Role | Actions | Timelines |
Staff |
|
Varies |
Admin Team |
|
2-3 business days |
Award Entry |
|
1-3 business days |
Student |
|
3-5 business days for EFT |
Student Awards Policy
FASO/Procurement Update Fall 2020: All financial resources being paid to students need to be reflected in their financial aid packages, whether they are aid recipients or not. This ensures appropriate IRS reporting and financial aid compliance review. Therefore, FASO is required to account for all resources students are receiving, even if it is a reimbursement.
This includes expenses that are already/can be included in the cost of attendance (including but not limited to):
-
Tuition and fees
-
Rent and Food
-
Books and Supplies
-
Travel and Transportation
-
Personal Expenses
-
Technology/Computers
-
Childcare
-
Medical/Dental
General Guidelines
Departments may award students for a variety of reasons:
- Department-specific awards
- Scholarships
- Emergency grants
- Expenses related to the cost of attendance, etc.
We highly encourage counselors to check in with Financial Aid in cases where they are unsure if a student has room in their packet for an award.
Student awards typically take 3-5 business days to process and disburse once they are approved. Please keep in mind that awards disperse based on dispersal dates pre-determined by financial aid. For the 22/23 Academic year, those dates are 08/15/2022 (Fall), 1/09/2023 (Spring), and 5/13/2023 (Summer). If the award(s) were processed after the semester start date, the award(s) would typically disperse within the 3-5 business days after approval.