Financial Aid Disbursements
When can I expect my money?
That answer can be tricky and here’s why: Financial aid encompasses both federal and state programs which credit your account at different times.
Federal Aid Disbursements
These funds are disbursed to the college twice during each semester. The first disbursement occurs in the fifth week of classes and the second disbursement occurs in the ninth week of classes. Aid will only be credited to your account when all necessary requirements for these funds are completed and processed. Federal financial aid is not fully earned until a student has completed at least 60% of the term.
State Aid Disbursements
Disbursements of state aid occur after Higher Education Services Corporation has processed and approved the applicant. In addition, the college must verify class attendance and satisfactory academic progress — a process that begins after the third week of classes for each term. Once certified eligible, state funds are credited to your account.
When will I receive my refund?
After all charges are paid, any excess financial aid is refunded. Note: If a Parent PLUS Loan has been taken out by the parent, the refund will be mailed to the parent unless the parent indicated on the application that they wish to have any refunds mailed to the student. The student’s bill includes all charges incurred for the entire semester — tuition, fees, books, meal plans, housing, certificate of residency, accident insurance, and any other miscellaneous charges incurred.
Around the third week of classes, any approved state aid will be applied to the student’s account. This will rarely result in a refund as TAP, Part Time TAP, and APTS are applied to tuition and cannot exceed tuition. For an eligible student, the first half of the student’s federal aid is applied to the student’s account around the fifth week of classes. A refund will be mailed to the student’s permanent home address if half of their federal aid combined with any state aid results in a credit. The majority of students will not see a refund until the second half of their aid is credited to their account during the ninth week of classes for each semester.
To ask questions about disbursements or learn more, contact Student Accounts at (315) 574-4035.