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 Stafford (including Federal Unsubsidized Stafford) Loan
Federal Stafford (including Federal Unsubsidized Stafford) 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 Stafford, Federal Stafford 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 Stafford 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 Release of
Excess Funds form 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.
Related Links
