- I just checked my award and only part of my student loan was disbursed! What happened?
- What is the disbursement of funds process for Direct Loans?
- When will federal student loans be disbursed to first-time freshmen for the Fall 2012 semester?
- When will my financial aid be disbursed for 2012?
According to federal regulations, institutions with high student loan default rates (greater than 10%) must disburse student loans in two payments. For example, if the payment period (e.g. Summer only) consists of only term, two disbursements must be made to the student. Hence, one disbursement must occur at the beginning of the term, the subsequent disbursement is then scheduled to be made at the mid-term.
If you were awarded a Federal Direct Loan, you must complete entrance counseling and eSign a new Promissory Note. Otherwise, your loan(s) will not be disbursed toward your account. You must also enroll in at least 6 hours.
ENTRANCE LOAN COUNSELING: Prior to receiving your first disbursement of William D. Ford Federal Direct Loan funds you will be required to complete an entrance loan counseling session. William D. Ford Direct Loan Entrance counseling is provided via the web at studentloans.gov.
COMPLETE YOUR DIRECT LOAN MPN: If you are awarded a William D. Ford Federal Direct Loan, your eligibility will be certified electronically. You must follow the steps provided via the US Department of Education’s web page at studentloans.gov and complete your master promissory note. The US Department of Education will be in touch with you when the loan has been approved.
Note: Students are required to complete Entrance Counseling annually.
Student Refunds for 1st Semester Freshmen:
First time freshmen may have a delay in receiving their refund due to the required 30 day delay for loan processing for 1st time students. If a first time freshman is only receiving federal loans as payment for their student tuition, fees, and charges and is expecting a refund after all tuition & fees, meals, housing, etc. are paid, you should expect your refund to be issued after September 29, 2012 for Fall 2012.
If you need to purchase books prior to the refund, please go to BOOKVOUCHER (link to website http://www.pvamu.edu/pages/4754.asp)
First Refund for Summer and Fall 2012:
- If your PANTHERTRACKS account has a credit balance on the morning of May 26, 2012 (8:00 a.m.) for Summer I your refunds will be disbursed from Treasury Services on Friday, June 3, 2012. If your PANTHERTRACKS account has a credit balance on the morning of July 1, 2012(8:00 a.m.) for Summer II your refunds will be disbursed from Treasury Services on Friday, July 8, 2012. If your PANTHERTRACKS account has a credit balance on the morning of August 24, 2012 (8:00 a.m.) for Fall 2012 your refunds will be disbursed from Treasury Services on Friday, September 2, 2012.
Students signed up for Direct Deposit:
- If your bank information is correct and current in PANTHERTRACKS you should receive your refund in your bank account within 2 to 3 business days. So look for your deposit in your bank account June 7-8, 2012 for Summer I 2012, July 12-13, 2012 for Summer II and September 7-8, 2012 for Fall 2012.
(Please note any direct deposits returned because of incorrect bank information will be mailed as a check to the address you have listed in PANTHERTRACKS)
Students not signed up for Direct Deposit:
- Your check will be mailed to the billing address that you have entered on PANTHERTRACKS. You should receive it in the mail within 5 to 7 business days. So look for your check in your mail box around June 10-14, 2012 or later for Summer I, July 15-19, 2012 or later for Summer II, and September 9-13 or later for Fall 2012.
The fastest and safest way to receive your refund is by direct deposit. To sign up for direct deposit, please log on to PANTHERTRACKS and select Direct Deposit Info for Student Refunds.
For more information on Direct Deposit:
- PLEASE UPDATE BANKING INFORMATION AND MAILING ADDRESSES IN PANTHERTRACKS AT LEAST 3 DAYS PRIOR TO REFUND BEING DISBURSED!
Normal Student Refund Process for the Remaining Semester:
- Student refunds are reviewed every Monday at 8am. These refunds will be reviewed for over award issues, other charges, etc. The net refunds will be issued a full 4 business days later –Friday. “Issued” means check will be put into the mail or the direct deposit will be processed by PVAMU’s bank. Mail time is 5-7 business days; direct deposit is 2-3 business days.
Student Refunds for 1st Semester Freshmen:
- First time freshmen may have a delay in receiving their refund due to the required 30 day delay for loan processing for 1st time students. If a first time freshman is only receiving federal loans as payment for their student tuition, fees, and charges and is expecting a refund after all tuition & fees, meals, housing, etc. are paid, you should expect your refund to be issued after September 29, 2012 for Fall 2012. If you need to purchase books prior to the refund, please go to BOOKVOUCHER (link to website http://www.pvamu.edu/pages/4754.asp)
Student Refunds on Parent Plus Loans:
- All refunds resulting from a Parent Plus Loans will be refunded to the student’s parent/legal guardian as stated on the loan application. If parent or legal guardian wishes to have refund amount refunded directly to student a signed written consent must be faxed to the Treasury Services office at (936) 261- 1959 along with parent/legal guardian picture ID. Documentation must be received by Treasury Services at least 3 days prior to refund distribution.
- If you should receive a refund, then decide to add a class, you will be responsible for paying for the additional tuition and fees for that course. If you should for some reason, not remain eligible for the awards you have received and the awards are reversed, you are responsible to pay back the University.
- If you should withdraw from a class it may impact your financial aid status. If you withdraw from a class you may still be obligated to pay for part or all of the tuition and fees related to your withdrawn class. Please see http://www.pvamu.edu/pages/3529.asp
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