Disbursement FAQ’s

Disbursement FAQ’s

when are student loans disbursed - What are the requirements for disbursement?
    How are refunds determined?
    How are refunds delivered to a student?
    What is the timeframe for disbursement?
    Must I accept my financial aid awards in order for them to disburse?
    Can I use my financial aid to pay a balance I owe from a prior year?
    How can I defer payment of my bill based on the financial aid I will receive? 

1.     What are the requirements for disbursement?

     

    You must be registered for the correct number of hours before the beginning of the semester in order for aid to be disbursed in time to ensure refund availability.
    You must also be in academic good standing and meet all Federal and Institutional requirements.
    If your award includes a William D. Ford Direct Loan and you are a first-time borrower, then entrance counseling must be completed at the federal website before the loan money can be disbursed.
    If your award includes a Perkins Loan and you are a first-time borrower of this type of loan, then entrance counseling must be completed at ECSI’s website before the loan money can be disbursed.
 

2.     How are refunds determined?

      Once the financial aid funds have credited to the student’s account at the Student Accounts and University Receivables Office, the University Cashier will pay the student’s bill. When the entire bill is paid, the student will be issued a refund of any remaining aid. Normally, financial aid provided by the Office of Scholarships and Student Aid (i.e., Federal funds, UNC scholarships and grants) transfers automatically to the students’ accounts; however, resources awarded to you from outside of our Office (e.g., private scholarships and/or loans, departmental awards, etc.) may not arrive and be credited to your Student Accounts and University Receivables (UNC cashier) account as quickly. Students should visit the Student Accounts and University Receivables website and follow the instructions there for viewing your bill and all credits posted to your Student Accounts and University Receivables (UNC cashier) account.
 

3.     How are refunds delivered to a student?

      Direct Deposit allows Student Accounts and University Receivables to electronically deposit your financial aid refund to your personal checking or savings account. It is the fastest method to make your refund available to you. The Student Accounts and University Receivables Office (UNC cashier) strongly encourages students expecting a refund use Direct Deposit.  Follow these instructions to sign up for Direct Deposit.  You should also visit the Student Accounts and University Receivables websitefor additional payment and disbursement information.

4.     What is the timeframe for disbursement?

      Once you have met all of the requirements for disbursement, your financial aid funds will be electronically sent to your account at the Student Accounts and University Receivables Office (UNC cashier). If you have met all requirements prior to the start of the semester, and you are to receive a refund, you may expect your refund to be available the first week of class each semester. If all requirements are not met until after the beginning of the semester, your financial aid disbursement will be delayed. Therefore, It is very important to make sure all requirements are met before the semester begins.
 

5.     Must I accept my financial aid awards for them to disburse?

      You do not need to accept your financial aid awards.  Funds are automatically accepted and will pay to your student account if you meet eligibility requirements.  If you wish to decline any portion of your financial aid award, please contact our office.  William D. Ford Federal Direct Loans – If you are a first-time borrower of a William D. Ford Loan, federal regulations require that you complete a Master Promissory Note (MPN) and a Student Loan Counseling Session before the first disbursement of your loan can be made. To complete this requirement, visit StudentLoans.gov and use the links provided to navigate to your Entrance Counseling page. You will need your FAFSA PIN to electronically sign your MPN. If you do not remember your PIN, visit the Dept. of Education’s website for assistance at pin.ed.gov.  Perkins Loans – If you are the recipient of Federal Perkins Loan, you must complete an online Master Promissory Note before funds can be transferred to your student account. To complete the promissory note, please visit www.ecsi.net/promj6. If you have questions about the Perkins MPN website, please contact UNC-CH Loan Account Services. You will need your FAFSA PIN to complete this process. If you do not remember your PIN, visit the Dept. of Education’s website for assistance at pin.ed.gov.
 

6.     Can I use my financial aid to pay a balance I owe from a prior year?

      Financial aid covers only the academic year for which it is intended; if you owe from a previous year, you must make other arrangements to pay this portion. Financial aid cannot cover prior academic year charges. You must pay any previous balance and any amount not covered by your financial aid.
 

7.     How can I defer payment of my bill based on the financial aid I will receive?

      To defer your bill, please access your ConnectCarolina Student Center. Look at the Finances Section and select “ACCOUNT INQUIRY” under “My Account”. Click the “Account Services” tab and select “Request Deferment”. Click the box for “Financial Aid Deferment” AND the “Statement of Understanding” and then click submit. There will be a confirmation screen after you click submit, click OK. Click the Account Inquiry tab to see the updated due date for deferred charges. Please note that the due date on the invoice will not change; only the due dates for the individual deferred charges, which you can see in the “Details by Due Date” section. You should complete this online deferment and remit payment to the Cashier’s Office for any amount not covered by financial aid and/or charges from a previous academic year.

Disbursement FAQ’s

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open studen loan: http://studentaid.unc.edu/application-status-2/disbursement-info/