Disbursement of Awards
Funds will post to a student's account after the financial aid census date. The census date typically marks the end of the add/drop period for the semester. This is the date a "snapshot" is taken of all students' enrollment to establish the "official enrollment" for reporting purposes and financial aid eligibility.
The classes for which a student is registered as of the census date determines the amount of financial aid he/she will receive. Enrollment as of the census date will be compared to the enrollment status on the student's award letter to determine if the eligibility requirements are still being met for each of the aid programs listed. Award revisions are sent via email to a student’s campus address. It is possible for a student's aid to be increased, decreased, or even canceled. Revisions may be necessary because of changes in housing status, academic status, enrollment status, verification, conflicting information, additional resources, fraud, availability of funds, federal or state regulations, and computation error.
If a student increases or reduces the number of credits in which he or she is enrolled before the census date, the financial aid may be adjusted, as appropriate, for the new enrollment level. If aid is reduced and a balance on the SU account is created, the student will be responsible for payment. If credits are added after the census date, aid will not be increased. Aid may be affected if the student is taking courses that begin after the census date. For example, if a student is enrolled in a traditional undergraduate program and taking a class that starts after the census date, the Federal Pell Grant will not be disbursed until after the last drop date for which the student is enrolled. If the student fails to begin attendance in all classes, the grant will be reduced accordingly. Loans will disburse when the student reaches half-time enrollment. Financial aid may also be affected if a student submits FAFSA information or corrections after the census date.
The Financial Aid Office should be notified immediately concerning any changes in enrollment or campus housing. Please note:
- Accelerated Students - Enrollment status is monitored after the drop date for each of the sessions for which a student is enrolled during the semester. Once half-time enrollment is attained, the Financial Aid Office will disburse loan funds. The student must be enrolled at least half-time at the time of disbursement. Federal grants will post after the LAST drop date for all sessions for which a student is enrolled in the semester.
- At the latest, state awards will post upon receipt of the actual funds from the state of Maryland; generally, November for the fall semester, March for the spring semester.
- Work-study earnings are not posted to student accounts. The student will receive a bi-weekly paycheck directly from Stevenson University.
- Private scholarships and awards from independent sources will be credited upon receipt of these funds by the SU Student Accounts Office. Often these awards are sent to the University in one check and, therefore, post as a single disbursement for the fall semester.
- Credit Balance - For those students with a credit balance resulting from financial aid, a refund check will be issued by the SU Student Accounts Office after aid is posted from all sources. State aid recipient refund checks may be delayed due to the receipt date of these funds.
- SU need-based grants may be reduced by the addition of later awards from the State of Maryland. If any outside funds affect the current financial aid award, the student will be notified of all changes.