When students pay tuition to universities, they sometimes over-pay because of invoice errors or loan and grant delays. Universities refund the extra money by direct deposit or check and usually let students know about this via college debit memos.
College debit memos usually precede actual cash/debit disbursements by a period of 48 to 72 hours. Some universities, such as Iowa State University, use college debit memos only when checks are not being sent to students. In these cases students may need to contact their college/university before their funds are disbursed.
College debit memos are usually printed and sent to students by mail. In some cases, they will instead be sent by email or even faxed. Contents of college debit memos will vary from school to school. At the University of Alabama, Birmingham, they also include payment method with the actual amount and recipient's name.