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What are the requirements for disbursement? |
A student must meet ALL Enrollment and Award Assumptions listed on the Financial Aid Notification in order to receive a disbursement of financial aid. The student must be registered for the correct number of hours before the beginning of the semester in order for aid to be disbursed in time to ensure refund availability during the first week of classes. Typically, if a student registers for the assumed credit load and has received a Financial Aid Notification before the semester begins, then a refund (if the student’s aid covers the bill entirely) will be available for the first day of classes. If a student is a first time borrower of student loans, then entrance counseling must be completed before the loan money can be disbursed.
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What is the timeframe for disbursement? |
Once a student has met all the requirements for disbursement, funds will feed to the Cashier’s Office. This typically occurs before the first week of classes. However, students are not given refunds until the first day of classes during each semester. If the requirements are met after the beginning of the semester, then the financial aid disbursement will be delayed, thereby affecting when the student can pick up a refund. It is very important to make sure all requirements are met before the semester begins.
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How are refunds determined? |
Once the financial aid funds have credited to the student’s account, the University Cashier will pay the student's bill. When the entire bill is paid, the student will receive a refund of any aid due. Normally, financial aid provided by the Office of Scholarships and Student Aid (i.e., Federal funds, UNC scholarships and grants) transfers automatically to the students' accounts; however, resources from beyond the Office (i.e., private scholarships and/or loans) may not transfer as quickly to the student’s accounts. Students should make sure to check Student Central for all credits posted to your Cashier’s bill.
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What are the methods of receiving refunds? |
There are two methods to receive refunds. The first is to pick up an actual check in the Cashier’s Office. You will be required to show a picture I.D. in order to obtain your refund check in person. The second option is to have the refund directly deposited into a checking or savings account. If a student chooses this option, then it is not necessary for her/him to go to the Cashier’s Office. This is advantageous to students since long lines are a common occurrence during busy times, such as the beginning of semesters, at the Cashier’s Office. In order to have a refund directly deposited into a bank account, students must complete a Direct Deposit Consent form and return it to the Cashier’s Office.
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