This varies not only from person to person, but school to school. I attend DeVry University online, once I have a credit balance (meaning they owe me money in excess of what was paid for tuition etc) in my account they legally have 14 "business" days to send out the refund. Note business days are Monday-Friday, so this is nearly 3 weeks.
Most of the time I have noticed that they generally try to get it out sooner and the longest I've had to wait for a refund was about 7 days. But as I stated, they legally have 14 "business days" in which to refund any money due to you.
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