 |
Receiving your funds
Refunds
As Financial Aid is intended for your educational expenses, ALL financial aid, except work study, will be disbursed directly to your tuition bill/account at the Bursar’s Office. It will be automatically applied towards any bill that you may have with the university. No financial aid will ever be disbursed directly to you. If after your bill is paid in full and you have a negative balance, you may receive the excess funds as a refund. This excess refund money is still intended for educational expenses such as: books and supplies, room and board, and other necessities, so please budget and spend it wisely. Also, you are responsible to review all your bills and financial aid to make sure that everything looks correct on your bill and that you received the right amount of financial aid funds. If there is a correction/mistake with your bill or financial aid, resulting in your bill being adjusted or any financial aid being adjusted/cancelled, you are responsible for any bill that is created. If you expect a refund, you must set up direct deposit. Please see the Bursar page to read more on what your refund options are.
Alternative Loans
Most alternative Loan lenders will transfer funds directly to your university bill like your other student loans. For the ones that don’t, you will be notified to come to the Bursar’s office to sign the check and then it will be automatically applied to your university bill. To learn more, please see our alternative loan page.
College Opportunity Fund (COF)
Undergraduate Colorado resident students are eligible for a stipend from the State of Colorado to help pay their tuition. Go to https://cofweb.cslp.org/cofapp to apply. For a list of FAQ's about COF, see our webpage at www.colorado.edu/studentaffairs/cof.html.
Direct Deposit
Starting fall 2008, all students are required to sign up for direct deposit. When you set up direct deposit with the Bursar's Office, your excess financial aid funds will be deposited directly into the bank account of your choice. Please see the Bursar page for details and to set up direct deposit.
PLUS Release of Funds
If your parent accepts a PLUS (parent) loan as part of your financial aid package, they have two choices for their refund of excess funds. If your parent chooses the first option, which is to release any PLUS loan excess funds to the student, your PLUS loan will disburse along with the rest of your aid directly to your university bill and you will receive any excess funds in a refund. If your parent chooses the second option, which is to ask that the excess funds be sent directly to them, there will be a hold placed on the disbursement of the PLUS loan until all other financial aid has been applied towards any university bill. Once all other aid has disbursed, the hold will be lifted to allow for the PLUS loan to disburse. If there are any excess funds, the university must request the funds from the Department of Education and once they receive it they will then send the refund check to your parent. So if your parent chooses this option, please take note that because special steps are required for this process, it will take an additional 14 days to receive an excess PLUS loan funds refund. If your parent forgot to fill out this part on the PLUS loan application form, plsm, they must fill out a PLUS release form (PLSR) from our forms page.
Promissory Notes
Promissory Notes are required for all loans. For Direct Loans, both Stafford (you) and PLUS (your parent borrower), please sign an electronic master promissory note at dlenote.ed.gov, with the PIN from your FAFSA. If do not have a PIN, go to pin.ed.gov first to request one. If you don’t have access to the internet you can request a paper version from our office. For the Perkins Loan, a Master Promissory Note will be mailed to you one week after you accept the loan.
Work-Study
If you are awarded work-study and get a work-study job, you will receive your funds, as you work, through a bi-weekly paycheck, rather than getting a lump sum as you would with other types of financial aid. Please see our Student Employment page for more details.
Rights and Responsibilities
As a student loan borrower, you have a right to know a wide variety of information regarding your financial aid. You also have many responsibilities such as, the responsibility to repay any loans borrowed. To see a full list of your rights and responsibilities please visit our rights and responsibilities page.
|
|
|
|
