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We know a lot of students have been concerned about the disbursement of funds for their financial aid accounts this semester. The process of disbursement is a little hazy, and confusing status messages in eConnect or Higher One accounts have people expecting money that doesn’t immediately appear in their accounts. We wanted to clear up how the process works so you’ll know what’s going on behind the scenes.
How Disbursement Works
Once you’ve been told that you’re eligible for and will get financial aid for a specific semester, here’s what happens before you receive your money:
In other words, when funds are sent to the college and “to your account,” they are not automatically available to you. Other steps, such as verification of enrollment, must be completed before you receive your remaining financial aid money.
To sum all of that up, for example, if you get a disclosure statement on Feb. 8, 2011, telling you that your funds are being disbursed, your funds will reach you no later than Feb. 25, 2011. If you get the disclosure notice later than that, you receive your funds later.
While it may seem like financial aid is taking longer than it should, your funds will be released before the federally mandated deadlines pass.
What Can You Do to Get Your Money Earlier Next Semester?
The easiest way to ensure your funds are processed as quickly as possible is to stay on top of your paperwork.