Step #5: Receiving Your Financial Aid

• Before Receiving Your Funds
• Financial aid will not disburse* until the following occurs:
  
  1. All “To Do List” items in MyEnsign are complete.
  
  For loans you must complete:
  

  • Entrance Counseling
  • Master Promissory Note

  
  2. You have accepted your financial aid offer.
  

  • Loans only–-the Pell Grant does not need to be accepted.

  
  3. You meet Satisfactory Academic Progress requirements.
  
  4. You are enrolled in classes (6 credit minimum to receive loans).
  
  5. Disbursements have begun for the semester.
  
  
  *A disbursement is when your financial aid funds are released into your student account to pay tuition and possibly other charges.
  
• When Are Disbursements?
• Disbursements for the semester usually start two to three business days before the first day of the semester and continue weekly during the semester.
  
  
  
  
  
  
• Refunds
• • Students with excess funds after their federal aid has been disbursed will be issued a refund.
  • Students receive either a physical check or direct deposit. Physical checks are the default option unless the student signs up for direct deposit prior to disbursement.
  • Physical checks typically take 5 business days after disbursement to be ready for pickup. The cashier’s office will email when the check is available and will also offer to mail the check.
  • Direct deposit is typically ready 3 business days after disbursement. Students must sign up for direct deposit prior to the disbursement, or the refund will default to the physical check. To sign up, please contact the Cashier’s office on how to do so.
• Pell Grant Recalculation
• • Pell grant is awarded based on the credits you enroll in for the semester.
  • If your enrollment changes your pell will be adjusted.
  • Adjustments take place up until the Financial Aid Determination (FAD) date.
  • To view the FAD date, see the Calendar .

  
  
  
• Pell Recalculation Example
• Pell Grant is calculated based on the SAI (a number calculated on your FAFSA) and number of enrolled credits. Pell adjusts depending on the number of credits a student is enrolled in. If you are enrolled in 12 or more credits, you will receive the same amount of Pell Grant. Enrolling in less than 12 credits means you will receive a different amount depending on how many credits you are enrolled in.
  
  For example, if you are originally enrolled in 15 credits and drop a 3-credit class and stay enrolled in 12 credits, the amount of Pell Grant you receive would be the same. If you were enrolled in 15 credits and dropped two 3-credit classes and stayed enrolled in 9 credits, the amount you receive would decrease.