Payment of Awards:
You will receive your financial aid funds either by the Sallie Mae Debit Mastercard, Direct Deposit, or by check, with the exception of the Board of Governors Fee Waiver (BOGW). Funds are processed weekly; therefore, it is critical that both the Financial Aid Office and the Admissions/Records Office be notified of any address changes. The disbursement dates may very depending on the date that your application was completed and the types of aid awarded. Disbursement information will be provided on your financial aid award letter.
Hours worked through the Federal Work-Study (FWS) program are to be claimed through the 25th of each month. Paychecks are available on the 10th of the following month.
Scholarship funds are cleared for disbursement in the Financial Aid Office at the beginning of each semester once enrollment has been verified. Upon clearance, scholarship funds will be processed through the debit card, direct deposit, or by check.
Return to Title IV (federal aid)
If you receive federal financial aid (Title IV funds) and withdraw from all your classes before the 60% period in the semester (November 3 for Fall and April 12 for Spring), you will owe money back to the federal financial aid program. If you owe a repayment and fail to repay, you will be ineligible to receive future financial aid at any college.
NOTE: If you withdraw after you have earned 60% of your grant, you will not owe any repayment. Students who do not complete any courses (F's, W's, I's, NC's) may owe a grant repayment.
The Financial Aid Office will calculate the amount you are required to return to the federal aid programs. Federal grants include the Federal Pell Grant and the Federal SEOG.
If you received Federal Stafford Loan funds and withdraw, you will repay your portion according to the normal rules of the loan program. If you received FWS funds, you will not owe these funds.
Please seek help if you plan to withdraw. Immediately see a counselor and discuss your reasons for leaving. You may be able to stay enrolled in one course. There may be services like tutoring or counseling that will help you stay enrolled. Discuss options with your instructors. And as always, the Financial Aid staff is here to assist you.