With the exception of federal Stafford loans, all eligible financial aid funds are disbursed after the enrollment period of each semester (also known as the “add/drop” period). Starting Oct. 22, 2014 any 1st time freshman loan borrower will have their federal Stafford loan paid to the student account once 30 days of the semester has lapsed. All federal Stafford loan borrowers who have a loan for a single semester will have their loans paid out in two equal disbursements during the semester.
As part of financial aid processing, each student gives MSSU authorization to apply Federal Title IV funds to their student account for charges other than tuition, fees, and room and board. Other charges may include, but are not limited to, books and supplies. Student may rescind this authorization at any time. However, if authorization is rescinded, student is then responsible for payment of any balance due to the university, and will be unable to enroll for the next semester until their account is paid.
Pell Grants, as well as all other aid programs, are intended as only a supplement to help cover university attendance costs. These programs cannot be construed as a way to pay a student’s entire living expenses while attending.
Students will be paid financial aid for the number of hours they are enrolled at end of enrollment period (2 weeks into the semester). Exact disbursement dates are available from Financial Aid and Bursar’s Offices each semester.
Pell Grants which have disbursed will not be adjusted to allow for a late start class. Additionally, the student must have been enrolled in the class by the end of the regular semester class add/drop period. The first disbursement of aid funds will be for those students who have completed all financial aid requirements (including online Terms & Conditions, Master Promissory Notes, Entrance Counseling etc.) and who have begun attendance in all enrolled classes. Students who submit and/or complete financial aid requirements after the priority deadline are considered late applicants and may need to make arrangements with the Bursar’s Office for payment of their student account. The financial aid requirements for late applicants will be processed on a rolling basis (first-in, first-out) as the Financial Aid Office and Bursar’s Office are able to complete the award cycle.
All Title IV financial aid funds, as well as any state aid funds, will be posted directly to the student accounts on a weekly disbursement cycle. If a credit balance remains, a refund will be issued electronically or by mail. The student will be notified of their right to reduce or cancel their loan when their loan proceeds are posted to their student account. Accounts that remain unpaid will be subject to collection action by Bursar’s Office.