15-16 Disbursement Schedule

15-16 Disbursement Schedule
COLLEGE OF
Financial Aid Pell Grant Disbursement Schedule
FALL 2015 SEMESTER
First Disbursement
Pell Grant only -
August 17th
Second Disbursement – Sept. 11th
SPRING 2016 SEMESTER
First Disbursement - January 19th
Second Disbursement – Feb. 15th
Student loan and Other Aid Disbursement Schedule
FALL 2015 SEMESTER
One disbursement – Sept. 11th
SPRING 2016 SEMESTER
One disbursement – Feb. 15th
Q. What is a financial aid disbursement?
A. Financial Aid is disbursed to your MyCOM student account.
Q. When can I expect to receive my refund?
A. After all of your tuition and fees are paid, you may have a refund. Refunds occur within
approximately one week of the disbursement.
Q. How will my refund come to me?
A. There are three ways you can receive a refund:
1. by check to your current mailing address (takes up to 10 days)
2. by EFT to your bank account
3. by EFT to a U.S. bank card
Q. Where do I choose this method?
A. Log on to your MyCOM portal and select the Financial Aid tab. In right hand column, select
MyCOM refunds. You will select your option there.
Q. What if I receive a refund and then drop my classes during the add/drop period?
A. This is called an overpayment and you must repay all of your federal aid. You cannot receive
federal aid at COM or any other college if you owe an overpayment.
Q. What if I withdraw from my classes after the add/drop period ends?
A. If you withdraw from all your classes you may be required to repay all or part of the funds you
received. Contact the Enrollment Services Office before withdrawing from all your classes.
Q. What do I do if I don’t receive my check in the mail or if I lose my check?
A. Checks are mailed by U.S. Bank from Minnesota and take approximately 10 days to arrive.
Contact U.S. Bank by phone if you do not receive your check or if you lose it. U.S. Bank
contact number is 1-888-485-5723 Checks not cashed within 30 days of disbursement
may be cancelled.
PELL Grant
The Pell Grant amount on the award notification letter assumes full-time enrollment. Grants will be prorated as
follows:
12 or more units
full time
100% of award letter amount for semester
9 – 11.5 units
¾ time
75% of award letter amount for semester *
6 – 8.5 units
½ time
50% of award letter amount for semester *
* in most cases
You will be paid for your enrollment at the time of disbursement.
IMPORTANT CHANGE: Adjustments to enrollment can be made up to the 4th week of class. Any adjustments made
thereafter will not be funded. Classes added after the end of add/drop will not be funded.
Pell Grants have a lifetime limit of 6 years or roughly 12 semesters.
SUMMER PELL
If a student is enrolled full-time for fall and spring semesters, no remaining Pell Grant is available for summer enrollment.
If a student is enrolled less than full-time for either fall and/or spring, remaining Pell Grant money will be available for
summer.
SEOG (Supplemental Educational Opportunity Grant)
SEOG funding is limited, and therefore not all students who meet eligibility requirements can be funded. SEOG funds are
disbursed at the end of the add/drop period which is the 4th week of classes.
EOPS (Extended Opportunity Programs & Services) & CARE Funds (Child Care, Travel, Books, Grant)
Book Grants awarded by EOPS may be disbursed by check, debit card, or book grant voucher. CARE Grants may be disbursed
by check or debit card.
Cal Grant
Cal Grants are based on enrollment status and disbursed by the College as funds are made available by the state.
Federal Direct Loans
Direct loan funds are disbursed at the end of the add/drop period which is the 4th week of classes. Students must have
completed the following to be eligible for their disbursement:
1.
2.
3.
Student loan workshop
Student loan master promissory note located at www.studentloans.ed.gov
Student loan entrance counseling located at www.studentloans.ed.gov
HOW OTHER FINANCIAL AID FUNDS ARE DISBURSED
BOGW Fee Waiver
Waivers of enrollment fees are automatically applied to the student account. Students who pay these fees out of pocket and
then receive a waiver must apply to the Cashier’s Office for a refund.
Work-Study Paychecks
Money earned under the Federal Work-Study program is paid monthly, according to the College's payroll schedule.
Outside Scholarships & Grants
Disbursement of outside scholarship and grant funds varies based on the awarding organization’s own criteria. If you are the
recipient of an outside scholarship, please contact the awarding organization and the Enrollment Services Office to determine
how the funds will be disbursed.
Updated
12/2/2015
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