I receive full financial aid. I received a refund via direct deposit to my banking account for the excess funds. Do I need to report said refund on my taxes?

[MichaelMc]

That will depend on the type(s) of financial aid you received. 

Pell grants and GI Bill educational benefits are tax free, although they do reduce the amount of tuition and fees that might otherwise be qualifying expenses for the  American Opportunity Tax Credit or the Lifetime Learning Credit.

Refunds of excess student loan disbursements, intended to cover room and board or other living expenses, are not taxable income, since they are borrowed funds.

However, if your financial aid award includes scholarships and grants, shown in Box 5 of Form 1098-T, and these awards exceed your qualifying tuition and fees, the excess may be taxable income. For more information about taxable scholarships, please read this TurboTax FAQ Why Is My Scholarship Taxable?