How Aid is Paid to Students
HOW AND WHEN ARE FINANCIAL AID FUNDS MADE AVAILABLE TO STUDENTS?
Students are "packaged" with financial aid up to the Estimated Cost of Attendance. The Estimated Cost of Attendance provides allowances for the direct educational expenses (tuition, fees, and on-campus housing) and indirect educational expenses (like books, supplies, travel, and off-campus housing).
If students take advantage of all aid offered, they should have a moderate amount of aid in excess of what is owed to the university to help provide money for books and supplies and other indirect educational expenses. If the amount of the total aid accepted does not cover the tuition and fees due, the student is responsible for paying the balance due (shown on the electronic fee invoice).
For those students with enough aid to pay for tuition, fees, and campus housing, the earliest you should expect a financial aid refund in the Spring 2010 semester is January 7, 2009.
The timing of the excess aid disbursement also depends on several other factors...
- The date you submitted your FAFSA application and any subsequent requests for additional information from the Division of Financial Aid.
- Whether you have accepted your student loan eligibility on Financial Aid Self Service and signed student loan promissory notes.
- Whether any Parent Loans or Private Loans have been certified by the the Division of Financial Aid and whether funds have been received by the Bursar.
- The date you accept your charges.
- Whether you have a hold on your record.
- Your hours of enrollment, noting you must be officially enrolled in a minimum number of credit hours that your aid eligibility is based upon (full-time unless otherwise noted in Financial Aid Self Service).
For undergraduates: full-time = 12+ credits, three-quarter-time = 9-11 credits, half-time = 6-8 credits; less than half-time = 1-5 hours.
For graduates: full-time = 8+ credits, halftime = 4-7 credits, less than half-time = 1-3 credits.
Before disbursing any funds to a student, the Bursar's Office credits available financial aid funds to the student's account in the following sequence:
- Fees and tuition
- University housing expenses (not applicable to students living off campus)
If aid funds remain after these accounts are paid for the semester, the Bursar's Office will disburse the excess aid to the student. Students who receive a financial aid disbursement will be sent an Aid Notification from the Bursar's Office.
The Bursar disburses aid in one of two ways; as a direct deposit to the bank account of your choosing, or in the form of a paper check sent to a local address. Students who set up direct deposit have access to their funds two days sooner on average. We encourage you to select direct deposit by completing the direct deposit forms available in the myPurdue system, or call the Bursar at (765) 494-7583 for details. Direct deposits can be made to virtually any U.S. bank or credit union account that you choose. Use myPurdue to keep your local address up to date.
FEDERAL WORK-STUDY FUNDS
Federal Work-Study program funds must be earned through part-time employment with a work-study eligible employer before they are paid. Students working under the program receive a regular biweekly paycheck from Purdue University for all hours worked during the preceding pay period. Federal Work Study funds are not credited to what the student may owe the University nor or earnings withheld to pay tuition, fees or housing.
OUTSIDE AWARDS
Funds from private scholarships or other awards should be sent by the donor to the Bursar. The funds are credited to the student's University account and disbursed in the same way as Purdue scholarships or grants. Private awards are not credited prior to receipt of funds from the donor.
Private award checks should be sent to: Bursar's Office, Purdue University, 1060 Hovde Hall, West Lafayette, IN 47907-1060.
The check should include the student's full name, Purdue ID number, and special instructions for disbursement on a letter or form accompanying the check. The donor should make the check payable to Purdue University, if possible and should indicate the donor's name on the check.
Although checks are accepted year-round, private awards should be sent before July 1 for the fall semester and November 1 for the spring semester to appear as a credit on the fee invoice.
Private scholarship checks should not be mailed with the student's fee invoice; checks should be sent directly to the Bursar at the above address.
QUESTIONS
If you have questions about the disbursement, authorization, or use of funds, contact the Division of Financial Aid. If you have questions about how your aid was credited to your bills, contact the Bursar's Office.