Step 5 - Disbursements - Receiving Financial Aid Funds

Section Contents

Missing Information & Cashier's Holds

  • Missing financial aid documents can delay evaluation of your financial aid eligibility and therefore delay disbursement of your aid funds.
  • If you were awarded prior to May for the approaching Fall and did not maintain Satisfactory Academic Progress (SAP), we cancelled your aid in May pending your appeal.
  • Any prior balance can result in a Cashier's Hold being placed on your account by Student Accounts. This will stop you from being able to register for the next semester/term. The financial aid office is unable to remove a Cashier's Hold, you must contact the A/R office for your site to make arrangement to pay the balance.

Payment

  • You should receive a statement of what you owe for a particular semester/term when you register for that term.
  • Financial aid will disburse on the last day of free drop/add.
  • You are expected to pay the difference between the financial assistance credited to your account and the amount of the charges debited to your account.
  • A credit balance will be released to you.
  • If additional charges are placed on your account after a credit balance is released to you, you are expected to pay any debit balance in order to register for the next term.
  • Any prior balance can result in a Cashier's Hold being placed on your account. This will stop you from being able to register for the next semester/term.

Payment Options

  • Sometimes a student will find that even after financial aid has been applied to their account, they will still have a balance owing. If a student is not eligible for enough funding to cover all tuition charges they are responsible for the remaining balance. Students may meet their financial obligation by paying in full any remaining balance to the Troy University Business Office.
  • Troy University policy states that registration, grades and transcripts  will be held until all outstanding charges have been paid and the student’s account has been cleared.
  • As a last resort some private lenders will allow students and former students to borrow to cover the amount of their past due balance in order that the balance can be cleared to allow the student to release registration holds. Students may also borrow depending upon circumstances in addition to Stafford Loans.

Late Fees

If an amount is owed on your account after the first third of the semester, late fees may be applied to your account. You may contact the Troy University Cashier's Office at (334) 670-3124 to determine when payment is due and when late fees may apply.

Disbursement of Financial Aid and Scholarships

Disbursement is the process through which your financial aid is released to you through your student account based on your enrollment at a point in time. Several steps are involved in that process:

  1. Your aid is first used to cover any charges you owe the University, such as tuition, fees, room and board.
  2. Any funds remaining will be released to you by the Cashiers Office.
  3. Funds are disbursed to your account based on your enrollment on the first day after the end of free drop/add. If you added courses after that point, have your site advisor notify the financial aid office. The policy of disbursing after the last day of free/drop add is a University Policy created by the senior administration.

Financial Affairs - through the office of Student Financial Services formerly the Cashier's Office handles the release of students' funds, including:

  • All financial aid including scholarships
  • Federal Work Study payroll checks and Workship checks
  • All credit balance refunds
  • Funds are disbursed to your account based on your enrollment on the first day after the end of free drop/add. If you added courses after that point, have your site advisor notify the financial aid office.The policy of disbursing after the last day of free/drop add is a University Policy created by the senior administration.
  • Students who begin in a term other than Fall/T1-2 will need to complete a Partial Year Loan Request Form for the appropriate year. This is not a Summer/T5 request form.

When Funds are Available (Availability of Funds)

Funds are disbursed to student accounts the day after the last day of free drop/add. The policy of disbursing after the last day of free/drop add is a University Policy created by the senior administration. The Cashier's Office will issue refunds within 3 full days of a credit balance on the account (usually two weeks after the first day of classes). Students are expected to be prepared with sufficient funds for maintenance, books and supplies for at least two weeks.

Methods of Receiving your Credit Balance From Your Student Account

For information regarding the methods of receiving your refund, please visit the Trojan OneCard website.

Consequences of Dropping Credits

  • If you drop credits prior to the last day of free/drop add (prior to aid disbursing to your account) your aid will be adjusted accordingly.
  • If you drop credits after aid is disbursed to your account, you may have received aid for which you were not entitled. If this is the case your aid will be adjusted.
  • If aid is adjusted and you then owe Troy University additional funds, you will not be able to register for future semesters/terms until your balance is paid.
  • If you have an outstanding balance on a Perkins or Stafford Loan the date you drop to less than half-time is the date used for the start of your grace period; you will go into repayment as soon as six months after that date and agreed at the time of your loan to let your lender know when you drop to less than half-time.
  • If you withdraw or drop to less than half-time, you must complete an Exit Counseling for your Stafford student loan which will go into repayment six months after you are less than half time.
  • You agreed when you signed your MPN to contact your lender if you drop to less than half-time.
  • When dropping credits or withdrawing keep in mind that future financial aid could be withheld due failure to meet our Satisfactory Academic Progress policy.

Consequences of Changing FAFSA Data after Disbursement

  • If you change your FAFSA data after your aid has disbursed for that same academic year, your disbursements could be cancelled or reversed. This is especially true if we have reviewed your data with a process called Verification.
  • Always request (in writing with documentation) for the financial aid office to make changes to your FAFSA data for the FAFSA year for which you are enrolled (rather than doing them yourself).
  • After you are enrolled, send a Partial Year Loan Request (see Forms for the appropriate year) for the aid office to change your FAFSA data, when changing from undergraduate to graduate.
  • Changing FAFSA data yourself for the same year for which aid has disbursed will result in our selecting you for Verification of the changed FAFSA data elements if the Department of Education neglected to select you.

Refund Policy

Course drops (contact the records office for drop/add procedures.) For more information on the refund policy refer to the Undergraduate or Graduate Bulletin.

Withdrawing from Troy University

  • Students who withdraw during the semester are required to notify the Financial Aid Office and may be required to repay all or a portion of the funds awarded for that semester/term.
  • If you withdraw or drop to less than half-time, you must complete an Exit Counseling for your student loan which will go into repayment six months after you are less than half time.
  • You agreed when you signed your promissory note to contact your lender when you withdraw or cease attendance.
  • Withdrawal may also mean that future financial aid could be withheld due failure to meet our Satisfactory Progress Requirements.
  • Students should follow the withdrawal procedures explained in the Undergraduate or Graduate Bulletin.
  • Withdrawal prior to the completion of 60% of any term/semester, could result in funds being returned to their sources. If so you will be responsible for the balance due on your student account.

Withdrawals for Students Receiving Title IV Aid

In addition to Troy University's withdrawal policy, if a student is a recipient of Title IV aid [Pell Grant, Supplemental Education Opportunity Grant (SEOG), Stafford Loans, PLUS Loan, and Perkins Loan], federal regulations administered through the U.S. Department of Education will apply. If a recipient of Title IV aid withdraws during the term, the university will calculate the amount of aid the student did not earn, and the unearned portion will be returned to the Title IV programs. The student is responsible for any charges which are unpaid as a result of the return of Title IV funds.

Generally speaking, a student earns Title IV aid based on the number of days completed during the term prior to withdrawal. Once 60% of the term has been completed, the student is considered to have earned 100% of the Title IV aid awarded.

If you withdraw you must complete the Exit Counseling (For any disbursed student loans repayment begins six months after you are no longer a half-time student).

Specific Financial Liability Information about Withdrawal and Dropping Out

Withdrawal from all sites and locations impacts your financial aid differently depending on when the withdrawal is initiated and the type of financial aid you received. In all cases, your financial aid must be recalculated. Review detailed withdrawal policies and procedures for more information.

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