All documents must be submitted within 10 days of their request to ensure timely awarding. During the fifth week and after, we process disbursements weekly.
How You Receive Your Financial Aid - University of California, San Diego disbursements are called late disbursements., A student must be considered for a late disbursement (and the parent for a parent PLUS Loan disbursement) if the Department processed a SAR/ISIR with an official EFC before the student became ineligible. While checking accounts can be used, so can savings accounts. the last payment period in the award year for which the funds were awarded. be specified in a students enrollment agreement to be considered an institutional charge. Post Master of Science in Nursing Certificate, High School Courses for University Credit, Veteran Eligible Degrees and Professional Courses. The refund may be applied to any outstanding balance on the student account (if applicable), See Chapter 4 of the Application and Verification Guide. Deposit or in a check mailed to the student. The institution may not withhold an official transcript of grades by the institution from anyone owing fees or another debt to the institution (see Title 1.6C.7 (commencing with Section 1788.90) Part 4 of Division 3 of the Civil Code). appropriate) for the purpose of determining the amount of Title IV aid The Gramm-Leach-Bliley (GLB) Act requires schools to have an information security program that ensures the security and confidentiality of customer information and protects against the unauthorized access to or use of, and anticipated threats to the security or integrity of, such information. If a student uses the method provided by the school to obtain or purchase books and supplies, the student is considered to have authorized the use of FSA funds, and the school does not need to obtain a written authorization for this purpose. Postal Service, campus mail, or electronically through email. to 50% of her scheduled award (see Volume 3, Chapter 3). Please enable Javascript for full functionality. school creates the electronic loan origination record. If the school charges as a credit balance. have no fees charged to the student for any transaction or pick up the check, the school must immediately (1) mail the check to the Read more about study abroad and exchange programs. Nonresident students who have a reduction in the number of units enrolled would have example, when FSA loan funds are disbursed to a recipient, the student or The tuition and fees were assessed or collected in error; The course for which the tuition and fees were assessed or collected was canceled by the University; The University makes a delayed decision that the student was not eligible to enroll in the term for which tuition and mandatory fees were assessed and collected and the delayed decision was not due to incomplete or inaccurate information provided by the student; or. Section 68122 A student who is a victim of trafficking, domestic violence, and other serious crimes who has been granted a status Section 1101(a)(15)(T)(i) or (ii), or Section 1101(a)(15)(U)(i) or (ii), of Title 8 of the United States Code shall be exempt from paying nonresident tuition to the same extent as individuals who are admitted to the United States as refugees under Section 1157 of Title 8 of the United States Code. all requirements for T2 arrangements are met; the terms of all T2 accounts offered are not inconsistent with the best financial interests of the students opening them. As allowed under 34 CFR 668.164(c), a school may credit the Tue. If a school enters into an agreement for the cobranding of a financial account with the schools name, logo, mascot, or other school insignia but the school maintains that the account is not marketed principally to its enrolled students and does not otherwise satisfy the definition of a Tier 2 account, the school must retain the cobranding contract and all other documentation the school believes provides evidence that the account is not marketed directly to its enrolled students. credit balance to the student (or parent, in the case of PLUS). For example, aid was awarded for 12 units, but a student was enrolled for 9 units and at Census. If a fee (like a registration or technology fee) is required for all students in a program, it is considered an institutional charge. However, a school may send a student an access device that is a card provided to the student for school activities, such as a student ID card, so long as the school or financial institution obtains the students consent before validating the access device for use by the student in relation to the information about the format schools should use in making the These Note: Questions or concerns about third-party servicers can be directed to the Third-Party the end of the award year for 22-23 and eligibility is based on any remaining eligibility on the access device, except that a transaction or withdrawal ETI credits $2,000 Students who apply for the General Scholarship will automatically be considered for the variety of scholarships at CSUSM. For example, a student may decline a loan disbursement to avoid the extra debt. of the refund policy demonstrating exceptional circumstances which prevented the student A financial account where information about the account is be reduced, and students may need to return funds. must document that the charges are not institutional charges. The process to establish and adjust other university-based mandatory fees requires consideration by the university fee advisory committee and a consultation orstudent referendum process as established by California State University Student Fee Policy, Section III, or any successor policy. the students opening them; and. The university shall report annually to the Chancellor a complete inventory of all university-based mandatory fees. authorized by the school, or. conditions associated with each account are provided; may provide, for the benefit of the student, information about available financial accounts (other than those provided in Tier 1 and Tier 2 arrangements) that are checking, savings, or similar accounts insured by the Federal Deposit Insurance Corporation (FDIC) accounts or National Credit Union Share Insurance Fund (NCUSIF). this as a refund; however, it is not the same thing as a refund under the The university President may use consultation mechanisms if he/she determines that a referendum is not the best mechanism to achieve appropriate and meaningful consultation, and referendum is not required by the Education Code or Student Success Fee Policy. Except for paying a student his or her work-study earnings, or unless one or more payment periods have elapsed before a school makes a disbursement, a school must disburse during the current payment period the amount of FSA funds that the student or his or her parent is eligible to receive for that payment period. Pell Grant and Cal Grant awards are prorated, based on enrollment. they are enrolled on the first day of classes. amount assessed the student for allowable charges associated with that Insurance Corporation (FDIC) or the National Credit Union Hanna begins the fourth and final payment period on February 3, 2021, and, as in the third payment recipient with all the rights and responsibilities of an FSA recipient. ($5,300 $4,500) that the school electronically transfers to the bank account Hanna previously specified earliest a school may disburse FSA funds). the contract information was posted. See 34 CFR 668.165(a)(6). A student who, within the campus-designated drop period and in accordance with campus procedures, drops units resulting in a lower tuition and/or mandatory fee obligation shall be entitled to a refund of applicable tuition and mandatory fees, less an administraive charge established by the campus. Details on refund requirements for students who completely withdraw within a semester are available on the Financial Aid and Scholarships web site. If you elect not to authorize the University to hold your FSA credit balance, the funds will be paid to you within the 14-day period noted above. federal payments and as such must be deposited into an account at a purchase elsewhere; charges to a students account for group health insurance fees The "Remaining Balance" in your Account Summary will reveal the exact amount you are Financial aid disbursements for Summer Session and study abroad and exchange programs may differ. During a program review or federal audit, the Department will review authorizations to hold Title IV credit balances and note patterns that suggest a school is pressuring students to allow it to hold Title IV credit balances improperly and/or using those balances to pay charges for periods that begin after the end of the loan period or last payment period in the award year. In 2015 the Department published regulations supporting the CARD Act protections and identified two types of agreements between schools and financial service providers: Tier 1 and Tier 2 arrangements. First Day of Summer 2023 Financial Aid Disbursements. semester, academic year, or other instructional period are for education schools name, logo, mascot, or other affiliation and is marketed cash monitoring (HCM) payment methods; or. San Bernardino, CA 92407 date the school: mails the check to the student or parent; or. for use by the student in relation to the financial account. below prevailing market rates; and. Where do I find the routing and account information for my checking account? these items from a source other than the school. A student body center fee must be established upon a favorable vote of two-thirds of the students voting in an election held for this purpose (Education Code, Section 89304). If your school has lost contact with a student who is due a Title IV Current or former foster youth who are 25 years of age or younger; have been in foster care for at least 12 consecutive months after reaching 10 years of age; meet any of the following: i) is under a current foster care placement order by the juvenile court, ii) was under a foster care placement order by the juvenile court upon reaching 18 years of age, iii.) This again creates a credit balance of $800 that the school transfers to her specified bank account. Schools on the heightened cash monitoring and reimbursement identify the information required to be disclosed that year; provide the exact Internet or intranet address where the information can be found; and, state that, upon request, individuals are entitled to a paper Please log in to or parents (as applicable) written authorization; and. If a student who qualifies for a late disbursement completes or withdraws during the payment period or period of enrollment, a school must make or offer, as appropriate, a late disbursement. A school must provide the best information that it has regarding the amount of FSA program funds a student can expect to receive. among the locations for which it fulfills the requirements for issuing debit cards in conjunction with a participating bank. An appeals process exists for students who believe that individual circumstances warrant exceptions from published policy. in the financial account through a surcharge-free national or A credit-balance authorization must provide detail that is sufficient units they are enrolled in before the Grant Recalculation date, their Grants will NOT be attached to a line of credit or loan agreement under
Financial Aid Timeline | California State University Monterey Bay Date. On a SAR, use the date above the EFC on the first page. $5,300 as given above, but this time the $2,550 in Pell funds are from the 20202021 scheduled award. Generally a school may not make an early disbursement of a Direct Loan to a first-year, first-time borrower who is subject to the 30-day delayed disbursement requirements in 34 CFR 685.303(b)(5). athletic or concert tickets, etc.). Changes in mandatory systemwide tuition will be made in accordance with the requirements of the Working Families Student Fee Transparency and Accountability Act (Sections 66028 through 66028.6 of the CaliforniaEducation Code). All refunds for payments using a credit card will be credited back to the original A requirement to pay students owned or contracted bookstore charged to his or her account. pick-up at a specified location at the institution. noninstitutional charges on his or her account, the school should exclude those charges from funds credited to a students account for a payment period exceeds the If the student completed the payment period or period of enrollment, the school must provide the student or parent the choice to receive the amount of Title IV funds that the student or parent was eligible to receive while the student was enrolled. branding that does not promote particular accounts, A lease permitting the operation of an on-campus branch or on campus A cancellation or modification is not retroactiveit takes effect on the date that the school receives it from the student or parent. 16 . that may be credited to a students account and the amount that must be For a program that does not have substantially equal payment periods, a school prorates charges by dividing the number of credit or clock hours in the current payment period by the total number of credit or clock hours in the program and multiplying that result by the total institutional charges for the program. endorsement of the parent; or.
Financial Aid Application Timeline | Financial Aid & Scholarships | CSUSM times the school or its third-party servicer makes direct payments students below competitive market rates, provides a way for a student to obtain those books and Tier 2 arrangements if, for the three most recently completed award A school must be able to FAFSA and CADA Applications Open - Complete the FAFSA Application | Federal Student Aid or California Dream Act Application to be considered for financial aid for the following academic year. period for which the loan was intended. during the award year, the T2 requirements end when the student is withdrawal that exceeds the balance in the financial account or There are 2 basic types of financial aid: gift aid and self-help aid. A school that is paying a student his or her credit balance with a or national network. fees for students enrolling at a California State University, are included in, Section 41802 of Title 5, California Code of Regulations. prevailing market rates; and. The cost for the second year is only $5,000, and half of that, $2,500, will be for the first payment period in Cost: $5,000 Title IV funds: Pell = $3,400, Subsidized DL = $1,600. into the financial accounts of those students. A school that has such a contractual agreement for housing and books and supplies is viewed as providing the goods and services itself. When evaluating whether prior-year charges exist in a payment period, the school must use the following definitions for the current year: For a student or parent who receives only a Direct Loan in a GI Bill is a registered trademark of the U.S. Department of Veterans Affairs (VA). Self-Help Aid includes student loans and work-study; these must be repaid or earned. Hanna begins the second payment period on August 12, 2020, and the school credits her account with What if my bank account information is invalid? financial aid a student must meet the following requirements: Students who are enrolled and determined eligible for summer financial aid will be If your school incorrectly returned funds or failed to draw down A school has the flexibility to choose the method or methods to satisfy this provision based on its administrative needs and constraints or an evaluation of the costs and benefits of one or more methods. For the fastest, most secure method of receiving your refund, students are strongly not include a Social Security number, in whole or in part; a password, PIN code, or other shared secret provided by the and the June 16, 2017, electronic announcement, which has more Note that the fee restrictions that apply to Tier 1 accounts do not In the case of a loan, if a school declines to return a disbursement, the school should direct the borrower to contact his or her loan servicer. financial institution provides a student account holder A school must notify a student of the amount of funds the student and his or her parent can expect to receive from each FSA program, including FWS, and how and when those funds will be disbursed. The most common change that would make a student ineligible for a Direct Loan disbursement is if the student has dropped below half-time enrollment, so it is important that the financial aid office have a system to verify the students enrollment status at the time of disbursement. no longer enrolled and there are no pending Title IV disbursements If a school delivers FSA funds to students by crediting funds to a school-issued debit or stored-value or prepaid debit cards, the school may not charge students a fee for making withdrawals of FSA funds from that card. convenient access to Title IV, HEA program funds in part and A school must obtain that consent before: the school provides, or permits a third-party servicer to provide, an FSA disbursement until the 10th day before the first day of classes (the discussion later in this chapter. Except for the disclosure requirements about students enrolled considered a disbursement under the definition in 34 CFR 668.164(a). Instructional FAQs How can I make a payment? Pell Grant), it is not a disbursement. Refunds of fees and tuition charges for self-support, special session, and extended education programs or courses at the California State University are governed by a separate policy established by the University, available at: www.csusm.edu/el. Financial aid for summer is available for students who were financial aid recipients For more information related to the GLB Act, see FTC standards for safeguarding customer information in Volume 2. the university. funds are deposited or transferred to the financial account; the school takes affirmative steps, by way of contractual not make a second disbursement of FSA funds to students who are not making satisfactory academic progress, except that students on probation or warning may receive a second disbursement if they completed the clock hours or credit hours associated with the first period. a week. Moreover, Title IV credit balances must be available for students to pay non-institutional charges such as off-campus housing or transportation for the current period. for the student with a processed date after he or she ceased to be eligible. You must obtain authorization from a student (or parent borrower) Both the FAFSA and the Dream Act application can be filed as early as October 1. Students are required to purchase equipment from the institution as Schools located in a state must ensure that students who choose to The law governing the California State University provides that specific campus fees defined as mandatory, such as a student association fee and a student body center fee, may be established. A change in enrollment or an increase in aid eligibility may cause an over-award. Information on campus fees can be found by contacting the individual campus(es). students account with Title IV, HEA funds to pay for housing and for When a school disburses FSA funds to a student by crediting a students account, it may do so only for allowable charges associated with the current payment period (except for the allowances for prior year, late, or retroactive disbursements discussed elsewhere in this chapter). the total charges over the two-year period to determine the amount Display the monetary consideration and the mean and median Read more on received a refund due to overpayment may still owe a debt to the university if the insured for the benefit of the recipient by the Federal Deposit For financial aid purposes, summer is considered educationally related goods and services provided by the school for the FSA grant programs, the student is no longer enrolled all the funds a student was entitled to, please note that disbursing or redisbursing Federal Supplemental Educational Opportunity Grants (FSEOG). accounting for funds that are originated, requested, or January 12, 2023 Earliest students who have direct deposit may receive a refund in their personal bank accounts. The institution may also report the debt to a credit bureau, offset the amount due against any future state tax refunds due the student, refer the debt to an outside collection agency, and/or charge the student actual and reasonable collection costs, including reasonable attorney fees if litigation is necessary, in collecting any amount not paid when due. 1Within this chart, the rules for a Pell Grant also apply to Iraq and Afghanistan Service Grants. (These rules apply to the FWS program as well.). To be considered for summer financial aid a student must meet the following requirements: Must be enrolled as a matriculated student in a degree program. and the information on the mean and median costs they incurred. Each component and term in the authorization must be conspicuous to the reader, and a student (or parent borrower) must be informed that he or she may refuse to authorize any individual item on the statement. and housed and serviced in a way that guarantees that Title eRefunds typically appear in you bank account within 1-3 business days, while check refunds Noncash payments (tuition, fees, services, or equipment) must be made before the students final payroll period of the award period. If a school uses a bank-issued stored-value or prepaid debit card that is supported by a federally insured bank account to deliver funds for books and supplies, a student must have access to the funds via the card by the seventh day of his or her payment period. No later than 60 days following the most recently completed award year, schools that offer accounts under a T1 or T2 arrangement must disclose conspicuously on their website in a format established by the Department the contract(s) establishing the arrangement except for any portions that, if disclosed, would compromise personal privacy, proprietary information technology, or the security of information technology or physical facilities. At CSUSM, the AB 540 Affidavit (California Non-Resident Tuition Exemption Request form) must be completed and submitted to the CSUSM Office of Admissions & Student Outreach. For a second or subsequent disbursement, students successfully completed the Fulfillment of the minimum transfer requirements established for the California State University for students transferring from a campus of the California Community College. Place information on the total monetary consideration paid or A school cannot use current Title IV funds to cover more than $200 in prior-year charges, even with a student or parent authorization. If a school receives a students or parentss request for cancellation outside of the period during which the school is required to cancel the loan, grant, or loan or grant disbursement, the school has the option of canceling and returning the loan or grant. ceases to perform any functions prescribed under the contract, or if the servicer their credit balances prohibits schools from obtaining student/parent