Financial Aid Disbursement – How and When

How and when Financial Aid is Disbursed

How will I receive my financial aid? All scholarships, grants and loans packaged by the office of financial aid and accepted by you will becredited directly to your student account. Federal Direct Loans will appear as an estimated credit on your bill, but actual credit will not be made until these funds are disbursed after the start of the term. Student employment is not credited to your student account; rather it is paid via student payroll biweekly for hours worked during the previous two weeks.

One half of your financial aid for the academic year is credited to your account at the beginning of each semester. Outside scholarships/loans are not credited until the funds are received from the donor/lender. Unless a donor specifies otherwise, outside scholarships/loans are to be applied one half in the fall semester and one half in the spring semester. Financial aid is packaged for the academic year or a portion thereof during which a student anticipates being enrolled. Should a student discontinue a portion of that enrollment period, appropriate adjustments will be made to the student’s financial aid in accordance with the refund and return policies of Simpson College and the U.S. Department of Education. In the case of a student with a Federal Direct Student Loan, Simpson will notify the federal government and loan servicer when the student drops below half-time status or ceases enrollment.

What happens if I am entitled to a refund to help cover some of my living expenses? If your student account is credited with more funds than you owe Simpson, you will receive a check for the amount of your credit balance. Refunds are released no later than the 14th day following the day your student account shows a credit. Refund checks can be picked up at the business office. You will receive an email letting you know funds are available. If a Federal Direct PLUS Loan creates the credit, the excess funds will be returned to the parent borrower, unless the parent indicates otherwise. If the student or parent chooses to leave this credit on the account, authorization must be given in writing to the business office and is rescindable at any time.