Important Note: Any withdrawals or late starting classes may delay refunds. See specific refund dates. Refunds will be deposited to your selected refund preference with BankMobile. Refunds cannot be released to students until financial aid funds are received by the college. However, there is another option for financial aid refunds—returning it. For students who are aiming to spend responsibly and thinking about the long term, returning a refund check for FAFSA is always an option.
Students should consider that retuning the refund check is similar to paying off that amount of the loan almost immediately. Spending a loan refund can include:. It is important to remember, however, that despite how a student chooses to spend his or her refund check for FAFSA, the money will always need to be repaid in the end, with accrued interest. FAFS Application is privately owned and is neither operated by, nor affiliated with, any government agency.
Federal Student Aid Refunds When students receive a federal loan, a FAFSA refund check may be issued if the entire loan extends more than the cost of tuition and other necessary expenditures. When a student receives a financial aid refund check, it will be after the financial aid covers: Tuition.
Related Article: Receiving Your Federal Student Aid A student who receives the financial aid reimbursement will often be able to choose whether the leftover money is received through check, cash, direct deposit to his or her bank account or otherwise. Common Mistakes Made With Financial Aid Reimbursement One of the biggest issues that can arise from a FAFSA refund check is that it is provided to a student who has limited knowledge of how to budget and spend money responsibly.
Spending a loan refund can include: Paying for books and campus meal plans. Paying for transportation to and from school. Picking up additional classes. Buying extra research material for classes. If your scholarship funds do not cover your tuition, fees, and on-campus housing balance, you are responsible for paying the difference to Student Financial Services.
If your scholarship funds exceed the cost of your tuition, fees, and on-campus housing balance, Student Financial Services will issue a refund. There are several requirements you must meet for your aid to disburse. Make sure you do the following:. This process can take several hours because we have millions of dollars to disburse. In certain situations, your aid may have been canceled due to a change in your award eligibility. Any class schedule changes may affect your tuition, fees, and on-campus housing balance.
Monitor your MyUNT closely and take action to secure your classes. You can pay the difference in full out of pocket on MyUNT. If you are unable to pay the full amount owed, you can enroll in an installment plan option by reviewing your holds through MyUNT. Pell Grants automatically disburse for students one business day after full-time enrollment is met.
If you just registered for classes, give it a little more time for your award to disburse. If you drop below full-time before the 12th class date, your Pell Grant will be prorated to match your new enrollment. If you will not be enrolled full-time, your award has to be manually reviewed and disbursed and this process can take up to two weeks.
Pell Grants will be reviewed after the 12th class day to confirm attendance. If your professor s indicate that you have not attended class es , your Pell Grant will be prorated to match the number of classes that you have been attending. The COA is the maximum financial aid available to assist you with educational expenses each term.
Actual costs will vary depending on the number of actual credit hours taken, degree plan, residency, room and board choices, and personal expenses. See College Costs for a more detailed outline and explanation of costs.
You can monitor your refund status on MyUNT. If you did not receive a refund, cannot afford to purchase your books out of pocket at this time, or have not completed the financial aid process, you can contact Student Money Management Center to discuss the resources available to help pay for books.
0コメント