Disbursement of Financial Aid Policy
The Office of Financial Aid and Scholarships disburses aid to Student Accounts to apply to your bill. The first disbursement is the first day of class for each semester. If your financial aid is more than your bill, you will receive a refund in one – two weeks. Refunds will be issued from this disbursement. There may be an additional disbursement before the census date to eliminate finance charges for students, but no refunds will be issued from Student Accounts until after census. After census, financial aid is disbursed twice a week (except for holidays), generally on Mondays and Wednesdays.
In accordance with federal regulations, the Office of Financial Aid and Scholarships will recalculate federal, state, and institutional student aid awards based on the enrollment status as of the published Census Date (Count Day) by the Office of the Registrar, which is typically the end of the 10th day of class for both Fall and Spring terms. (The Census Date for Summer enrollment will vary based on the length of the course(s) taken. Refer to the Academic Calendar for those dates.) Generally, this policy typically coincides with the end of the drop/add period for each semester. All federal, state, and institutional aid will be based upon the Census Date enrollment status.
Grade class is also verified at this time to ensure federal loans were awareded at the correct level. An incorrect grade class level submitted on the FAFSA or failing to complete all fall courses to reach the next grade class may result in revision or reduction of federal loans awarded.
If you drop credits prior to the 10th day of class (the census date), you may be required to repay some or all of your aid that was disbursed to you if you do not, at that time, meet the enrollment requirements for the types of aid you have been awarded.
If you add credits after the 10th day of class (the census date), you may not be eligible to receive additional financial aid.
If you drop or add credits after the first day of class and there was aid applied to your Student Account in the first disbursement, any refund due may be delayed.