When Will Financial Aid Money Disburse?
The time has come to pay for your college costs and money panic sets in. I remember receiving the tuition statement for my daughter, yet her student account showed no Prepaid Florida (which I was fortunate enough to have purchased for both 4-year college and 1-year dorm). In addition, her bank account did not reflect her Bright Futures Scholarship funds. So when does this money get disbursed? Can you get a deferral for books, living accommodations, and student fees until the disbursement comes?
For your student’s specific account details, you should have them log into their account at MyFAU. HaveUHeard that FAU encourages all students receiving financial aid to sign up for a direct deposit? To sign up, go to MyFau.fau.edu to log in. On the top toolbar, select “Money Matters.” Here students will be able to view their student account and find more information on financial aid disbursement.
Here are some financial specifics to keep your bottom line in line:
Florida Prepaid Money
Florida Prepaid will bill your student after the end of the Drop/Add Period. Your student’s MyFAU account statement will reflect the Florida Prepaid billing before they disburse Financial Aid. The day after drop/add ends, students will receive an email confirmation for the amount Florida Prepaid was billed. There will also be an email confirmation on the day Prepaid credits to your student’s account. Determine the payment your student will receive from Florida Prepaid.
Students who do not want the Florida Prepaid College Plan billed or who drop or add a class after the drop/add deadline should contact the Controller’s office, especially the Tuition and Billing Office. The Tuition and Billing Office is located in SU 80, Room 130 Students will have to complete a Change in Billing form. This form must be completed and submitted by the initial fee payment deadline for each term.
Students participating in the Florida Prepaid College Program who are also expecting to receive financial aid (e.g. Bright Futures, Pell, student loans, other scholarships/grants) will have the Florida Prepaid applied first to tuition and applicable fees. Financial aid received will be disbursed and applied to the balance of outstanding charges which may include tuition and fees not covered by the Florida Prepaid Program. Any excess financial aid that remains after debts have been paid will be refunded to the student (student/parent if PLUS Parent loan).
Financial Aid is typically disbursed after the drop/add deadline each semester. Before loans can be disbursed, first-time Federal Direct Loan and Perkins Loan borrowers must complete Entrance Counseling. In addition, the master promissory notes must be signed and on file.
Bright Futures & Scholarships
Typically, loans are disbursed prior to drop/add and scholarships (Bright Futures), and grants are disbursed after the drop/add. Disbursements will be received via direct deposit or paper check. To check the status of your Bright Futures and Financial Aid. Log in, then use the menu to locate Money Matters, where you can choose Aid Status or Awards and Disbursements for the correct academic year. For more information on Bright Futures.
Tuition and fees are due by the University’s published payment deadline which is normally the end of the second week of classes; however, qualifying students are able to postpone payment until the deferred fee payment deadline. The assumption with students receiving a deferment is that tuition and fees will be paid once the student’s financial aid disburses. For help in determining if you qualify for a tuition and fee deferment, please review.
Finally, if your student receives a private scholarship and the check is made out to them, they should notify the university’s financial aid office as it may impact their financial aid package. If the check is made payable to the university, they will need to mail it to the financial aid office.
Note: students awarded federal loans must accept those loans before the regular tuition and fee payment deadline in order to qualify for a deferment.
FAU does have a payment plan for tuition. Students can opt for a 50/50 payment plan or a three-installment payment plan. Students can sign up for the payment plan on the student account page of their MyFAU portal. All Payment plans are accessed at a $15 service charge. If payments are received late, there will be a $100 charge added to the student account. Payment Plans cannot be used on previous semester balances.
Bookstore Line of Credit
Students who receive financial aid may be eligible to use the FAU Bookstore Line of Credit. Students who are eligible financial aid recipients may receive a $400 line of credit for textbook purchases from the FAU bookstore. Students who are eligible will be notified 1 week prior to the start of the semester. Students can also apply for a Short Term Advance. Short-term advance is available to all degree-seeking students who are enrolled at least half-time at FAU. The maximum loan amount is $750. The short-term advance does not have to be used on books, but should not be used on tuition payments.
Rent is billed per semester and is due when tuition payments are due. Students are responsible for payment of their housing balance if financial aid money is not released in time to pay by the due date or if there is not enough money to cover all of the student’s university debts. For more information on rent deadlines and your student’s housing agreement.