Disbursement Process Loans are disbursed in equal installments after all requested documentation is received. If the loan covers two semesters, two equal amounts will be disbursed. If the loan covers three semesters, three equal amounts will be disbursed. Credit Balances If you have a credit balance from your financial aid, you will receive a refund check within 14 days from the date funds are posted to your student account. You may choose to have the excess funds deposited directly to your own bank account or to have the funds mailed to you as a check. You have the right to cancel all or part of a loan disbursement. If you wish to do so, please notify us in writing within 14 days of your loan disbursement. Once financial aid loans disburse into your student account, you will have a loan balance with your lender even if you do not cash the check. If you want to apply the refund to your loan balance, please return the check along with a written request to Enrollment Services. Please Note: All loan funds must be disbursed on or before the last date of attendance for the loan period or your loan proceeds will be returned to your lender, the federal government. Loan funds cannot be disbursed when you are not enrolled (i.e., between semesters). Direct Deposit To take advantage of the Direct Deposit option, log into WebAdvisor and sign up. Click on the Student's menu. Under Student Accounts select Direct Deposit and enter your banking information. Your loan disbursements may be delayed by the following situations: All required documents have not been submitted to Enrollment Services. You have not completed your online Entrance Counseling as a first-time borrower. You have not completed your Master Promissory Note. You are a graduate student taking undergraduate courses required for your degree, in which case your funds are posted after the add/drop for six hours of undergraduate courses. You are taking classes at another institution through an approved consortium agreement. Loans are paid after enrollment has been verified and the add/drop has passed at the other institution. For more information about your aid awards, please view our Forms and Publications and review the Financial Aid Handbook for your School. Nontraditional Programs Nontraditional Programs College of Business and Economics- Module Based College of Computer & Information Sciences- Module Based College of Contemporary Liberal Studies Module Based=Five week, eight week and variable term courses Disbursement Financial aid funds are posted to your student account after all the following conditions are met. Please refer to the chart below for the disbursement dates. The two conditions for disbursement are: 1. You are enrolled at least half time. For undergraduates, this means you are attending at least six credit hours. For graduates, this means you are attending at least three graduate credit hours or six undergraduate hours that are required prerequisites for your degree (documentation from your academic advisor may be required). All courses must apply to your degree program. Repeated courses, if previously passed, can be counted one time only. Repeated courses, if failed, can be included. 2. Your classes have actually begun and the add/drop period has passed. Credit Balances Your Federal Direct Loans are disbursed into your student account based on when you actually reach half-time enrollment during the semester. Your enrollment cannot be confirmed until after the add/drop week of each course. For nontraditional students, grant funds (i.e. Pell grant and COF) are posted after the add/drop period for the five week, three session, the LAST add/drop period of the semester. Funds are available approximately 14 days from this date. Fall 2016 If you are half time as of: * The add/drop date is: Estimated date funds will be available: 5 Week 1 1/24/17 2/8/17 8 Week 1 1/24/17 2/8/17 5 Week 2 2/27/17 3/14/17 8 Week 2 3/20/17 4/4/17 5 Week 3 4/3/17 4/18/17 Semester 1/24/17 2/8/17 * Undergraduate - 6 hours; Graduate - 3 graduate hours or 6 required undergraduate hours.