What is disbursement
Financial aid disbursements vary depending on the type of aid awarded, amount of the aid, and the date the aid is awarded. Please note the following:
Once the FAFSA application and all requested documentation is submitted, an award notification indicating the award type and amount of Title IV funds (Pell and SEOG) will be issued to the student. Funds are disbursed to the student's account to pay for tuition and bookstore charges incurred.Pell Grants will be disbursed to students account during the 9th week of the semester. Any credit balances will be processed upon attendance verification in all enrolled courses. Any unused funds will be issued according to the option the student choose through Bear Direct .
Loan disbursements will be disbursed to the student's account once received electronically by the lender. Any outstanding tuition and bookstore charges will be deducted. Direct Loans will be disbursed to students account during the 9th week of the semester. Refund checks will be mailed upon attendance verification.Please Note: You MUST be enrolled for a minimum of six (6) credit hours to be eligible to receive loan funding.Loans are scheduled for
at least two disbursements, which vary by the loan period. The anticipated disbursement dates will be indicated on the Notice of Guarantee and Disclosure Statement received from the U.S. Department of Education. Any credit balances will be processed upon attendance verification in all enrolled courses. Any unused funds will be issued according to the option the student choose through Bear Direct .
Scholarship funds will be disbursed to students depending on the specific scholarship criteria. Any unused funds that are allowed to be disbursed to the student will be issued by check to the address on our system (contact the Registration Office to update your address).
Students who receive TIP (Tuition Incentive Program) funding will experience a delay in full refunds. Mott will process refunds once the State of Michigan completes their payment processing and sends TIP funds to the college. Students may notice a credit balance on their WebAdvisor account until their refund is processed.
Please Note: Refund checks expire 60 days from the date issued. Any unclaimed Financial Aid refunds will be returned to the federal government. Other unclaimed refunds will be sent to the State of Michigan.Source: www.mcc.edu