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Direct
Deposit
ELIMINATE
DISBURSEMENT DELAYS
IF
YOU RECEIVE FINANCIAL AID...
For each quarter that you receive financial aid, your financial
aid funds are credited to your Cal Poly student account where they
automatically pay your charges - like registration and course fees.
(Your financial aid will also pay your on campus housing, and possibly
your meal plan - if the amount of your financial aid award is great
enough, and prior arrangements have been made.) Any remaining financial
aid is disbursed to you to pay for books, rent, and living expenses.
Direct Deposit means that your financial aid disbursement is electronically
deposited into your bank account. It eliminates the inconvenience
of waiting for your financial aid check to arrive by mail, and making
a special trip to your bank or ATM to deposit that check. By enrolling
in Direct Deposit, the following could become YOUR reality: On the
first day of each quarter you can have the satisfaction of knowing
your financial aid funds have already been deposited into your personal
bank account and are available to you for books, supplies, rent,
even lunch!
In
order to receive a direct deposit, you must have a financial aid
award greater than tuition and fees. You must have accepted your
awards by returning your signed financial aid award letter, submitted
all required documents, cleared all holds, completed the required
pre-loan counseling, and be enrolled in the units necessary for
financial aid to generate.
A
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 Financial
Aid Office with their change of mailing address.
HOW
YOU ENROLL IN DIRECT DEPOSIT:
- Go
to the 'Money Matters' tab on the mycalpoly portal.
- On
the 'Financial Links' channel, click on 'Direct Deposit' link.
- Input
your bank account information.
Note: The 'Bank
ID' is your bank's routing number. Please call your bank if you
are not sure what number to use.
If you prefer NOT to use Self-Service, you can submit a signed,
dated DIRECT DEPOSIT
AUTHORIZATION form to the Student Accounts Office or drop
one in the box located outside the Student Accounts walk-up window.
Your Direct Deposit Authorization will be honored throughout your
Cal Poly career. It does not need to be renewed, unless your bank
account information changes. If your bank account information
changes, PLEASE
remember to change your banking information online OR complete
and submit an updated Direct Deposit Authorization form. Failure
to do so will cause an unnecessary disbursement delay!
If
you need to open a bank account, it may help you to know that these
banking facilities are available for you on the Cal Poly campus:
-
Bank of America ATM
-
Golden 1 ATM
-
SESLOC Federal Credit Union & ATM
-
Washington Mutual ATM
-
Wells Fargo ATM
Note: You may open
an account with ANY branch of Bank of America, Golden 1, Washington
Mutual, or Wells Fargo and still be able to use the ATM facilities
on campus. SESLOC, however, is local to the San Luis Obispo area.
IF
YOU HAVE OVERPAID ON YOUR STUDENT ACCOUNT AND NEED TO REQUEST A
REFUND...
If you are eligible for a refund of overpayment on your
student account, the funds can be disbursed to you by Direct Deposit,
provided you are signed up. See Refund
Instructions.
For
questions regarding your Direct Deposit request, call the Student
Accounts Office at (805)756-7347 or 756-1428.
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