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Disbursement of Financial Aid Funds
FINANCIAL
AID TRANSACTIONS:
Financial aid transactions are recorded on your student account
as credits, just like a payment. Any pre-existing unpaid charges
are paid by your aid. Any remaining aid will show as a credit
balance. A financial aid disbursement, which is a refund to you
of your remaining financial aid, is then generated and delivered
to you, either by direct deposit, if you have signed up for direct
deposit (view your direct deposit information using the Money
Matters tab from the portal) , or by check. Cal Poly
will attempt to notify you - via email - when your funds have been
disbursed.
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FEDERAL REGULATION CHANGE IN PARENT (PLUS) LOAN DISBURSEMENT
PROCESSING: As
of the 2006/2007 school year, federal regulation requires
Cal Poly to obtain the parent's written authorization for
excess Parent PLUS loan funds to be disbursed to the student
(via direct deposit or check). In the absence of the parent's
written authorization, excess Parent PLUS loan funds will
be mailed to the parent each quarter - using the mailing
address provided on the Parent PLUS loan application. Please
use one of the following options to expedite the Parent
PLUS loan disbursement:
- Parents
who want the excess Parent PLUS loan funds to go to
the student each quarter should download, complete and
fax the Authorization
Form to the Student Accounts Office: fax (805) 756-2774.
- Parents
who want the excess Parent PLUS loan funds to be mailed
back to them each quarter (sorry, direct deposit is
not available for these types of transactions) to
an address that is different than the mailing address
provided on the Parent PLUS loan application should
contact the Cal Poly Student Accounts Office with their change of mailing address.
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DIRECT
DEPOSIT DISBURSEMENT:
If you have signed up for direct deposit service, then
whenever left-over financial aid funds need to be disbursed to you,
they are delivered electronically to your bank by direct
deposit . An email notice is sent to you telling you to
view the Direct Deposit transaction on your student account transactions
channel on my.calpoly.
The actual funds should be in your bank account and ready to spend
approximately 2 business days after the date of the transaction
on your student account.
BEGINNING OF THE TERM DIRECT DEPOSIT
DISBURSEMENT:
Direct
deposit of aid for a new term is generally in your bank account
by the Friday before the first day of class, providing all requirements
have been met for disbursement. The minimum unit requirement for direct deposit generation during add/drop is 7 units. After add/drop, it is 6 units. (If you have left-over financial aid funds on your account and you are enrolled in less than the minimum required units but still eligible to receive your aid, you will need to contact Student Accounts and request that your refund be 'forced'.)
***DIRECT
DEPOSIT IS THE PREFERRED METHOD FOR RECEIVING FINANCIAL
AID DISBURSEMENTS. SIGN UP NOW!***
FINANCIAL
AID CHECK:
If you are NOT set up for direct deposit, a financial
aid check will be generated whenever left-over financial aid funds
need to be disbursed to you. An email will be sent to you advising
you to look at the Financial Aid Check transaction on your student
account transactions channel on my.calpoly.
You should receive a check at your mailing address a few days after
that transaction's date, depending on mailing time.
BEGINNING
OF THE TERM CHECK DISBURSEMENT:
Your financial aid check
for a new term will be mailed to your mailing address, as noted on the portal, approximately 4 days before the first
day of classes, assuming all disbursement requirements** have been met, . When you actually
receive the check depends on the postal system.
**The minimum unit requirement for check generation during add/drop is 7 units. After add/drop, it is 6 units. (If you have left-over financial aid funds on your account and you are enrolled in less than the minimum required units but still eligible to receive your aid, you will need to contact Student Accounts and request that your refund be 'forced'.)
IF
YOUR CHECK IS "LOST IN THE MAIL" OR MISPLACED OR DESTROYED,
you must report the loss to the Student Accounts
Office. Getting a replacement check takes
approximately 2 weeks.
***DIRECT DEPOSIT IS STRONGLY
RECOMMENDED. HOWEVER, IF YOU CHOOSE TO HAVE YOUR FINANCIAL
AID FUNDS MAILED INSTEAD, IT IS YOUR RESPONSIBILITY TO KEEP YOUR
MAILING ADDRESS UPDATED ON my.calpoly!!!***
EXCEPTIONS:
Some
types of financial aid cannot be deposited into a student's Cal
Poly account. This type of aid will need to be picked up at the
Student Accounts Office window during regular disbursement
hours. Examples are student loan disbursements from non-eft
lenders.
There
are also financial aid funds that WILL appear on your student account,
but cannot be direct deposited. Please read the following for more
information:
- EMERGENCY
LOANS:
Because
there is a Promissory Note that needs to be signed by the student
before the funds can be disbursed, the student is required to
pick up the
Emergency Loan funds in person.
- STAFFORD
LOANS FROM NON-EFT LENDERS:
Non-EFT
loan lenders send paper checks to the campus by mail. The
student is informed by their loan lender (by mail) of the approximate
disbursement date. Upon arrival, these checks cannot be direct
deposited and must be picked up at the Student Accounts Office
during check disbursement
hours. Students receiving loans from non-EFT lenders
will be notified by the Student Accounts Office by email when
their checks are ready for them.
NOTE: Students should use the date given by the
lender as "approximate" only.
- OFF-CAMPUS
PROGRAMS:
The
following off-campus programs require us to send the financial
aid disbursement by check directly to the program's coordinator:
Intrasystem Visitor; National Student
Exchange (NSE) - Outgoing Plan B; and Intrasystem Concurrent.
The respective coordinator will then disburse the check to the
student, per program guidelines. Financial
Aid students participating in one of the aforementioned programs
must download, complete, and submit a Transmittal
of Funds request form to the Student Accounts Office.
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