RECEIVING AID - YOUR AWARD GUIDE



Financial Aid Disbursements and Refunds

During the first week of the term, most federal and institutional financial aid awards are disbursed and credited to your University account upon successful clearance (e.g., appropriate enrollment, no outstanding holds). New York State awards are disbursed after 100 percent tuition liability and upon successful clearance. Any resulting excess credit is refunded to you within 14 days.

Once the disbursement has been applied to your University account, any resulting excess credit is refunded to you (or sent to your parent, if it's a Federal Direct PLUS loan refund) within 14 days by the Bursar's Office.

The Bursar's Office now offers direct deposit for student refunds. Electronic deposits are secure, fast and convenient and you can avoid waiting to receive your refund check at the Bursar counter or in the mail. Refunds through direct deposit are processed daily and appear in your account within 3 business days. Enrollment for direct deposit is done via the SOLAR system.

Cancellation of Disbursed Federal Loans You have the right to cancel all or a portion of your Federal Direct or Perkins Loan, even after the loan funds have been disbursed and credited to your University account. If you wish to cancel or reduce an already disbursed loan for the current term, you must submit a written signed request to Financial Aid prior to the end of the term.

The parent borrower has the right to cancel all or a portion of the Federal Direct PLUS, even after the loan funds have been disbursed and credited to the student's University account. If the parent wishes to cancel or reduce an already disbursed Federal Direct PLUS, the parent borrower must submit a written signed request to Financial Aid prior to the end of the term.

Adjustments to Already Disbursed Aid If changes are made to your financial aid package, you may be billed for aid already disbursed and credited to your University account.