Payment of Financial Aid/Disbursement

Payment of Financial Aid/Disbursement

 

With the exception of Federal Work Study, financial aid processed by the Financial Aid Office will automatically be disbursed to your student account, provided your application is complete and you have met the requirements for each type of aid. The Business Office will automatically deduct incurred costs (tuition, fees, lab costs, and other authorized charges such as books and supplies, etc.) out of the financial aid that is credited to your account. Any remaining financial aid is refunded to you once the funds are available.

 

We will apply your aid to your charges approximately two weeks prior to the tuition deadline. If your financial aid is not complete by the tuition due date, you will need to pay using your own resources. You may check your balance due and financial aid using the mySANDBURG link above.

 

2014-15 Date Grants Applied to Accounts Tuition Deadline Balance Checks Mailed Approx
Fall July 18 August 1 August 29
Spring November 26 December 12 January 23

  
 
Calculating Disbursement based on Enrollment

Carl Sandburg College uses a ‘freeze date' each semester to determine a students enrollment status for awarding financial aid. The courses for which you are registered on the freeze date will determine financial aid eligibility. This means that if a student adds or drops classes before the freeze date, the amount of financial aid the student is eligible for may be affected. If classes are added or dropped after the freeze date, the financial aid will not change.

 

For students whose completed FAFSA results are received after the freeze date, financial aid will be based on the students enrollment on the date that the financial aid is awarded.

 

The Freeze Date is the 9th calendar day of the fall and spring semesters.

 

Book Charges
If financial aid (not including loans or MAP) exceeds the cost of tuition and fees, the excess will be available at the Bookstore. Books may be charged to financial aid approximately three weeks before the start of the semester.

 

Private Scholarships
Private scholarship checks received by the college will be directly applied to your student account unless otherwise specified by the scholarship donor. Private Scholarships will be listed as part of your aid package as an "outside scholarship".
 

Modular Classes
Students with modular classes that begin later in the semester do not receive financial aid for such courses until attendance has been confirmed for those classes. Students who enroll in, but do not complete all modules for which they have registered at the time those modules began must abide by the Return of Title lV Funds policy.

 

Developmental Classes
A student is limited to 30 developmental credit hours while receiving federal financial aid. Federal financial aid programs will not cover any developmental courses taken after reaching the maximum 30 hours.

 

Repeated Courses
Students may receive financial aid for repeating courses. However, if retaking a previously passed course, financial aid can only be used for one repeat of the course.

 

Part-time Enrollment
Financial aid is adjusted for part time enrollment based on program guidelines as outlined below.

 

Audits and Tested Out Courses
Audit hours and tested out courses are not counted in the total number of credits for financial aid purposes.

 

Financial Aid Calculations by Aid Type and Enrollment

Pell Grant
For planning purposes, if you are registered for 9-11 hours your Pell grant will be 3/4 of the amount, if you are registered for 6-8 hours your grant aid will be 1/2 of the amount, and if you are registered for less than 6 hours your grant aid will be approximately 1/4 of the total.

 

IL Monetary Award Program (MAP Grant)

The MAP award amount is based on 15 credit hours. MAP payment is calculated as follows: Semester award ÷ 15 ×enrolled semester credits. Minimum enrollment is 3 credits.

 

Federal Work Study
Federal Work Study allows the student to work on campus to earn funds to pay educational expenses. It does not get credited to the student account. Students awarded Federal Work Study are given the option to apply for on campus jobs.

 

Federal Work Study(FWS)is distributed by payroll check twice a month for hours actually worked. The student must submit a signed time sheet according to the payroll schedule.

 

Federal Direct Student Loan
Student loans are optional and require additional application steps and review to determine actual eligibility. You should use borrowing as a last resort. If you wish to borrow a student loan, go to the Financial Aid and Scholarships above then choose the Loans option, then complete the steps below the heading "Apply for Federal Student Loan.  

Loans are applied to student accounts 10 days prior to the start of the semester.  It will pay any remaining tuition and fees after grants. Excess loan funds are disbursed after the 30th day of each semester. Loans require a minimum of two disbursements with the second disbursement at the midpoint of the loan period.  Students must remain enrolled in at least six credits in order for the loan to be disbursed. 

 

Balance Checks
If grant aid remains after your tuition and books are paid, the remaining funds will be mailed to you approximately three weeks after the semester begins. You may choose direct deposit from mySANDBURG for electronic disbursement to your bank account.

 

To use the Direct Deposit option:

  • Login to mySandburg
  • Choose Financial Information, choose Direct Deposit Information
  • Enter the account information requested, choose I agree and submit

You can use your existing checking or savings account from any bank to sign up for this service.