Initial disbursem*nt begins the first week of classes for the start of a new semester and continually after that every Tuesday and Thursday when aid is released to your student account.
Read the information on this page carefully to find out about how different types of financial aid aredisbursed, when you can expect to receive themand what you must do to receive your funds.
Requirements for Disbursem*nt
Financial aid is disbursed to students at the beginning of each term. Before your aid can be paid, you musthave a financial aid Award Notice and you mustcomplete the requirements below.
- Submit any requested documents: If you were asked to submit anyfollow-up documents for verification, you must provide them tothe Student Financial Aid Office.
- Credit hours: Inform our office if you will be less than fulltime and receiving loans. Loans require at least halftime enrollment. Keep in mind that: Some scholarships require full-time enrollment; being wait-listed does not count toward your enrollment level; you must enroll in a course by drop/add each term to be considered for financial aid for that course.
- Direct Loan Recipients: If you were awarded a loan you will need to complete a Master Promissory Note and Pre-Loan Counseling at studentloans.gov. If you have previously borrowed your promissory note remains valid for 10 years and you do not need to sign another oneunless you have been out of school forone year or more.
Enrolled Less than Full-Time?If you are not enrolled full-time by the end of drop/add, your aid will be adjusted and you will receive a revised award amounts reflecting your level of enrollment. You must be at least halftime to be eligible for loans. Submit a Loan Enrollment Verification form if you will be less than fulltime and receiving loans.
How Aid Is Paid To Students (Disbursem*nt)
Once you have completed the requirements above, you will receive your aid within two weeks.
Grants, Scholarships, and Loans
Grants, scholarships, and loans areapplied directly to your UNM Bursar’s Account to pay for tuition, fees, university housing, and other charges. Aid awarded for a specific term can only be used to pay for charges for that term and will only be disbursed to you during that term.
Work-Study Funds
Students earn Work-Study fundsby working in positions with eligible employers. Wages are typically paid bi-weekly through the employer's payroll system. Work Study funds are not disbursed in a lump sum rather students work for the funds For more information about the Work-Study program, seeWork-Study & Student Employment Jobs.
Private Scholarships
If you have a private scholarship check and the scholarship sponsor or donor sends funds to the university, the funds will be applied directly to your university student account, one-half in the Fall Term andone-half in the Winter Term, unless otherwise specified by the scholarship sponsor. Payments are usually processed within two weeks of the start of each term, upon full-time registration. If your signature is required on the check you will be notified via email with instructions on where to endorse the check.
If your scholarship sponsor sends your scholarship check directly to you,inform the Scholarship Office at 505-277-8900.
Refunds
If you have financial aid funds that exceed the charges on your student Bursar Account at the time of disbursem*nt, you will receive a refund, which may be used to pay other educationally related expenses. (Note that if subsequent charges are made to your account, you are responsible for paying them.
Your refund will be issued in the form of either a direct deposit into your bank account or a check mailed to your current address.
Set up Direct Deposit
The Office of Financial Aid recommends that students use Direct Deposit which is available through UNM’s Loboweb. It is the best way to ensure your aid funds are received in atimely manner. To have your financial aid refunds deposited directly to your bank account follow the instructions found here.
Additional Important Information
Parent PLUS Loans: If your parents are borrowing through the PLUS Loan program, they may elect to have any excess funds refunded either to them or to you.
Unwanted Loan Refund: If you receive a refund for a loan and you do not want the funds, you must cancel the loan by submitting a financial aid change form. Upon receipt of the form we will cancel the loans and return to the lender. Once the loan has been removed from your Student Account you can then make a payment to the Bursar’s Office to repay the cancelled loan.
If a balance remains on your student account, you are responsible for paying it even after receiving a financial aid refund.
Additional Disbursem*nt Information:
Here is a list of Quick links that may assist you:
FAQs
Will I receive a refund? If you have remaining funds available after your tuition, fees, and bookstore charges have been paid, the remaining balance will be issued to you as a refund of excess aid. Refunds are typically issued within 14 days after the funds post to your account balance.
How to get a refund from UNM? ›
The safest and quickest way to receive a refund is via direct deposit, which is created in the Bursar Account Suite found in LoboWeb. Direct deposits are processed every Tuesday and Thursday to checking or savings accounts only.
How many refunds do you get from financial aid? ›
Refunds for all types of financial aid will begin 30 days after the start of the semester. You will receive loan funds in two disbursem*nts each semester.
What does disbursem*nt fee refund mean? ›
Refunds. If there are any funds from the grant or student loan disbursem*nts left over after tuition, fees, and room and board are paid, the remaining balance — often called a “credit balance” — will be paid directly to you in the form of cash or check, or else deposited into your bank account.
What's the difference between disbursem*nt date and refund date? ›
What is the difference between a disbursem*nt and a refund? A refund is any money left over after your financial aid has been disbursed and paid to your account. You will not receive your refund until the disbursem*nt period has been completed. Refunds may take three to five business days.
What is the anticipated disbursem*nt date? ›
The anticipated disbursem*nt date is the date that a school expects to disburse Direct Loan funds.
How do you check your financial aid refund? ›
You can also check the status of your FAFSA form by contacting the Federal Student Aid Information Center at 1-800-433-3243. To check on the status of financial aid being disbursed (paid out) to you or your account, check with your school's financial aid office.
What is a refund check from university? ›
Why did my college send me a check? A refund check is money that is directly deposited to you by your college. It is the excess money left over from your financial aid award after your tuition and additional fees have been paid. Your college may send you a check or the money may be deposited into your checking account.
How do you get money back from financial aid? ›
In most cases, your child's school will give you your loan money by crediting it to your child's school account to pay tuition, fees, room, board, and other authorized charges. If there is money left over, the school will pay it to you.
Why hasn't my financial aid disbursed? ›
There are a number of reasons why a student's financial aid may not have been disbursed to their account. They include but are not limited to the following: The student failed to submit all requested documents. The student is not actively enrolled in at least one course (Federal Pell Grant disbursem*nts).
Your Financial Aid refund can be used towards any education-related item listed in the cost of attendance such as such as books, transportation, housing, food, and miscellaneous expenses.
How many disbursem*nts does FAFSA give per semester? ›
Generally, your grant or loan will apply toward a full academic year and your school will pay out the funds in at least two disbursem*nts. In most cases, the school must pay at least once per term (semester, trimester, or quarter).
Why did I get a disbursem*nt check? ›
Companies make disbursem*nts when they issue paychecks, pay dividends, or buy supplies, among their numerous other activities and obligations. Individuals receive disbursem*nts in the form of paychecks, loans, and proceeds from investment funds, among other sources.
Do you get money from a disbursem*nt? ›
Disbursem*nt means paying out money from a fund. The term disbursem*nt may be used to describe money paid into a business' operating budget, the delivery of a loan amount to a borrower, or the payment of a dividend to shareholders.
Why is my financial aid disbursem*nt on hold? ›
Reasons Why You Might Not Receive a Check, or Receive a Smaller Check than Anticipated. You have not submitted a required financial aid document. There is an academic progress hold on your file. Your financial aid awards are estimated.
How long do student loan refunds take? ›
Your servicer will notify you if the IDR account adjustment will erase your remaining loan balance. If you qualify for a refund, expect to receive it within about two months of the loan forgiveness.
Can I get my financial aid refund faster? ›
If you have federal loans coming in — or any other federal aid — you can also request to have your money disbursed up to 10 days before classes or the pay period begins. This will make your refund available earlier in the semester. Each school might have a different process for early disbursem*nt.
What does it mean when your financial aid says disbursed? ›
A disbursem*nt is the payment of federal student aid funds to the student by the school. Students generally receive their federal student aid in two or more disbursem*nts. Was this page helpful?
How long does it take BankMobile to receive refunds from school? ›
DEPOSIT TO AN EXISTING ACCOUNT – Money is transferred to an existing account the same business day BankMobile receives funds from your school. Typically, it takes 1-2 business days for the receiving bank to credit the money to your account.
