NEW! Direct Deposit of Financial Aid Refunds
Many students will receive their semester refund (see your award letter) on this schedule:
Beginning fall 2013 all financial aid refunds will be direct deposited to the bank account you specify. The instructions for providing your bank account for Direct Deposit will be posted here by May 1.
“Scheduled” Dates and Amounts (Not Guaranteed)
1/3 of indicated semester refund: first Friday of the second block you attend
1/3 of the indicated semester refund: first Friday of the third block you attend
1/3 of the indicated semester refund: first Friday of the fourth block you attend
The above “schedule” of dates and amounts is for your general planning purpose and is not guaranteed, or technically accurate. The following circumstances will alter the above schedule:
1) All your financial aid requirements must be met before you receive any refund
2) Your first refund takes place after attending one block plus starting a second block
3) If you drop a block, your next scheduled refund will be postponed a block
4) Any change in your charges or aid, after registration, during a semester, alters the refund
Your first refund is calculated to be 1/3 of the semester refund (as indicated on your award letter as of that refund date). Except in the case where the total federal aid for the semester (excluding Federal Work Study) is greater than the charges for that semester (federal aid credit balance). The first refund amount is the “federal aid credit balance” or 1/3 of your indicated semester refund, whichever is greater.
Your second refund is half of the remaining Student Accounts credit balance, as of the applicable scheduled refund date. Your final semester refund is the remaining Student Accounts credit balance.
The process to prepare a refund involves many offices and complex processes, and therefore can never be guaranteed. It is important to notify Student Accounts on the scheduled date, if you do not receive your refund, so that we may rectify the processing gap.
Dropped or Skipped Blocks Delay the Scheduled Date until the Following Block
The first refund is scheduled to be the first Friday of the second block attended, with the condition that the first two blocks attended must total at least six credits. Additional refunds are scheduled on the first Friday of the next block attended, where each block is at least four credits (when a four credit block is offered in two segments, two credits each, attendance must be all four credits to avoid a scheduled date delay). In the case of a student attending only three blocks, the two refunds are each ½ of the indicated semester refund. If a student attends only two blocks in a semester, the entire refund is scheduled for the first Friday of the second block.
Petition for Exception
Students who fall outside the above schedules, or who want to petition for an exemption or a different schedule, may file a Finance Review Board petition at the Enrollment Center. Please allow one week for the review of the petition.
Federal Aid Credit Balances
A Federal Student Aid credit balance has a specific definition by the US Department of Education: University charges minus federal student aid, excluding Federal Work Study. We don’t hold federal aid beyond the first refund. The second and third refund amounts contain only institutional funds, by this federal definition. Scheduling multiple refunds helps students to avoid receiving funds for which they may become ineligible if dropping future blocks.