Understanding Disbursement Dates
The anticipated disbursement date reported on the Virtual Student Aid web site is ALWAYS the initial disbursement date for the new semester. It is established by the school under the Department of Education requirements. It does not mean a student loan will disburse on that date, as the student may have not completed the require information, and/or supplied the requested documents in time for processing by the various parties.
A student may check their status on-line, and when everything is completed, a Yes will appear under “Aid is scheduled”.
The actual disbursement date to the school is 7-10 calendar days from the “Financial Aid Certified” date; disbursing on the next Tuesday.
NOTE: Scheduled disbursement days to USAHS are Tuesday with any student disbursements being made the Friday of the same week.
So in this example, the actual disbursement to USAHS is
September 15, 2012, even though the default anticipated date still indicates 9/8/12
The award letter is sent to the student from the Third Party Service (VFAO) and it will indicate the amount of Student Federal Aid awarded.
A student may review their upcoming tuition invoice from theUSA on-line portal and calculate their projected disbursement amount to be scheduled on the published disbursements date(s).
HOW TO ACCESS YOUR STUDENT FINANCIAL INFORMATION:
It has come to my attention that many students are not aware that you can view your financial information as well as update your contact information from the MyUSA portal (http://my.usa.edu). You sign on with the username and password you use to view your grades.
To view your financial information:
1. Log in
2. Click on Students Tab
2. Select the ‘My Finances’ link;
3. Open the ‘Accounts Receivable’ link;
4. Open the 'Click Here To View Account History' link (you can also print screen the information)
If the student determines they do not want to receive the full award amount?
UP TO FIVE DAYS BEFORE DISBURSEMENT:
- Contact the Financial Aid Office so they can reduce the amount being disbursed.
LESS THAN FIVE DAYS BEFORE DISBURSEMENT
OR AFTER DISBURSEMENT OCCURRED:
Students who have received the disbursement check and decide they would prefer a lesser amount and wish to have the difference returned to FSA
1) If the USAHS check has not been cashed/deposited into their account. Bring it to accounting, allow three business days to reissue a check in the amount requested and send back the difference to FSA on the student’s behalf.
2) If the USAHS check has been cashed, the student needs to contract Sallie Mae listed on the “Notice of Loan Guarantee and Disclosure Statement” received separately and follow those instructions or if the request is within 30 Days from the original disbursement date, the student may write USAHS a check in the amount they wish to have returned, once the check clears, the Business Office will forward the funds to FSA on the students behalf.
NOTE: To reduce any future disbursements, immediately contact the Financial Aid Office