Financial aid (Institutional and Federal) is scheduled to disburse once per term. Funds are divided equally between disbursements in the award year.
Disbursements can be made at the start of each term only after enrollment status is confirmed by the academic programs. Exception: Disbursements for residential programs taught at the Northfield campus can be made one week before the start of the term if and only if the student is registered with a full time course load. Disbursements are made weekly for students who become eligible for disbursement during the term.
Federal funds cannot be disbursed if verification is required and not completed. Federal funds cannot be disbursed if a student’s federal aid is suspended for not meeting the Satisfactory Academic Progress standard. See the Satisfactory Academic Progress policy. Federal funds cannot be disbursed if they are not accepted by the student. Disbursement will be delayed if there are any pending awards offered to a student. All awards must be accepted declined before disbursement can take place.
Some funds have individual documentation requirements. These funds cannot be disbursed until those documents are received. For example, federal student loans cannot be disbursed until the Master Promissory Note and Entrance Counseling are completed.
If a disbursement cannot be made until after a term ends, it may be considered a late or retroactive disbursement. A retroactive disbursement is a disbursement for a past term made to a student who is still eligible for disbursement due to enrollment in a current term. Otherwise the student is ineligible and it is considered a late disbursement. Restrictions on Late disbursements: Federal loans must be accepted before the end of a student’s enrollment so that origination can take place before the student becomes ineligible. For loans that were originated before the student becomes ineligible, disbursement must take place with 120 days of the date the student became ineligible. Federal grants must be disbursed before the deadline set by the secretary of education. For rules covering disbursement to students who withdraw before disbursement can be made, see the withdrawal policy.