Disbursem*nt Information (Refunds) :: UNM Financial Aid Office (2024)

FAQs

How long after financial aid is disbursed do you get a refund? ›

Once that amount has been applied, your school will send the leftover funds, usually called a “credit balance,” to you. Schools must send this credit balance to you within 14 days, but you can contact your school's financial aid office to find out its exact disbursem*nt schedule.

There are a number of reasons why a student's financial aid may not have been disbursed to their account. They include but are not limited to the following: The student failed to submit all requested documents. The student is not actively enrolled in at least one course (Federal Pell Grant disbursem*nts).

The safest and quickest way to receive a refund is via direct deposit, which is created in the Bursar Account Suite found in LoboWeb. Direct deposits are processed every Tuesday and Thursday to checking or savings accounts only.

Refunds for all types of financial aid will begin 30 days after the start of the semester. You will receive loan funds in two disbursem*nts each semester.

A disbursem*nt is an act of paying out money – especially from a public or dedicated fund. It often refers to the payment made for a client to a third party, as reimbursem*nt will be sought from the client subsequently. Disbursem*nt leads to cash outflows.

Delayed disbursem*nts are possible because commercial banks typically take longer to process checks which are drawn from banks in remote locations, often up to as many as five business days (instead of the usual three days).

You can also check the status of your FAFSA form by contacting the Federal Student Aid Information Center at 1-800-433-3243. To check on the status of financial aid being disbursed (paid out) to you or your account, check with your school's financial aid office.

Generally, your grant or loan will apply toward a full academic year and your school will pay out the funds in at least two disbursem*nts. In most cases, the school must pay at least once per term (semester, trimester, or quarter).

The student can check fafsa.gov to see if their application was processed, even if they didn't submit the application online. Note: Colleges and career schools have access to the student's information one day after it is processed, but each college has its own process and time frames for accessing FAFSA information.

The BA/MD Scholarship is a "Last Dollar" Scholarship and fills the gap between all scholarship funding the BA/MD student receives from other sources and the basic educational cost per academic semester/year.

What is your financial aid refund? ›

It is the excess money left over from your financial aid award after your tuition and additional fees have been paid. Your college may send you a check or the money may be deposited into your checking account.

Any money left over is paid to you directly for other education expenses. If you get your loan money, but then you realize that you don't need the money after all, you may cancel all or part of your loan within 120 days of receiving it and no interest or fees will be charged.

Refunds are processed after a course starts and as financial aid or other types of funding are disbursed to your student account. If additional funding is disbursed to your student account after a refund is issued, the newly posted aid will generally be refunded as well.

Sometimes, students borrow more in student loans than they need to fund their education. Students in this situation may wonder “what happens if I don't use all of my student loan?” In most cases, colleges will refund the money to the student.

Direct deposit is a way to have student refunds electronically deposited into your bank account instead of waiting for a check to be mailed. Benefits of direct deposit: Receive your refund faster, in approximately 2-3 days, instead of 7-10 business days for a mailed check.

Typically, the school first applies your grant or loan money toward your tuition, fees, and (if you live on campus) room and board. Any money left over is paid to you directly for other education expenses.

What is the difference between a disbursem*nt and a refund? A refund is any money left over after your financial aid has been disbursed and paid to your account. You will not receive your refund until the disbursem*nt period has been completed.

pay and sign up for direct deposit (under My Account) if you have not already done so. If your bill was paid with cash, check, web check or financial aid and you are eligible for a refund, it will be deposited directly into the student's bank account (regardless of who paid) in 2-3 business days.