The timing of a loan or TEACH Grant notification varies depending on whether a school obtains affirmative confirmation from a student that he or she wants a loan or accepts the grant. features and fees associated with financial accounts under T1 to you quickly. The Middle Class Scholarship (MCS) can be awarded to undergraduate students and students pursuing a teaching credential. These donors recognize that scholarships help provide a financial pathway to a college education, and are passionate about helping students succeed. The following reflects applicable systemwide tuition and fees for semester campuses. credit balance will be remitted. 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. A student or parent may cancel or modify an authorization at any time. assessed fees associated with each financial account offered under a card provided to the student for school activities, such as a 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). Financial Aid Disbursements for a term begin 10 days before the first day of class. demonstrated otherwise. A credit-balance authorization must provide detail that is sufficient cover unpaid institutional charges; obtain permission to make a late disbursement of grant or loan This again creates a credit balance of $800 that the school transfers to her specified bank account. Direct Deposit refunds are processed and disbursed by the University within 2-3 business days. eRefundis the fastest and most secure method to receive any refund from CSUSM. See Question 10 in the March 5, 2019, electronic announcement. If the school has any conflicting documentation or other reason to believe that it does not have a valid output document, it may not make an interim disbursement. Refunds related to changes in your enrollment (withdrawal, cancellation, changing Satisfaction of the requirements of either subparagraph a or subparagraph b: Registration as an entering student at, or current enrollment at, an accredited institution of higher education in California not earlier than the Fall semester or quarter of the 200102 academic year. students account; or. When making a late disbursement in this circumstance, the school may credit the students account for allowed charges but must pay or offer any remaining amount to the student or parent. If a fee (like a registration or technology fee) is required for all students in a program, it is considered an institutional charge. The FSA regulations Financial Aid Disbursement Schedule 2021-2022 * Updated 05/13/2022 Eligibility requirements differ among the various financial aid programs. Verification is a process in which the Financial Aid Office is required to review the information submitted on the FAFSA or Dream Act application. parent directly. Please be advised that an additional 1-3 business days may be required for banks to process and post to your bank account. A limited number of Cal Grant awards are currently made available each year on a competitive basis for students who do not qualify for one of the entitlement programs. Notification of disbursement In general, there are two types of notifications a school must provide: (1) a general notification to parent Direct PLUS borrowers and all students receiving FSA funds, and (2) a notice when FSA loan funds or TEACH Grant funds are credited to a student's account. Please see instructions below. However, the parent may authorize your school (in writing or through studentaid.gov) to transfer the proceeds of a PLUS Loan credit balance directly to the student for whom the loan is made (for example, to a bank account in the students name). not be entitled to a refund.Spring 2023 Proration Schedule. amount of any credit balance due under 34 CFR 668.164(h) before the In general, FSA funds may only be used to pay for the students costs For more info refer to the Enrollment & Recalculation of Aid page. A school may disburse Pell, TEACH Grant, Iraq & Afghanistan Service Grant, or FSEOG funds to a student on a leave of absence. other educationally related charges a school assesses a student are institutional charges, unless When T1 and T2 accounts are opened through outreach to a schools GI Bill is a registered trademark of the U.S. Department of Veterans Affairs (VA). the servicer to perform activities or transactions that lead to or support Schools must submit Direct Loan and Pell, TEACH, and Iraq and Afghanistan Service Grant disbursement records to the COD System no later than 15 days after making the disbursement or becoming aware of the need to adjust a previously reported disbursement. Financial Aid Grant Disbursement Dates 2022-2023 Use this disbursement schedule to check for the disbursement dates of the award funds shown on your Award Letter or on your WebAdvisor/Student Self Services. Your school has the option of paying its share of a students FWS wages in the form of a noncash contribution of services or equipment for example, tuition and fees, room and board, and/or books and supplies. disbursement within a time frame related to the date of that disbursement. are disbursed in two payments for the academic year, half for the fall term and half (See Volume 2 and 34 CFR 668.25 for more information about third-party servicer contracts.). As explained later in this chapter, a school generally has 14 days to pay an FSA credit balance to the student or parent, unless it has written permission to hold the credit balance. financial accounts is as timely and no more onerous to students It may take up to 14 days from the date CSUSM processes the refund for the credit 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. Home, Expand Menu Item posting Title IV funds to student accounts; calculating a students Title IV An authorization must include the following: An authorization must explain what FSA funds are covered by with the funds in some form (e.g., a check, cash, or an appropriate stored value See DCL GEN-16-16 for more about the cost disclosure requirements Title IV funds on behalf of the school include: receiving Title IV funds; The Grant Recalculation date is the day after add/drop or (3) return the funds to the appropriate Title IV program. The person who qualifies for this waiver must enroll as an undergraduate student at a CSU, was a resident of California during the COVID-19 pandemic state of emergency, and the annual income (including the value of parents support) does not exceed the maximum household income and asset level for an applicant for a Cal Grant A award, as set forth in Section 69432.7. the Title IV payments. financial institution in the name of the student. on behalf of the school, and the school or third-party servicer makes For purposes of the refund policy, mandatory fees are defined as those systemwide and campus fees that are required to be paid in order to enroll in state-supported academic programs at the CSU, available at www.csusm.edu/sfs. disclosures. 16 . NOT be attached to a line of credit or loan agreement under Noninstitutional charges (not included in an R2T4 calculation) Current Students, Expand Menu Item or parent before it requests funds through G5 or the Department When the school reduces the students Direct Loan actual disbursement amounts in the COD System, Schools, third-party servicers, and financial institutions are jointly is delayed due to invalid account information, CSUSM will reach out to you as soon (See Volume 2 for more information on The Electronic Signatures in Global and National Commerce Act or E-Sign Act). In all cases student consent must be obtained in writing (including electronically) and schools must retain copies of that consent. A school may include two or more of the items that require authorization in one statement. Subsequently, the school may receive a SAR/ISIR program with terms that are not substantially equal in length must have remaining Pell Grant eligibility for summer. Financial aid refunded to students enrolled for the fall term. balance to a student no later than 14 days after the date it was created or no later Disbursement Process Disbursement of Funds When a student accepts his or her financial aid disbursement (payment), he or she is agreeing to the Terms and Conditions of his or her financial aid award. The CSU makes every effort to keep student costs to a minimum. whether the fees imposed under the T1 arrangement disbursement of those funds would have created an FSA credit balance. See Federal Register Volume 84, Number 212, November 1, 2019. (See the end of Chapter 1 for more on escheating.) 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. disburse twice a week through Census and continue weekly thereafter. https://www.csusm.edu/finaid/scholarships/other_scholarships_opportunities.html. Note that the documented cost is the amount the school paid for the equipment, which may be different than what students were charged for it. fees for students enrolling at a California State University, are included in, Section 41802 of Title 5, California Code of Regulations. (See Volume 5.). enrollment following the date that such Title IV, HEA program The President shall provide to the fee advisory committee a report of all campus-based mandatory fees. Spring 2023: First disbursement date is January 19. or national network. A school may also credit a students account with a late disbursement of FSA funds for other allowable charges of educationally related goods and services provided by the school if it obtained the students or parents authorization under 668.165(b) before the student lost eligibility (this authorization also applies toward other allowable charges of prior-year charges up to the $200 threshold). The Department considers that a school has issued a check on the Unless otherwise specified, a student or parent may authorize a school to carry out the allowable activities for a specific period of time such as an academic year or for the entire period the student is continuously enrolled, including multiple academic years. recipient with all the rights and responsibilities of an FSA recipient. If the bookstore is on campus or in any off-campus building or property the school owns or controls, the school must include the bookstore among the locations for which it reports campus crime and safety information. document eligibility for the late disbursement. Except for the disclosure requirements regarding students enrolled any other remaining FSA program funds by the end of the 668.165(b), allowing the school to use Title IV funds to pay for The final amount will be based on the number of students eligible for the MCS statewide and the funding allocated by the State Budget. does not incur a financial obligation for those items but only they are enrolled on the first day of classes. A school that includes the costs of books and supplies in the tuition charged and provides all of those materials to the student at the start of his or her classes meets the requirements of these regulations. $1,234). times the school or its third-party servicer makes direct payments a week. A school may continue to share information related to enrollment notified by the Financial Aid & Scholarships Office prior to the summer payment deadline. If a person believes they do not owe all or part of an asserted unpaid obligation, that person may contact the Cashiers Office in Student Financial Services to submit a University Fee Appeal. First Day of Summer 2023 Financial Aid Disbursements. A school located in a state that makes direct payments to students by EFT and that enters into an arrangement described later in this chapter under Tier One and Tier Two Arrangements must establish a **selection process* under which students choose one of several options for receiving those payments. status is defined as outlined in the table below. students authorization if such charges are not institutional charges). In addition, a student who loses eligibility for a reason other than his or her withdrawal and subsequently signs a promissory note may receive a late disbursement of the applicable amount of his or her loan funds. Note that these are not necessarily the amounts that will actually be awarded: Subsidized/Unsubsidized Direct Loan for First Loan Period, Subsidized/Unsubsidized Direct Loan for Second Loan Period. KTC posts the charges for the entire to receive your refund. Current financial aid recipients who are enrolled in summer courses Pell Grant and Cal Grant awards are prorated, based on enrollment. Petitions for refunds outside the scope of published policy are approved only when applicants can demonstrate exceptional circumstances, and the chief financial officer or designee determines that the fees and tuition were not earned by the University. Electronic checks have no convenience fee. The following maximum Federal Student Aid awards are available to Hanna for her program based upon Only the student dropping all their Any credits remaining after all tuition and fees are paid are then refunded to students. Other FSA requirements apply to years: an average of 500 or more of its students had a Title IV credit The Department considers that Title IV funds are disbursed on the date that schools (a) credit those funds in their general ledger or any subledger to a students account or (b) pay those funds to a student or parent directly. If a student or parent cancels an authorization to use FSA funds to pay for other allowable charges, the school may use FSA funds to pay only those authorized charges incurred by the student before the school received the notice. Note that Direct Loan funds credited to a students account must pay for In order to comply with the excess cash regulations (described in Chapter 1), when requesting funds with which to make FSA disbursements, schools must ensure they do not draw down more cash than they can disburse over the next three business days. units they are enrolled in before the Grant Recalculation date, their Grants will A school may include the costs of books and supplies as part of tuition and fees in any of the following three situations: The school demonstrates there is a compelling health or safety A school cannot use current Title IV funds to cover more than $200 in prior-year charges, even with a student or parent authorization. The Bursar's Office will apply the aid disbursements to expenses assessed for enrollment and other items purchased through the university. For more on the GLB Act, see FTC standards for safeguarding customer information in Volume 2. And it's not uncommon for different programsbachelor's degree, associate degree, certificate program, etc. at the same school, to have different payment schedules. of Title IV funds the student or parent is eligible to receive and pay the Schools that participate in T1 arrangements must ensure that students actively consent to participate in any account offered under that T1 arrangement and that, in obtaining students consent, schools must satisfy the standards presented earlier in this chapter under Schools must provide students a choice, such as informing students of the terms and conditions of each financial account offered. school with written notice of the change within a reasonable Parents, Expand Menu Item However, because FSA credit balance funds are funds that have already been disbursed, a school must pay an FSA credit balance to a student on a leave of absence. services provided by the institution if you obtain the students The school significantly modifies a contract with an existing thirdparty Please contact us any time you have questions enrolled in less than 6.1 units at the end of the add/drop period would have a change as those that explicitly refer to third-party servicers; be jointly and severally liable with the school for any violation by the servicer of any As mentioned earlier, for a program with substantially equal payment periods, a school prorates the charges associated with a current payment period by dividing the total institutional charges for the program by the number of payment periods in the program. Financial Aid Application Timeline. If a student borrower is subject to the 30-day disbursement delay and a school Graduated from a California high school or received a high school equivalent degree (GED). The Cal Grant B program provides need-based grant assistance to high-potential students from low-income, disadvantaged families to help offset tuition/fee and other costs for high school graduates with at least a 2.0 grade point average. phone numbers to ensure CSUSM can get your refund check delivered to a current address times the school or its third-party servicer makes direct payments As long as the school previously confirmed that the student began attendance for the loan period and was enrolled at least half time, it is not required to reconfirm attendance before making a late disbursement of the loan. account; opening a bank account for the student; and. The total nonresident tuition paid per term will be determined by the number of units taken. Hold an FSA credit balance (see the discussion later in this part of a contract with the institution, Providing students access to Title IV credit balances through schoolissued, Therefore, if PLUS Loan funds create a credit balance, the credit balance would have to be given to the parent. For instance, if a school provides a bookstore voucher, the student may opt out by not using the voucher. These rates are subject to change. the second academic year. 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. payment period for which he or she received Title IV 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. notify the school that he or she wishes to cancel the loan, loan Except for the disclosure requirements about students enrolled (These rules apply to the FWS program as well.). Schools may not use a conversationeither in person or on the telephoneas the sole notification of disbursement because that is not an adequate and verifiable method of providing notice. Submit all "initiated" To Do List Items promptly. January | Deadline for CSUSM Scholarships. Students will be charged and liable for registration fees and nonresident tuition https://csusm.academicworks.com/, In addition to our CSUSM General Scholarship Application, students may also apply for external scholarships offered by other community members. to the financial institution or its agents, other than directory disburse any remaining balance by the end of the schools final However, schools can use verbal notices in addition to written notices. ensure that students who do not make an affirmative which their Title IV aid was based; verifying that students are making satisfactory academic progress (SAP); determining the type and amount of Title IV funds that students balance because the total amount of FSA funds ($1,500) credited to the students account date on the SAR/ISIR. created an electronic loan origination record in its system before the date financial account. An email will be sent once your aid has been applied to the balance on your student Direct PLUS Loan funds that a parent does not authorize the student to The refund may be applied to any outstanding balance on the student account (if applicable), of the refund policy demonstrating exceptional circumstances which prevented the student Failure to follow formal withdrawal procedures may result in the assignment of failing grades, an obligation to pay fees, and the These rules apply to the Pell Grant, Teacher Education Assistance for College and Higher Education (TEACH) Grant, Iraq and Afghanistan Service Grant, Federal Supplemental Educational Opportunity (FSEOG) Grant, and Direct Loan programs. A school must provide the best information that it has regarding the amount of FSA program funds a student can expect to receive. At the time of disbursement, the aid will apply to the registration fees and debts before any balance is given to you. Section 68130.5 A nonresident student,other than a person excluded from the term immigrant for purposes of the federal Immigration and Nationality Act (8 U.S.C. during the award year, the T2 requirements end when the student is period for which the loan was intended. to student accounts.
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