Requirements for Disbursement
You must meet all Enrollment and Award Assumptions listed on the Financial Aid Notification in order to receive a disbursement of financial aid. You must be registered for the correct number of hours before the beginning of the semester in order for aid to be disbursed in time to ensure availability during the first week of class. If you are a first time borrower of student loans, then you must complete entrance counseling with the Financial Aid Officer before the loan money can be disbursed. In addition, when you first receive stafford loans as a medical student, you must complete a Master Promissory Note, supplying two personal references.
Timeframe for Disbursement
Once you have met all the requirements for disbursement, the Financial Aid Office will transfer your funds to the Cashier’s Office. This typically occurs before the first week of class. Funds due to you are usually available to you on the first day of class. If you do not meet the requirements until after the beginning of the semester, then the financial aid disbursement will be delayed.
How Refunds Are Determined
Once the financial aid funds have been credited to your account, the University Cashier will apply these to your bill. When the entire bill is paid, you will receive a refund of any aid due. Normally, financial aid awarded by the Financial Aid Office (i.e., Title IV and Title VII funds and School of Medicine scholarships) transfers automatically to your account; however, resources from beyond the office (i.e., private scholarships and/or loans) may not transfer as quickly. Be certain to check with the Financial Aid Office for all credits posted to the cashier’s bill.
Methods of Receiving Refunds
There are two methods to receive refunds. The first is to pick up an actual check in the Cashier’s Office. You will be required to show a picture I.D. in order to obtain your refund check in person. The second option is to have the refund directly deposited into a checking or savings account. If you choose this option, you avoid long lines at the Cashier’s Office. In order to have a refund directly deposited into a bank account, you must complete a Direct Deposit Consent form and return it to the Cashier’s Office.
Tuition Refund Policy on Cancellation and Withdrawal
If you cancel your classes, the Financial Aid Office refunds 100 percent of the prepaid tuition and fees to your lender or scholarship. CANCELLATION means that you have never attended class. No entry is made on your permanent record. To qualify for cancellation, the Registrar must verify non-attendance in class.
WITHDRAWAL means dropping of ALL classes once classes have begun. This results in a prorated refund to your lender or scholarship.