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When Will Financial Aid Money Disburse?
The time has come to pay for your college costs and 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 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 may log in to ONE.UF, then access “University Bursar” and “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 the Spring of 2020, the deadline is January 17th, 2020. The Florida prepaid Opt-Out deadline for Spring 2020 the deadline to opt-out is January 16, 2020. For more information on opting out of Florida Prepaid, click here.
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. Drop/Add for Spring 2020 ends on January 10th. Before loans can be disbursed, first-time Federal Direct Loan and Perkins Loan borrowers must complete Entrance Counseling (see our blog). In addition, the master promissory notes must be signed and on file.
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 banking account information listed in myUFL. To check the status of your Bright Futures and Financial Aid click here. Log in, then use the menu to locate Financial Aid, where you can choose Aid Status or Awards and Disbursements for the correct academic year. For more information on Bright Futures click here.
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 the following.
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 registering or obtaining grades.
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. More information is available here.
Rent is billed per semester and must be prepaid in advance of each semester. For the Spring 2020 semester, the rent due date was November 27, 2019, with the rent deferment due date as February 5, 2020. A housing rent deferment for undergraduate residents is a temporary delay of the rent due date to wait 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 your student’s housing agreement click here.
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 will apply 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 the student applying online on the Housing Portal or by UF Housing staff. For more information, click here.