to the parent borrower at the appropriate time. Parents who do not select EFT will receive a co-payable paper check mailed to the university. The Student Accounts Office will mail the PLUS Loan check to the borrower for endorsement. At this time, RU will not be able to provide the added step of RUDirect for parents. A refund check will be provided to parents when there is excess money on the student's account after a PLUS disbursement has been delivered.

When the Student Accounts Office receives the Stafford or PLUS Loan money, an email will be sent to the student indicating that the funds have been received. Any money owed to Radford University will be automatically deducted from the loan amount before the excess money is deposited in the student's personal account.