Disbursements/Distribution of Financial Aid

Distribution of Financial Aid

Students are required to pay tuition and fees at registration, your awards MUST be in accepted status to be used at registration. Students receiving PLUS Loans cannot have costs deferred unless a Notice of Loan Guarantee has been received by the Office of Student Financial Aid; therefore students should be prepared to provide payment.

Financial Aid in the form of grants, scholarships and loans will first be applied towards the payment of outstanding tuition and fees owed to the college by the student. Financial aid awarded in excess of outstanding tuition and fees will be disbursed by check to the student approximately two weeks after the start of the semester, however there are some exceptions (listed below).

EXCEPTION #1: Aid funds will not be disbursed until you have started class.  If you are enrolled in “late start” classes, your disbursement will be delayed or reduced until you have begun attendance in all classes.
**(per Dept of Ed:”…must confirm that: if the disbursement occurs on or after the first day of classes, that the student has begun attendance.”)

EXCEPTION #2: For first time borrowers of Federal Direct Loans, disbursement of the loan funds will occur 4 weeks after the beginning of the semester. For students receiving a one-semester loan, two disbursements will be made. The first half will disburse 2 weeks after the semesters begins (4 weeks if first time borrower); the second half will disburse 4 (or two) weeks later (6 weeks into the semester).

EXCEPTION #3: PLUS Loans will be credited to the student account and all obligations will be deducted before a refund check is issued. Any credit balance from the PLUS proceeds will be paid to the Parent unless the parent authorizes CMC to pay the balance to the student. (See section B on the Parent Borrower Form).

Loans will not be distributed if the student is enrolled in less than 6 credit hours.
**(per Dept of Ed: “…you must confirm that: for DL loans, the student is enrolled at least half time.”)

All borrowers must complete a loan counseling session and Master Promissory Note  prior to receiving your first disbursement. We suggest you use the electronic entrance counseling on the web at StudentLoans.gov.

 

Ordering Books Using Your Financial Aid

For your convenience, CMC offers you the ability to purchase textbooks using your pending financial aid.

You must have completed all necessary paperwork and have sufficient funds remaining after charges such as tuition, fees, room and meals are deducted from your account.

To view and accept your available financial aid, please login to your WebAdvisor account. Your aid must be in “accepted” status to purchase books.

Deadline dates to order your books using financial aid apply; contact the Accounts Manager at your campus location.  In order to use your Financial Aid to purchase books, you must fill out the “CMC/Follett Flex Pay Agreement” with the Accounts Manager at your campus location.  This agreement will allow the Accounts Manager to set up with Follett Online Bookstore a credit account using the available financial aid.