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When it comes to the disbursement of financial aid funds, the main thing to keep in mind is that the funds disburse to the school first. The different types of funds have specific disbursements dates. Disbursements of funds always occur on Mondays. If refunds are owed due to an excess of funds after the balance is paid, the refunds would be issued on Fridays.
An important point when requesting loans: if you request a loan that covers the entire year (fall and spring), the funds will disburse in halves, split between fall and spring. If, however, you request a loan for one semester only, fall for instance, the funds will disburse in two parts during the semester.
Disclaimer on dates: Please note that if your financial aid package is processed close to or after the scheduled disbursement dates, your aid will not disburse on the listed date. It will take a few weeks from the processing date of your package for the disbursement of the funds. For example, if you submit a loan request form to our office a week before the disbursement date, it may take up to three weeks for the loan to be processed, authorized and disbursed to your account. Also, please note that refunds of excess federal aid are generally processed the Friday after the disbursement date.
(Summer 2019, Fall 2019, and Spring 2020)
|Type of Loan||First Disbursement||Second Disbursement|
|Fall Pell||08/19/19 (25% of the grant)||09/16/19 (75% of the grant)|
|Fall and Spring loans||10/07/19||02/24/20|
|Fall Only Loans||10/07/19||10/21/19|
|Spring Pell||01/21/20 (25% of the grant)||02/24/20 (75% of the grant)|
|Spring Only Loans||02/24/20||03/20/20|