Financial Aid Disbursement Policy

Financial Aid Disbursement Policy Update

Effective Fall 2015, financial aid will disburse (pay) based on the student’s hours

·        On the financial aid freeze date, and For each part of term enrollment.

This change has been implemented to remain in compliance with federal regulations regarding financial aid disbursements and refunds.  In addition to the regulatory requirements, this change has been implemented to reduce the amount of funds that must be reversed due to schedule adjustments that occur during the No-Show reporting period for Part of Term 3 (2nd Half).

With this update, the following aid type is effected:

·        Grant aid will prorate and disburse based on the hours of enrollment for each part of term.

·        Loans will not prorate based on the hours of enrollment for the part of term.  Loans will only disburse in full when a student has begun 6 credit hours of enrollment.

Courses will not be dropped for non-payment as the student’s account will reflect pending financial aid disbursements

Please review the scenario example chart and descriptions below.

Examples

Scenario 1

Scenario 2

Scenario 3

Scenario 4

Enrollment

Classes starting on August 17th

4 credit hours

6 credit hours

0 credit hours

10 credit hours

Classes starting on October 12th

6 credit hours

4 credit hours

10 credit hours

0 credit hours

Freeze Hours

10 credit hours

10 credit hours

10 credit hours

10 credit hours

Aid Awarded

Pell Awarded

$2165.00

$2165.00

$2165.00

$2165.00

Loans Awarded

$4460.00

$4460.00

$4460.00

$4460.00

Charges

Tuition, fees and book allowance

$1861.87

$1861.87

$1861.87

$1861.87

Disbursement and Refunds

Disbursement on September 2nd

$722.00 (Pell)

$1443.00 (Pell)

$4460.00 (Loans)

$0.00

$2165.00 (Pell)

$4460.00 (Loans)

Refund on September 2nd

$0.00

$4041.13

$0.00

$4763.13

Disbursement on October 27th  

$1443.00 (Pell)

$4460.00 (Loans)

$722.00 (Pell)

$2165.00 (Pell)

$4460.00 (Loans)

$0.00

Refund on October 27th   

$4763.13

$722.00

$4763.13

$0.00

Scenario 1: The student is enrolled in 10 credit hours; 4 credit hours begin on August 17th and 6 credit hours begin on October 12th.  The grant aid will pay for 4 credit hours on September 2nd in the amount of $722.00, and on October 27th it will pay for 6 credit hours in the amount of $1443.00.  Loans will not disburse until October 27th because the enrollment is below 6 credit hours prior to part of term 3 class start date of October 12th.

Scenario 2: The student is enrolled in 10 credit hours; 6 credit hours begin on August 17th and 4 credit hours begin on October 12th.  The grant aid will pay for 6 credit hours on September 2nd in the amount of $1443.00, and on October 27th it will pay for 4 credit hours in the amount of $722.00.  Loans will disburse on September 2nd because the enrollment is at least 6 credit hours when classes began on August 17th.

Scenario 3: The student is enrolled in 10 credit hours; 0 credit hours begin on August 17th and 10 credit hours begin on October 12th.   Grant aid and loans will disburse on October 27th as all 10 credit hours class start date is October 12th.

Scenario 4: The student is enrolled in 10 credit hours; 10 credit hours begin on August 17th and 0 credit hours begin on October 12.  Grant aid and loans will disburse on September 2nd as all 10 credit hours class start date is August 17th.