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How to Receive your Financial Aid

Summer Quarter 2014

CLEAR ALL HOLDS - If you have any holds on your aid, it will not disburse. If you have been asked to provide documents or information or have been told that the Financial Aid Office is reviewing your eligibility, follow up with them as soon as possible. You can tell what aid is available to you, what has been disbursed and whether or not there are any holds on your aid by viewing Financial Aid Status in MyUW under Student Finances.

AID DISBURSEMENT - Financial aid is disbursed first to your University student account to pay your tuition, U-PASS, late change, student insurance and other university fees. If the amount of your aid is greater than the charges on your student account, the difference will be sent to your bank account via direct deposit.

Note: Summer aid will not automatically pay short term loans taken out during the previous spring quarter or earlier, as they are different academic years. You are responsible for making sure you repay your loans on time.

If you are not signed up for direct deposit, an aid check will be automatically mailed to your local address on file. Please check your address information on MyUW and update it if necessary. Aid checks may take up to 10 business days to reach you by postal mail; signing up for direct deposit is strongly encouraged to receive your funds quickly and safely.

SIGNING UP FOR DIRECT DEPOSIT - The easiest and quickest way to sign up for direct deposit or to confirm your direct deposit status is to through your Financial Aid Status under Student Finances in MyUW. If you are not able to access this site, contact Student Fiscal Services.

DISBURSEMENT STARTS - Financial aid is disbursed to your University account and any remainder should arrive in your bank account, starting on June 23. This assumes that on June 18 you have been awarded and have accepted financial aid, did not have any holds on your aid, have signed all required promissory notes for your loans, were registered for the minimum required credits and signed up for direct deposit by June 12. If all of these conditions were true, then you can confirm with your bank that funds were received on June 23 (some banks may be able to confirm receipt before June 23, depending on their processing timeline).

If these conditions were not met and you have subsequently taken care of the reason your aid did not release to your account, you can expect your aid to credit your University account after June 18 when the hold is removed. Any remaining funds will be sent to your bank account and will take approximately 3 business days from the time of release before the funds are deposited in your account. It is your responsibility to confirm with your bank the receipt and the amount of your financial aid funds before you write any checks against these funds.

Students enrolled ONLY in B Term (July 24 - Aug 22) - Please be aware that your tuition charges will appear on your student account in mid June. However, your financial aid funds will not disburse until July 24, provided all of the above conditions are met. If you will owe any part of your tuition charges above what you are receiving in financial aid funds, you must pay this amount by July 11 to avoid any late fees. Financial Aid funds that have been accepted for summer B term will disburse to your account on or after July 24.

UNIVERSITY HOUSING CHARGES - The University's Housing and Food Service (HFS) accounts are billed on a separate system. Generally if you live in UW Housing, there are some HFS charges added to your University student account at the start of each quarter. Your financial aid will pay these initial charges, but that may not be all that you owe to HFS. Before spending any aid sent to your bank account through direct deposit, check the HFS website to determine the balance that you owe them. You can also view the amount of the aid that applied to your housing charges on MyUW.

STUDENT HEALTH INSURANCE - Eligible students are billed for the insurance plan selected during registration. Adding, changing, or canceling the plan is allowed ONLY through the 3rd Friday of the academic quarter. If not canceled by the 3rd Friday of the quarter, coverage is effective, and the premium is an obligatory charge that is due by the tuition due date. Students may not enroll in the plan by just remitting the premium, nor may they cancel it by failing to pay the premium. In most cases, financial aid will automatically pay the insurance premium. If you do not want to purchase the Student Health Insurance Plan, you must cancel by the 3rd Friday of each quarter (July 11 for Summer Quarter).

PROFESSIONAL AND CONTINUING EDUCATION (PCE) CHARGES - If you are enrolled in Professional and Continuing Education (PCE) courses, you are generally billed through a separate system. However, some PCE charges may be added to your University student account at the start of each quarter. Your financial aid will pay any PCE charges before any remaining aid is sent direct deposit. You can review your University student account on MyUW to see if any PCE charges were paid.

MINIMUM CREDIT LOAD - You must be registered for a full-time credit load (12 credits for undergraduates and professional students; 10 credits for graduate students) in order for aid, except Stafford and PLUS Loans, to be disbursed. If you have been awarded aid as a less than full-time student see the Financial Aid Office for minimum credit load information. After the start of classes, if you drop below full-time enrollment, aid already disbursed to pay charges on your account will not be canceled; however, no additional aid will be disbursed to you. If you drop below full-time before the start of classes and aid has been disbursed to you, you will owe a repayment of aid.

IF YOU HAVE A FEDERAL STUDENT LOAN (Stafford, Unsubsidized Stafford, Graduate PLUS, Parent PLUS, Perkins, or Health Professions/Nursing Loan) - You can sign your master promissory note for the Perkins Loan and/or the Health Professions/Nursing Loan on the web in the Financial Aid Status section of MyUW.

Generally, new Federal Direct Stafford Loan program borrowers need to sign a master promissory note on the web at https://studentloans.gov (click the Sign in button in the Manage My Direct Loan box for instructions). Students who borrowed through the Federal Direct Stafford Loan Program last year and signed a promissory note will not be required to sign a new promissory note for a Federal Direct Stafford or Unsubsidized Stafford Loan this year. You are required to sign your promissory notes even if you expect your entire loan to be used to pay charges on your University account.

Graduate PLUS (GPLUS) borrowers sign their promissory note online at https://studentloans.gov. If you borrowed a GPLUS in the previous year usually you do not have to sign a master promissory note again. Each year the government's direct loan servicer performs a credit check. If your loan is approved, funds will disburse to your student account.

If you want to make arrangements to receive a paper promissory note for your Federal Direct Stafford Loan or Grad PLUS Loan, please contact the Office of Student Financial Aid via email at osfa@uw.edu. If you wish to request a paper promissory note for a Perkins, or federal Health Professions/Nursing loan, contact Student Fiscal Services via email at sfshelp@uw.edu, or on the live chat button on the Student Fiscal Services website.

PARENT LOANS - If you have been awarded a Parent Loan (PLUS), your parent borrower will need to complete a PLUS application and master promissory note at https://studentloans.gov. As part of the application process, a credit check will be completed. If your parent's credit is approved, they will then complete a master promissory note on the same site. If their credit is denied, endorser options will be presented to them. For more information on the Parent Loan process please see our website.

Parent Loans are disbursed to the student's University student account to pay any charges. When completing the application, parent borrowers indicate whether any remaining loan proceeds should disburse directly to the student or to the parent. Loan proceeds disbursed to the parent borrower are sent automatically via paper check from Student Fiscal Services.

FEDERAL STUDENT LOAN ENTRANCE COUNSELING - If you are a first time borrower at the UW with a Stafford, Unsubsidized, or Graduate PLUS loan, you will be required to complete Entrance Counseling before your loan can be disbursed. This can be done online at http://studentloans.gov.

IF YOU HAVE A LOAN FROM AN "OUTSIDE LENDER" SUCH AS AN ALASKA OR PRIVATE LOAN - Your loan cannot be disbursed until the funds have been received from the lender. You can confirm that the aid has arrived by reviewing MyUW approximately a week before the beginning of the quarter. If your lender sends you notification that your loan has been approved and the disbursement is being processed, you should expect to wait about two weeks for it to be available to you.

If your lender disburses your loan by check, you may need to endorse the loan check in Student Fiscal Services. Check your aid account on MyUW; if it indicates a signature is required, you may handle this in Student Fiscal Services, 129 Schmitz Hall.

PAY YOUR OWN TUITION IF YOUR FINANCIAL AID IS LATE * - Short term loans against summer aid may be arranged through MyUW Student Finances. If your tuition is not paid by the end of the third week of the quarter, you will be charged a $120 late payment penalty. * See B Term information under "Disbursement Starts" if you will be enrolled in B Term ONLY.

IF YOU MUST WITHDRAW FROM SCHOOL - If you withdraw before the start of classes, you must repay any financial aid you have received. If you withdraw during the quarter, you may have to repay some of your aid. If you do not officially withdraw but fail to pass any classes, you will be considered to have unofficially withdrawn and may have to repay aid. A withdrawal may affect your future aid eligibility. Please see the Time Schedule or Withdraw/Refund/Repayment for information on refunds. Tuition refunds, in general, must be returned to the financial aid programs.

WORK STUDY PAYCHECKS - These are available from your employer according to the payroll schedule. Contact your employer or the Work Study Office, 520 Schmitz Hall if you have any questions.

PRIOR QUARTER DISBURSEMENTS - Generally, aid should be picked up within the current quarter. However, certain types of prior quarter aid may be available for a limited time. If you did not receive all of your aid for the prior quarter, you must specifically request that Student Fiscal Services release this aid to you. This includes students who normally receive their aid through direct deposit.