Where's the Money? Because some students use a portion of their financial aid award to cover living expenses, you may find yourself anxiously wondering when you will receive your financial aid funds. Unfortunately, applying for and receiving federal student aid is not an overnight process. To ensure your financial aid funds are available as early as possible: - Make note of when you must take action;
- Submit all required information on-time; and
- Promptly respond to all requests for additional information.
Note, too, that federal rules place restrictions on schools with respect to when loan funds may be issued. Review the timeline carefully and plan your finances accordingly to ensure you are not caught short.
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Releasing Financial Aid Funds |
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The total amount of your student loans will be prorated for each term of your academic year. This allows your loan funds to cover your expenses for the entire year, and prevents you from being responsible for interest on the loan proceeds earlier than the point when your quarterly tuition is due. Loan proceeds will be processed at the beginning of each quarter (or later, depending on when funds are received from your lender). Loan funds are first used to pay for any outstanding tuition, fees, and, if applicable, pre-ordered textbooks for the quarter. After these amounts are fully paid, any credit balance will be available to you. You will receive any excess funds through a check from the business services office, approximately 3 days after all of the other payment transactions are completed. Work-study funds are paid to you after you earn them, on a bi-monthly basis. |
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