Financial
Aid
How Aid is Disbursed
 Financial
aid is awarded and disbursed by terms. There are
different disbursement rules for each type of aid.
Generally, aid is disbursed after a term begins
and the add/drop period has closed. Application
review, verification (if selected), and awarding
of aid must be completed before aid can be disbursed.
All aid is disbursed directly to a student's account,
except for payroll checks. Disbursed aid may vary
from an announced award, which is based on full-time
enrollment, for several reasons, e.g., Pell and
TAG grants vary on the basis of student's enrollment
status; student loans may have up-front fees.
A
student must maintain financial
aid eligibility for an award
to be disbursed. It is important
to provide accurate information
at the time of application and
during the application review,
because the development of new
or conflicting information throughout
the academic year can affect
a student's awards retroactively.
Disbursement of Aid
Federal Pell and SEOG grants:
Disbursed to the student's account within
days of the end of the add/drop period of the
term's Quickterm, the aid may be adjusted for
enrollment status, both increases and decreases,
up to the drop/add date.
NJ grants: Disbursed to the student's
account within days of the end of the add/drop
period, the 14th day of the term. If the student
is registered for Quick Term or Nurse II Term
courses and it changes the student's enrollment
status, aid for those credits will be disbursed
within days of the end of the add/drop period
for those terms.
Student (and Parent) loans: Disbursed
to the student's account within days of the end
of the add/drop period, the 14th day of the term,
if the student meets the disbursement requirements
including being enrolled in at least six (6) credit
hours. If the borrower is a new borrower, the
first disbursement will be released within three
days of the 30-day delay as required by law.
All
federal loans must be made in
at two disbursement. If a student
borrows for one term only, the
loan proceeds will be disbursed
at the beginning and midpoint
of the term.
Work study award: A student must work
to earn the work award. Payroll checks are issued
biweekly directly to the student.
Refund
of Financial Aid Credit Balance
When
financial aid is disbursed and
posted to a student's account,
if the financial aid exceeds
the total charges for tuition,
fees, and bookstore expenses,
the student will be issued a
refund check within 14 days.
The check would be sent to the
student's permanent mailing
address.
Financial aid is posted to a specific term, e.g.,
Fall 08 or Spring 09. If a student has a balance
due from a prior term, the student must authorize
the use of the funds to pay the prior term balance.
Refund
Policy
Refund
Policy Attestation
Withdrawal
From All Courses
If a student officially withdraws from
OCC or stops attending all her/his courses during
a term, there may be financial consequences. The
Financial Aid Office must calculate the amount
of federal financial aid a student earned, and
any remaining disbursed funds must be returned
to the financial aid programs. This may result
in charges to the student's account.
For more information, see Withdrawals
and Return of Title IV Funds Policy.
|
