Disbursement of Funds
Prior to the disbursement of any funds by the OSFA, you must accept or decline your awards in MyRED. Financial aid is awarded based on expected full-time enrollment status. Disbursements may be delayed and/or reduced if your enrollment status is less than full-time. All funds are issued in two disbursements, once in the fall semester and once in the spring semester. Students attending only one semester will have that semester's award disbursed at the beginning of the semester. Financial aid is applied to tuition and fee charges first and then toward housing and other institutional charges. If the aid is greater than the charges owed, you will receive a refund from the Office of Student Accounts within ten business days from the date the disbursement is credited.
Grants and Scholarships
Grants and scholarships awarded or administered through the University are credited to your consolidated billing account each week beginning approximately one week before the first day of classes. Scholarships awarded through outside agencies will generally also be credited to your account once you have endorsed any checks received by the Office of Scholarships and Financial Aid. Outside scholarship awards are divided equally between fall and spring semesters unless we are instructed otherwise by the donor.
Federal Work-Study Program (FWSP)
Biweekly paychecks are based on the hours you work. Your paycheck will be directly deposited to the bank of your choice.
Federal Perkins Loan
Federal Perkins Loan funds are credited each semester to your consolidated billing account generally one week before the first day of classes, provided you have returned a signed promissory note to the OSFA. The promissory note will be mailed to you after you have accepted the Federal Perkins Loan award in MyRED.
Federal Direct Loan
Federal Direct (including Subsidized and Unsubsidized) Loan(s) funds will be disbursed directly to your consolidated billing account generally one week before the first day of classes, if you have completed a Master Promissory Note or if you already have a Master Promissory Note on file and your loan has been certified. If you have not previously received a Federal Direct Loan or Federal SLS Loan while attending the University, you will be required to complete Entrance Loan Counseling before the first disbursement of your loan can be credited to your account. Undergraduate students who complete their degrees in less than a full academic year, e.g., graduate in December, will have their Federal Direct Loans prorated per federal regulations. Proration is based on one semester and the enrollment status for that semester.
Federal Direct PLUS Loan
Federal Direct PLUS Loan disbursements will be credited directly to your consolidated billing account after your eligibility has been certified and the parent borrower has completed a Federal Direct Parent Loan PLUS Application and Master Promissory Note. If a refund is due resulting from the PLUS Loan, information provided by the parent on the Direct PLUS Loan Request will determine if the refund will be distributed to the student or the parent. Please be advised that Federal Direct PLUS Loan funds are applied ahead of all other financial aid funds you may receive, regardless of when the PLUS Loan funds are applied.