Disbursement of Aid

How you will receive your aid funds?

• Grants and Scholarships appear as a credit on your student portal as pending until the disbursement date.
• Federal Stafford Subsidized or Unsubsidized Loan requires a Master Promissory Note, Entrance counseling and acceptance of awards via the student loan data sheet. A temporary credit (pending credit) is placed on the your student account once all paper work is completed. Loans will begin disbursing after the drop/add period is complete for the semester. 
• Parent PLUS Loan and Grad Plus Loan require completion of a Master Promissory Note, Parent Loan Application Form, and a credit approval. If these requirements are met, a temporary credit (pending credit) will appear on your billing statement and actual funds will disburse after the drop/add period.
• Alternative loans are applied as pending aid if the loan has been approved.
• Work-Study does NOT appear on the bill and does not reduce the amount owed. Students are responsible for using their pay for school-related expenses.

Refunds of excess financial aid
When your disbursed financial aid and other payments (not including pending aid) exceed your charges, you are entitled to a refund of the excess amount.

Changes in enrollment
You may be billed for a portion or all of your financial aid if you drop credit hours or are not at the minimum credit level required for aid eligibility which was returned to the department of education as require by law. If you'll be attending as a part-time student or if you're considering dropping a class, it is important to discuss it with the financial aid office. How enrollment levels effect your financial aid

Adjustments to aid
If changes must be made to your financial aid package, it is sometimes necessary to bill you back for aid already disbursed.

All financial aid and educational resources must fit within your budget. If we become aware of additional financial aid or other resources, this overaward must be eliminated by reducing or cancelling other aid.

Cancellation of loans
You have the right to cancel all or a portion of your PLUS, or Stafford loans, even after the loan funds have been disbursed to you. If you wish to cancel an already disbursed loan, you must notify the office of financial aid within 14 calendar days of the billing statement notifying you that the funds have been applied to your account.

The parent borrower has the right to cancel all or a portion of the PLUS, even after the loan funds have been disbursed to your student account. If the parent wishes to cancel an already disbursed PLUS, the borrower must notify office of financial aid within 14 calendar days of the billing statement notifying you that the funds have been applied to your student account.

Withdrawal from Cox College
You may be billed for a portion or all of your financial aid if you withdraw from the college. The bill calculated as a result of withdrawal will depend on the effective date of withdrawal, the percentage and amount of institutional refund, and/or the last date of class attendance. See Cox College handbook page 51 for more information about the Return of Title IV funds

How does my enrollment level affect my financial aid?

 How Enrollment Level Affects Financial Aid (academic year)

*(1) IN SOME CASES, student will lose all Pell Grant eligibility if below full-time enrollment

* (2) If the student changes enrollment prior to the disbursement period, the award will be adjusted or cancelled as appropriate. If the student changes enrollment after the disbursement date, the award will not be adjusted unless the student withdraws from the college or is withdrawn from the college due to non-attendance. 

* (3) If the student fails one or more courses due to non-attendance, the Office of Financial Aid, in consultation with the Registrar, will determine the student's last date of academic activity in the class and adjust the Pell Grant accordingly.  This may result in return of funds to the department of education.

NOTE: If a student receiving financial aid withdraws from the College, the student may be required to repay a portion of the financial aid received for the semester in which the withdrawal occurs. A withdrawal calculation is performed by the Office of Financial Aid.

Enrollment Level by Number of Credits

Number of credits shown to determine enrollment level is for financial aid purposes and may not necessarily follow the College's guidelines.

Note: if the student has an award not referenced in Table A, please contact the Office of Financial Aid for additional information regarding the unlisted award. Table A references only the most frequently awarded aid programs.

Email to a friend

Printer Friendly Page