Money, Money, Money

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When Will Financial Aid Money Disburse?

The time has come to pay for the first college bills. For some reason, this always cues panic. I remember receiving the first tuition statement for my daughter. Her student account showed no payment from Prepaid Florida (even though I had purchased one for her that included a 4-year college and 1-year dorm). Neither did her bank account reflect her Bright Futures Scholarship funds. When does this money get disbursed? And while you’re waiting for that elusive disbursement, can you get a deferral for books, living accommodations, and student fees?

For your student’s specific account details, have them log into their account at myUFL. HaveUHeard that UF encourages all students receiving financial aid to sign up for a direct deposit? To sign up, go to myUFL and select “Access myUFL” to log in. On the top toolbar, select “Main Menu.” Choose “My Campus Finances,” then “Student Direct Deposit.”

Here are some financial specifics to keep your bottom line in line:

Florida Prepaid Money

Florida Prepaid will bill your student by the end of the first week of classes. Your student’s myUFL account statement will reflect the Florida Prepaid billing before they disburse Financial Aid. The day after drop/add ends, students can log in to ONE.UF to check. Access “University Bursar,” then “Account Summary” to find out the exact amount of their remaining portion of tuition debt.

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 University Bursar’s Scholarship Department in S-113 Criser Hall before the fee payment deadline. For Fall 2020, the opt-out deadline is September 10, 2020. The Florida Prepaid opt-out deadline for Spring 2021 is January 14, 2021. No matter the semester, the decision to opt out online for the current term must be completed prior to the tuition and fees payment deadline of that term. For more information on opting out, visit Florida Prepaid.

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. This 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

Financial Aid is typically disbursed after the drop/add deadline each semester.  Drop/Add for Fall 2020 ends on September 4th. 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

Typically, loans are disbursed prior to drop/add and scholarships (Bright Futures) and grants are disbursed after the drop/add. Students receiving a financial aid refund are required to sign up for a direct deposit. Funds will be delivered within 48 hours to the bank account information listed in myUFL. To check the status of your Bright Futures and Financial Aid, log in, then use the menu to locate Financial Aid. Here, you can choose Aid Status or Awards and Disbursements for the correct academic year. For more information, see 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 is that students who are receiving a deferment will have tuition and fees paid once the student’s financial aid disburses. For help in determining if you qualify for a tuition and fee deferment, please review UF’s information about receiving your aid.

Note: Students awarded federal loans must accept those loans before the regular tuition and fee payment deadline in order to qualify for a deferment. UF currently does not have a payment plan. You can make payments, but you will have a hold and a $100.00 late payment fee on your student record until the balance is paid. The hold will prevent you from receiving university services, including registration or obtaining grades.

Also note: 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.

Deferral for Books

Students who receive financial aid may be eligible to use the UF Bookstore Deferred Payment Program to obtain books and supplies before financial aid awards are received and classes begin. Usually, this allows for a $500 credit for books and supplies from the UF bookstore per semester for eligible students.

Dorm Payments

Rent is billed per semester and must be prepaid in advance of each semester.  For the Fall 2020 semester, the rent due date was July 29, 2020, with the rent deferment due date of October 7, 2020. A housing rent deferment for undergraduate residents is a temporary delay of the rent due date to allow time for the student’s financial aid money to disburse. Students are responsible for payment of their housing balance if financial aid money is not released in time to pay by the Housing rent deferment 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 more, check your student’s housing agreement.

Students are responsible for paying their rent or obtaining a rent deferment prior to the rent due date to avoid any late charges. A $125 late charge applies if the deferment is secured after the rent due date. Housing rent deferment is different from a tuition deferment and can only be granted by having the student apply online on the Housing Portal or by UF Housing staff.

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2020-08-19T20:49:04-04:000 Comments

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