Financial Aid Disbursement: Everything You Need To Know
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- Опубліковано 10 вер 2024
- In this video, I’ll share with you everything you need to know about how your financial aid disbursement works.
Where’s the money? That’s one of the questions many families will ask when their student is starting school. Even if you have that financial aid award letter in hand, it can still be unsettling to see a large tuition balance reflected in your account. But don’t worry, oftentimes that means that the funds just haven’t been disbursed to your account. Today, I’ll help you navigate the financial aid process.
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P.S. International Students - This information is meant for US citizens and/or residents in the United States. While many of the tips will be helpful for you (i.e. how to write a well-written essay), we are not specialized in international student scholarships.
I just did my fasfa I filled out 2 scholarships, I qualify for Fed, Pell I only used $505.00 last year and I'm waiting to receive my financial aid package. Only been 6 days but Im excited.
Aww so sweet
I have two weeks before the end of the semester. I have been awarded financial aid however my aid has still not been applied to my account.
We recommend you check with your school's financial aid office to find out the status of your account.
My award was the max amount but the school only allowed me to accept 2270 of the Pell and then the rest had to be in loans. It shows the school disbursed to me a small portion of the amount I was allowed is there anything I can do about it
You might want to contact your school's financial aid office to find out why there is a difference from FAFSA award amounts vs what the school offered you. You may want to appeal the offer and explain your situation.
I have a question. Is there a way to increase my financial aid amount? I will be completely honest. I’m trying to increase my disbursement refund.
Not offhand - but you can get a larger refund *possibly* by purchasing your textbooks online or in a different format (i.e. an eBook). Most schools will let you use your financial aid to purchase books at the bookstore.
Just take less classes, or don’t take online distance learning classes (since those are expensive)
My school is starting in 2 weeks. Still have go my calgrant or fafsa yea. I am stressed out
Have you contacted your school's financial aid office? A phone call or in-person visit may be required to get a faster response.
Hi, do you get less money back if you are enrolled in a certificate program va an associate or bachelors program?
It depends. Your overage check will depend on the grants/scholarships received less tuition costs. However, if you live on-campus, those costs will be deducted first before an overage check is issued.
I am in a 30 week program it is continuos with no breaks in between the 5 week courses. They only allowed me to accept partial loans and partial Pell 2700 and loans 6500 the tuition is 8200 and I am a single parent of 3 qualified for the max amounts of the loans and the Pell but they won’t let me take it only gave me the option to accept or decline and it bothers me that the Pell grant would have almost covered the full tuition so if they didn’t want me to have living expenses they could have gave me the Pell and made me take the min amount of loans to cover the rest of the tuition is there anything I can do
You might want to contact your school's financial aid office to find out why there is a difference from FAFSA award amounts vs what the school offered you. You may want to appeal the offer and explain your situation.
I have a question. I know there’s a limit on how much money FAFSA will give you so if I decided to go get my bachelors degree and after I got it I decided I didn’t want to pursue that type of career. Could I go back and get another bachelors degree or will FAFSA not cover it because I already have one
You may qualify for some federal, state, or institutional aid. However, you will not qualify for the Pell grant for a second degree. Some grants may be limited for a second degree. It will really depend on the school and the funding they have available.
What do you do when the school doesn’t want to release funds until 4 weeks into the school semester?
Every school sets their own policies. They probably want to ensure that there won't be additional charges to the student's account and/or students fulfill the minimum credit requirements.
@@TheScholarshipSystem thanks for your response! Do you know if there’s any way to request an exception? The funds are allocated as housing funds and they send them so late in the semester that I’m not able to use it as such.
Why does the school use the extra fafsa funds for the next summer courses and fall and not to me!!😢
My Pell grant posted to my student account but I do not see my federal loans. Do they post a different times or would o not receive those loans of the Pell grant paid off my tuition? I was hoping to use the loans for school supplies and a laptop since I’m taking online classes but I was kind of confused why the loans didn’t post as well since I didn’t accept it.
You would need to contact your school's financial aid office. If you didn't accept them, you may need to go back and accept the loans so that you can file paperwork to receive the funds. Loan proceeds are usually distributed at the beginning of the academic period.
I’m a gi bill student and disabled vet. I was given one elective student loan forgiveness. I see the undergrad limit is 55k. How can I expect that to be dispersed over the 4 years? Obviously, the gi bill will be paying for everything.
Most schools have a military liaison, or representative. They might be able to better answer your questions related to the GI bill and student loan forgiveness.
Are you required to use bank mobile or will the school take the financial aid money and pay your tuition for you?
Schools will apply scholarships and other financial aid directly to "direct costs" first which include tuition, fees, and on-campus room and board. If there is any money left over, they will issue a disbursement refund in the form of a check or direct deposit into the student's bank account. If money is owed, families can pay the school with electronic payments.
Please, I need your help. I applied for Fafsa for the spring semester and summer, and i get it then I dropped this semester so when I login to my account they said I'm unable to sign in so I want to know if I will have problems or what ? And I still have fafsa for semester summer or not thank you so mush because I really confused about this
FAFSA has been going through a lot of maintenance and updates these last few months so there will be times when you won't be able to log in. You will have to contact your school's financial aid office to address your specific situation.
@@TheScholarshipSystem thank you so much for your help I really appreciate that 🙏
Hi my parents do not work currently I was trying to apply for FAFSA do they look at past year income and decide or this year?
FAFSA takes into account prior-prior year. So for 2025-2026 school year, they will look at 2023 tax return. If there are any changes for 2024, you would need to talk to your school's financial aid office and they might make adjustments to your financial aid award package.
Hi, my refund says im getting a certain amount but then there’s and amount that say ineligible/remaining amount, what does that mean I am a full time student and im confused
You may need to contact your school's financial aid office for clarification. It could be that they put a hold on an amount?
@@TheScholarshipSystem thank you!
Did you ever find this out? Mine says the same thing
Hi does the school Reimbursement apply to your gross income ?
No, but any scholarships or grants that are used to cover room and board, or anything other than tuition, may be taxable to the student.
Hi this will be my first year in college and I got this email from bank mobile disbursement and I wanted to know if this is a scam or not.
You could check with your school to see if they issued a disbursement and match up the amounts.
Great, informative video! My student portal said something like “financial aid authorization” and I authorized pell grant and hope scholarship. I believe my aid is more than my balance, can you tell me exactly what authorization means? Will I not receive a financial aid refund? Thanks!
It's hard to say. Every school has their own terminology, so you may have to get clarification with your school's financial aid office. If aid is more than your balance, it could be that you may get a refund to cover "indirect costs" such as off-campus housing, books, or other expenses.
@@TheScholarshipSystem thank you!
If it is my first time receiving Fafsa, a card will arrive at my home address.?
The information from FAFSA will be sent to the schools that you selected. The schools will send you a financial aid award letter once they have processed your application. You won't receive a "card".
When does the 2024 refund go out for over payment?
Usually overpayment refunds are distributed by schools a few days before/after the academic term starts. Every school is different. Some are by semester and some are by quarter.
How do you know if you will receive a refund .. when accepting the loans I accepted the max amount
Schools break up costs by academic period (semester/quarter). Every period, schools apply any receipts (grants, loans, scholarships) to direct expenses (tuition, fees, on-campus room/board, etc.) and will refund the difference so that you can pay indirect expenses (travel, books, etc.)
Do you have to pay taxes on overage checks?
Scholarships/Grants are tax-exempt when it covers tuition and books. If it covers room and board or other expenses, then, yes...it is taxable.