How Aid is Paid to Students
HOW AND WHEN ARE FINANCIAL AID FUNDS CREDITED AND REFUNDED 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 may have a moderate amount of aid in excess of what is owed to the university to help provide money for off campus rent, books, supplies, or 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).
FINANCIAL AID REFUND TIMING
For those students with enough aid to pay for tuition, fees, and campus housing, the earliest you should expect a financial aid refund for the Summer 2012 semester is a few days before classes begin. The refunds are delayed this year due to the holiday. The timing of the excess aid disbursement also depends on several other factors...
- You must accepted your student loan eligibility on myPurdue system and sign student loan promissory notes.
- You cannot have a hold on your record.
- You must confirm your registration in the myPurdue system.
- You must be officially registered for in a minimum number of credit hours that your aid eligibility is based upon (usually full-time unless otherwise noted in messages on myPurdue). 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.
FINANCIAL AID NOT CREDITING TO BILL AS EXPECTED?
If financial aid is not being credited on your bill as you expect, it is likely because the student has a record hold, has not accepted loan eligibility, has not had a parent loan officially processed, or is not officially registered for enough credit hours.
BURSAR REFUND PROCESS
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 (assuming they have confirmed their enrollment). Students who receive a financial aid disbursement will be sent an Aid Notification from the Bursar's Office.
Direct Deposit Speeds Up Aid Payment!
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 sooner than those waiting for paper checks to be produced and mailed by the Bursar. 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.
PRIVATE 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.