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Federal School Code 005753

Payment of Financial Aid

With the exception of Federal Work Study, financial aid processed by the Office of Financial Aid will automatically be disbursed to the studentís student account, provided his/her application is complete and the student has met the requirements for each type of aid. The Office of Student Accounts will automatically deduct incurred costs (tuition, fees, lab costs, and other authorized charges such as books and supplies, etc.) from the financial aid that is credited to the studentís account. Any remaining financial aid is refunded to the student once the funds are available. With the exception of Federal Direct Parent PLUS Loans for which the parent has requested the refund, refunds will be issued via the Owens Higher One card and will be delivered in the manner the student chooses:

  1. Refund to the Owens Higher One debit card (approximately 2-3 business days after a refund appears on the studentís account); OR
  2. Electronic fund transfer to the studentís personal bank account (approximately 3-5 business days after the refund message appears on the studentís account).

For more information on the Owens Higher One Card, please see the Office of Student Accounts website.

Private scholarship checks received by the College will be directly applied to the studentís account unless otherwise specified by the scholarship donor. When the Office of Financial Aid is notified, it will be listed as part of the studentís aid package as an "outside scholarship".

If the studentís Federal Direct Loan is for only one semester, the loan will be issued in two separate disbursements within the semester. The second disbursement will be provided after half of the semester has been completed. New freshman Federal Direct Loan borrowers should note that federal regulations require the first disbursement of a Federal Direct Loan to be delayed until 30 days after the start of classes.

All Federal Direct Loan borrowers are required to be enrolled, have attendance verified in and maintain at least six credit hours at time of disbursement.

Financial aid disbursements for eligible students begin on the dates listed below.

  • Spring 2015: Financial aid disbursements for most students will begin on February 4, 2015. Loan disbursements for first time loan borrowers will begin on February 11, 2015.
  • Summer 2015: Financial aid disbursements for most students will begin on June 30, 2015. Loan disbursements will begin on July 1, 2015.
  • Fall 2015:Financial aid disbursements for most students will begin on September 16, 2015. Loan disbursements for first time loan borrowers will begin on September 23, 2015.
  • Spring 2016 : Financial aid disbursements for most students will begin on February 3, 2016. Loan disbursements for first time loan borrowers will begin on February 10, 2016.

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