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Frequently Asked Questions
1. When should I apply for aid?
2. How is eligibility determined?
3. What is the disbursement date?
4. How is financial aid disbursed?
5. When will I receive my excess funding?
6. Can my awards ever change?
7. What happens to my aid if I withdraw from school?
1. When should I apply for aid?
To be considered for the maximum number of financial assistance sources, the FAFSA must be completed on or before March 1 of each year at www.fafsa.ed.gov. Due to limited amounts of campus-based funds, not all students eligible for these funds will receive them, so early application is essential. A new FAFSA must be completed each year.
2. How is eligibility determined?
Financial aid eligibility can only be determined by completing the FAFSA application, which will calculate your “financial need.” Financial need is determined by a federal formula which analyzes each family’s financial situation. The “need” of a student is the difference between the cost of attendance at the institution you are attending and the family’s ability to pay as determined by the financial need analysis.
3. What is the disbursement date?
The disbursement date is the date the loan and grant funds arrive at the university. It will take up to three days to complete the processes required to transfer the funds to your student account. Refunds are mailed within 14 days of the credit appearing on your account. Refunds will only be issued once tuition and fees are paid in full.
4. How is financial aid disbursed?
Once you complete all of the steps required to receive federal aid, your Stafford loan will be disbursed to our office on your pre-determined disbursement date. It will take our office approximately 3 days to complete the required processes necessary prior to applying the funds to your student account. All other financial aid will also be applied directly to your student account on or around your disbursement date. Depending on your program of study, your financial aid will be disbursed either once per semester or over the course of the semester.
5. When will I receive my excess funding?
You will not receive a refund on your account until all tuition and fees at the University of Mary are paid in full.
6. Can my awards ever change?
Yes. Your disbursed awards will be reduced or cancelled, or you may be required to repay funds that you have already received if you:
- Change your enrollment status. You must be enrolled at least on a ½ time basis to qualify for most types of financial aid, including institutional scholarships.
- If you are overawarded and you exceed your financial aid
eligibility, other resources are received, such as scholarships,
grants or other educational benefits, including employer
reimbursement and military benefits. 7. What happens to my aid if I withdraw from school?
If you withdraw from the University of Mary, your outstanding loans will immediately go into repayment or the countdown on your grace period will begin. You may be required to repay a portion of the financial aid already disbursed to you. The amount of aid that you are eligible to keep or receive will be determined by federal regulations. A copy of the University of Mary’s policy regarding financial aid for withdrawing students can be obtained in the Financial Assistance Office.
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