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HOW AND WHEN FINANCIAL AID WILL BE DISBURSED

Once a student has met all criteria for obtaining the federal funds, the following steps are taken by the institution:

Student aid funds, Federal, State, and other if applicable are generally received by the institution via electronic funds transfer (EFT). Grant and loan funds are posted to the student recipient’s tuition and fees account (Student Ledger Card). Grant and loan funds received are first used to pay the student’s outstanding tuition, book and fees charges. If a credit balance is created by the receipt of federal grant and loan funds, the credit balance will be disbursed to the student within fourteen days of the creation of the credit balance unless the student has authorized the institution to hold the credit balance to pay future charges to the institution during the award period and/or the student has authorized the institution to return the credit balance to his/her lender to reduce the student’s loan debt.

The institution requests financial aid funds from Federal, State and Agency sources; however, the funding entity controls the actual date of disbursements. The institution; however, can provide estimated disbursement dates to financial aid recipients. For first time recipients of Federal grant awards, the first disbursement is generally received and posted to the student’s ledger card within the first two weeks of the student’s first term. For second and subsequent Federal Grant and loan disbursements, funds are generally requested and received in the first week of each new Quarter, Semester or Term. For loan disbursements, for first time students and borrowers, the first disbursement is generally scheduled for the week after the student completes the first 31 calendar days in the program. Federal Financial Aid is not disbursed and posted to your account any sooner than 10 days prior to the start of each term/semester or quarter for which the disbursement is intended.

Please review your catalog and addenda for additional and more specific information relevant to the financial aid process at our institution. If you should have any questions, please consult your Financial Services Officer.