Financial Aid...Refunds and Financial Aid Disbursements FAQ

• Receiving Financial Aid

**Please be aware that Financial Aid funds cannot be used to pay fees until 10 days before the start of the quarter, approximately June 20, 2008. Please have your schedule in place by or no later than June 19, 2008 to be included in the initial Financial Aid transfer process.**

How will my financial aid funds be disbursed to me?

• Approximately June 26 or 27, 2008, eligible financial aid students may receive up to $500 (directly deposited into their bank accounts) as long as tuition and fees are paid in full by June 21, 2008.

• To ensure that your proper bank information is on file, please stop by the Grants/Contracts/Loans Office no later than June 20, 2008. If you do not have an account and would like to sign up for a MidState Educators Credit Union account, please do so by June 19, 2008 in our office. We are located in Rhodes Hall room 234. Hours of operation are Monday-Thursday 8:00a.m. to 4:30p.m. and Friday 9:30a.m.-4:30p.m. Please have valid photo ID with you. Students can still sign up for direct deposit after June 20, 2008 to be in effect for future disbursements of funds.

• If a student does not have a bank account on file, then a check will be issued and mailed. Checks will be mailed approximately June 27, 2008 . Please allow mail time. Please call (614) 287-5353 to verify your address or Log in to CougarWeb, click on My Profile. If it is not correct, then you can update it by clicking Address Change on the bottom right. If the address is not correct, then your check can be delayed up to 3 weeks.
   

When will the funds be disbursed?

• An initial disbursement, up to $500 of the initial credit balance, will be disbursed to students approximately June 26 or 27, 2008 for Direct Deposit and June 27, 2008 via mail for checks for the purpose of purchasing books. You should not expect the funds in your mailbox on June 27, 2008. Please allow mail time. If the address is not correct, then your check can be delayed up to 3 weeks.

• If the initial amount is not $500 and you have a credit balance, please contact Grants/Contracts/Loans at (614) 287-5658 or email GCL@cscc.edu for your account to be reviewed until July 6, 2008.

• The processes to issue the remaining credit balances on financial aid student accounts will begin on July 7, 2008. This will produce reports that must be reviewed before the funds can be released. Students may start to see their Direct Deposit funds around July 10, 2008. Checks may be mailed around July 11, 2008. Please allow mail time. Please call (614) 287-5353 to verify your address or Log in to CougarWeb, click on My Profile. If it is not correct, then you can update it by clicking Address Change on the bottom right. If it is not correct, then your check can be delayed up to 3 weeks.

• The processes to issue credit balances will continue on at least a weekly basis starting the week of July 14, 2008.
   

Why are the remaining financial aid funds being held?

• The balance of student financial aid funds are not released until later in the quarter to ensure that financial aid amounts have been adjusted based on any schedule changes made through the 100% refund period for full-term courses since changing schedules after funds have been disbursed may cause you to owe a portion or all of the funds back to the college.

• This also follows the financial aid freeze date for full-term courses.

• This practice is in accordance with Federal Financial Aid Guidelines.
   

What about my other monthly expenses?

• Financial Aid funds, loans and grants, are intended for education-related expenses, not discretionary monthly expenses, i.e. credit card payments not associated to educational expenses. Students will need to budget their monthly expenses more closely and/or make other arrangements for these expenses.

If I did not apply for financial aid and paid the tuition out of pocket or with a 3rd party, then how will my funds be disbursed to me?

• The refunds will not be disbursed until 30 days after the start of the quarter. This will be in the form of a check, unless tuition was paid with a credit card (Visa, MasterCard, or Discover).

• If the tuition is paid with a credit card, the refund will be returned to the credit card (Visa, MasterCard, or Discover). If a debit card was used to pay tuition, then the funds will be returned to that account. The funds will take 4-7 business days to appear in your account after the school’s process. Please watch for an email to be notified that the refunds have been returned to the credit card used for fee payment.

• Tuition and fees paid by a third party may need to be refunded to the agency that paid your tuition
   

How do I sign up for direct deposit?

The form can be downloaded from http://cscc.edu/FinancialAid/PDF/DirectDeposit.pdf or stop by Grants/Contracts/Loans during office hours, M-Th 8:00a.m. to 4:30p.m. and F 9:30a.m. to 4:30p.m located in Rhodes Hall Room 234.

The properly completed form can be dropped off after 4:30p.m. M-Th at the Cashier’s Office on the upper level of Rhodes Hall or Financial Aid’s dropbox located on the lower level of Rhodes Hall. Completed authorization forms submitted at the Cashier’s Office or the Financial Aid dropbox need to be turned in by June 19, 2008 to be included in the initial process.

If the form is not received by then, the check will be mailed about June 27, 2008. Forms can be submitted even after that date, but the funds may not be included in the direct deposit for that week if we have already started the process.

• Direct Deposit Form

We wish you the best of luck in your studies at Columbus State Community College and a successful quarter.