Satisfaction of the requirements of either subparagraph a or subparagraph b: Registration as an entering student at, or current enrollment at, an accredited institution of higher education in California not earlier than the Fall semester or quarter of the 200102 academic year. same credit card. A school may make a prior-year, late, or retroactive disbursement during the current payment period as long as the student was enrolled and eligible during the payment period covered by that disbursement. By signing up for eRefund (direct deposit), refunds will automatically be The disbursements may be credited to the students account or made directly to the student or parent, as discussed earlier. credit balance will be remitted to you. For more info refer to the Enrollment & Recalculation of Aid page. typically by the end of the following weekafter funds are creditedto the student's For instance, an authorization permitting a school to hold an FSA credit balance must provide detail that is sufficient to give the student or parent a general idea of what charges the credit balance would be used to pay. as a student ID card, is validated, enabling the student to use COD System; requesting funds under the advance, reimbursement, or heightened status of the student on the Grant Recalculation date. If a school chooses to make a late disbursement of a Direct Loan to a student who ceases to be enrolled as at least a half-time student, the school determines the amount of the late disbursement of the Direct Loan it will offer the student by determining the educational costs the student incurred for the period of instruction during which the student was enrolled at least half time. For example, Ms. Inu Nagar enrolls at Eaglewood Technical Institute (ETI) as a computer The Department considers this requirement to be met if: a school documents that it conducts reasonable due Overdue Media Equipment (fee per hour or day based on loan period), Overdue Reserve Item (fee per hour or day based on loan period), Excessive Use Fee Reserve Item (applied at billing). Similarly, if a charge is part of an enrollment agreement or any addendum or if the school routinely debits a students ledger account for the amount with the tuition and fees, it is generally an institutional charge. status is defined as outlined in the table below. current charges incurred by the student at the school for tuition and fees as defined in Volume 3, and room and board if the student contracts with the school (third-party or passthrough charges are not included except in the case of third-party housing, books, and supplies contracted by the school); the prorated amount of those charges if the institution debits eRefundis the fastest and most secure method to receive any refund from CSUSM. The CSU is committed to redirecting a portion of fee revenue to providing eligible students with need-based grants. in a refund or what your balance will be after your financial aid applies. Schools must submit Direct Loan and Pell, TEACH, and Iraq and Afghanistan Service Grant disbursement records to the COD System no later than 15 days after making the disbursement or becoming aware of the need to adjust a previously reported disbursement. as we are made aware so a correction can be made. date on the SAR/ISIR. financial institution associated with the third-party Because schools on the HCM2 and reimbursement payment methods must, as part of their request for Title IV funds from the Department, submit documentation showing that students were eligible to receive the funds disbursed to them, and because final determination of student eligibility includes completing verification, HCM2 and reimbursement schools are not able to make interim disbursements. must document that the charges are not institutional charges. responsible to pay: To review what amountis owed by due date, click the Charges by Due Date link in Therefore, a school must review its records to see if a student who did not receive a disbursement of FSA funds before becoming ineligible is eligible for a late disbursement. . If your school has lost contact with a student who is due a Title IV school would use if the school had to return funds because the student withdrew before the 60% point in the payment purposes of making direct payments of Title IV, HEA program funds. fees for students enrolling at a California State University, are included in, Section 41802 of Title 5, California Code of Regulations. Under affirmative confirmation, a school obtains written confirmation of the types and amounts of Title IV loans a student wants for the period of enrollment before the school credits the students account with those loan funds. In order to comply with the excess cash regulations (described in Chapter 1), when requesting funds with which to make FSA disbursements, schools must ensure they do not draw down more cash than they can disburse over the next three business days. A charge does not have to appear on a students account to be considered an institutional charge. federal payments and as such must be deposited into an account at a Thu. school with written notice of the change within a reasonable a school disburses Title IV funds to a student to buy required books, equipment, supplies, or In the Charges by Due Date page, you can review what amount is due by each due date. to the financial institution or its agents, other than directory You can change youreRefundinformation at any time by clicking the 'Enroll in Direct Deposit' link in your Student 10 days before the In addition, a student who loses eligibility for a reason other than his or her withdrawal and subsequently signs a promissory note may receive a late disbursement of the applicable amount of his or her loan funds. A school must comply with all of the requirements that apply to that was not used during the preceding fall or spring terms. A credit-balance authorization must provide detail that is sufficient If that member of the Armed Forces of the United States who is in attendance at an institution is thereafter transferred on military orders to a place outside this state where the member continues to serve in the Armed Forces of the United States, the member shall not lose the members resident classification as long as the member remains continuously enrolled at that institution. terms that are substantially equal in length, Undergraduates/Teaching CredentialsNumber of Units. credited does not matter. in enrollment status to Part-Time and a reduction in fees, resulting in a refund. than initiating an EFT to accounts provided under Tier 1 Students who are first-time, first-year borrowers completed 30 days of the program (subject to waivers discussed in Volume 3). Mon. If the student has only temporarily dropped below half-time enrollment, you may still make a Direct Loan disbursement after the student resumes at least half-time enrollment within the current payment period. A late disbursement that a student who withdraws during the payment period or period of enrollment has earned based on a return of Title IV funds calculation is called a post-withdrawal disbursement. parent assumes responsibility for the loan and has the right to cancel all or a portion does not incur a financial obligation for those items but only payments to the student and not for direct marketing or any other CSUSM Scholarship Opens - One application for the various scholarship opportunities administered by CSUSM. Payment plans are available. withdrawal that exceeds the balance in the financial account or educationally related goods and services provided by the school The State University Grant provides need-based awards to assist in covering the tuition fee for eligible undergraduate, graduate, and post-baccalaureate students who are California residents. You may provide the required notice through direct mailing to each individual through the U.S. disburse twice a week through Census and continue weekly thereafter. Important:Pending Financial Aid will not appear on this page until it is disbursed. For students to receive a late disbursement, these conditions must have been met before they lost eligibility [34 CFR 668.164(j)(2)]. funds for other than institutional charges (if not previously During the fifth week and after, we process disbursements weekly. Except in the case of loan funds made as part of a post-withdrawal disbursement (see Volume 5 for notification requirements in such cases), when Direct Loan or TEACH funds are being credited to a students ledger account, the school must also notify the borrower in writing (paper or electronically) of the: anticipated date and amount of the disbursement; students or parents right to cancel all or a portion of a loan, loan amount in whole dollars, and a comma after the thousands place (e.g. the Finances section of your Student Center. In response to current trends, banks and financial service companies Refunds of fees and tuition charges for self-support, special session, and extended education programs or courses at the California State University are governed by a separate policy established by the University, available at: www.csusm.edu/el. the last payment period in the award year for which the funds were awarded. Financial aid disbursements for Summer Session and study abroad and exchange programs may differ. If a school is subject to this requirement to report information about student account holders, it includes information on all enrolled students that had financial accounts at any time during the most recently completed award year, not just those who opened an account during that year. If you withdraw your authorization, the University will deliver any remaining credit balance to you within 14 days after receipt of your cancellation. The school must also maintain, at all times, cash in its bank account at least equal to the amount that it holds for students. CSUSM studentswill be notified via email of their estimated financial aid award amount. The school gets written authorization from students who opt When T1 and T2 accounts are opened through outreach to a schools apply to Tier 2 accounts. The required fee shall be subject to referendum at any time upon the presentation of a petition to the campus President containing the signatures of 10 percent of the regularly enrolled students at the University. Insurance Corporation (FDIC) or the National Credit Union All refunds for payments using a credit card will be credited back to the original regional ATM network that has ATMs sufficient in number During the first four weeks of the semester, disbursements are scheduled to run twice a week. Upon accessing the direct deposit information page, indicate which type of account demonstrate financial need (for most programs), be a U.S. citizen or an eligible noncitizen, have a valid Social Security number (except for students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau), be registered with Selective Service, if youre a male (you must register between the ages of 18 and 25), be admitted into a degree-seeking program, be enrolled at least half-time to be eligible for, sign the certification statement on the Free Application for Federal Student Aid (FAFSA)at, you are not in default on a federal student loan, and do not owe money on a federal student, and, you will use federal student aid only for education purposes. We also note specifically when any rules apply to Federal Work-Study (FWS) disbursements. related expenses (e.g., parking or library fines, the cost of For purposes of financial aid, enrollment consistent with or are above prevailing market rates. in the term for which the fees were assessed and collected. of the semester viaeRefundbe sure to sign up at least two weeks prior to the start of term. When making a late disbursement in this circumstance, the school may credit the students account for allowed charges but must pay or offer any remaining amount to the student or parent. For information concerning any aspect of the refund of fees, please e-mail sfs@csusm.edu. Community college students who do not already have a Cal Grant may be eligible to receive a Cal Grant A or B Transfer Entitlement award if they have at least a 2.4 grade point average when transferring to a baccalaureate degree granting institution. 16 . Bank's routing and account numbers ready. which is the third payment period in the programis only 300 hours versus 450 in the first and second some schools charge a student up front for the total cost of a multiyear A school may disburse Pell, TEACH Grant, Iraq & Afghanistan Service Grant, or FSEOG funds to a student on a leave of absence. longer enrolled and there are no pending Title IV disbursements at the It may take up to 14 days from the date CSUSM processes the refund for the credit enrollment status with the financial institution or entity that is party to FSA regulations refer to the amount of aid that exceeds the allowable Note that if you elect not to sign this form or if you later cancel your authorization, you will be required to pay any outstanding charges to the University. The email will include your financial aid payment amount and the date of disbursement. charges, whichever is less; the documented cost of unreturnable equipment; and. the date the school notifies the student or parent of his or her A school may pay a Title IV credit balance several ways including If a school has already submitted information regarding its third-party servicer(s) as part of applying for certification or recertification, no additional submission is required. While checking accounts can be used, so can savings accounts. December | Aid Award Notifications. equipment (including kits) as part of a programs enrollment agreement, Financial aid awards do not pay user fees, such as parking fees, Information on procedures and deadlines for canceling registration and dropping classes is available in the Schedule of Classes. A financial account where information about the account is If an EFT to a students or parents financial account is rejected, or a check to a student or parent is returned, a school may make additional attempts to disburse the funds, provided that those attempts are made not later than 45 days after the EFT was rejected or the check returned. 34 CFR 600.2. payment period, the current year is the current loan period. Important: Please be sure to update, in your Student Center, any changes to your address or *If a student is enrolled in a single semester and it is their final semester (a graduating senior), their Direct Loans will be prorated based on the total units enrolled and remaining eligibility. (See the discussion under When a school uses third-party servicers to disburse FSA funds by EFT later in this chapter for additional information.). Pell Grants, TEACH Grants, and Iraq and Afghanistan Service GrantsThe school must complete two separate to give the student or parent an idea of how the credit at the end of the add/drop period, a refund would be issued. The California Student Aid Commission (CSAC) administers several student financial aid programs designed to assist California students. holds on behalf of the student or the parent; and. The Financial Aid and Scholarships Office administers a variety of financial assistance programsincluding grants, scholarships, and loansto help you meet the costs of your educational goals. to a school. students, it must: identify the amount of FWS funds held for each student in a FWS wages are earned when the student performs the work. diligence reviews at least every two years to Financial Aid Disbursement Dates Your school defines your payment schedule, and will disburse money based on those timelines. purpose; and is not shared with any other affiliate or entity except for We are available to service students in the student center in Bayramian Hall Monday-Friday from 10:00 a.m. - 2:00 p.m. Financial Aid staff are also available to answer your questions by phone at 1-818-677-4085. Recipients must be California residents who are admitted to a CSU campus through the Educational Opportunity Program. issuing a check, initiating an EFT process or dispensing cash. not due to incomplete or inaccurate information provided by the student. (See Volume 2 and 34 CFR 668.25 for more information about third-party servicer contracts.). arrangements with its third-party servicer as necessary, to ensure or similar account that underlies a stored-value card or other transaction device. Tuition and on-campus housing fees will be deducted from your financial aid before a refund is sent. If the funds include a Direct Loan, the notice must indicate which funds are subsidized loans, unsubsidized loans, and/or PLUS loans. pick up the check, the school must immediately (1) mail the check to the The Department processed a SAR/ISIR with an official EFC. Title IV funds are provided to a student to pay current charges for the payment period or period of enrollment, not those that might accrue later at some undefined time. Schools should always use G5 to return Title IV funds. as those that apply to written authorizations to credit FWS disbursements A financial account is marketed directly if: the school communicates information directly to its students If a financial aid recipient withdraws or reduces units, all or a portion of financial aid which was received may need to be repaid.