Receiving Your Money: How Financial Aid Is Disbursed
Financial aid and scholarships are disbursed once a week throughout each semester, after the primary disbursements in August and January. The primary. or first possible disbursement of federal and state aid and scholarships each semester, is the Thursday prior to the first day of classes, which is five days before the beginning of each semester.
- Fall 2015: First possible disbursement date is August 20
- Spring 2016: First possible disbursement date is January 21
Disbursement, or payment of aid, is contingent on your financial aid file status and your enrollment. If your file is not complete in time for the first possible disbursement date, we will disburse your award after a minimum of one week after all of your financial aid holds are cleared, all of your financial aid To Do List items are completed, you have registered for courses, and we have completed the review of your application information.
Recipients of financial aid and scholarships will receive funds on the first disbursement day of each semester only if :
- You have signed and returned all requested documents promptly.
- Your file has been reviewed and finalized.
- Your loan has been certified (and if you are borrowing for the first time, you have completed your Master Promissory Note (MPN) and completed Loan Entrance Counseling ).
- You are enrolled in at least half-time units.
- There are funds left over after your registration charges and other costs are paid.
Your initial financial aid offer is an estimate based on full-time enrollment. The amount of funds disbursed to you will be adjusted based on actual number of enrolled units.
If units are added after your initial disbursement, you may have an additional disbursement of financial aid. If units are dropped after your disbursement, you may have a decrease of financial aid resulting in a repay due back to the school. Access your Student Center to review carefully your financial aid offer. Also view University Census. when awards are adjusted for enrollment.
Note to Borrowers of Alternative/Private loans: Because of processing needs, the first possible payment of an alternative loan will be the Thursday of the second week of classes each semester.
- Fall 2015: First possible disbursement date for a private alternative loan is September 3
- Spring 2016: First possible disbursement date for a private alternative loan is February 4
Receiving Your Money
The university's preferred method for disbursing funds is via electronic transfer, known as EFT (Electronic Funds Transfer). Registration fees, housing charges, and other financial obligations you owe the University are deducted from your award and any remaining amount is deposited directly into your checking account. You can enroll in Direct Deposit in your Student Center by clicking on the "Enroll in Direct Deposit" under the Finances section.
If you have not signed up for EFT, a check will be prepared for any funds remaining after all charges are paid. This option may delay receipt of your check for up to one week from the disbursement date. Your check will be mailed to your Mailing/Local Address, as it appears in your Student Center. If you choose this option, it is your responsibility to keep your addresses up to date. You may check your current addresses on file in your Student Center.Source: www.csuchico.edu
Category: Personal Finance