Disbursement of Financial Aid
Financial Aid awards that have been accepted in myUHV will appear as anticipated aid on the student’s billing account. If the aid exceeds the institutional charges, the student does not have to make any other payment arrangements. Up to ten (10) days prior to the first class day, financial aid disbursements for eligible students will be applied to the student’s account. Each semester enrollment and eligibility reviews are conducted prior to authorizing the release of aid. Aid may be awarded based on full-time enrollment and aid is applied to the student’s billing account (disbursed) based on actual enrollment. If discrepancies are found, the disbursement of aid will be delayed until all discrepancies are resolved. Eligibility and enrollment reviews are also conducted after the census date. Aid will be adjusted accordingly. If the aid applied to the student’s account results in a credit, the remainder will be disbursed to the student within 14 business days according to the refund option the student selected on the BankMobile website.
Revisions of Financial Aid Awards
Financial aid adjustments may result in the student repaying a portion of any financial aid received.
Withdrawals Prior To The 1st Class Day: If a student withdraws prior to the 1st class day, 100% percent of his or her grant(s)and scholarship(s) disbursed to the student account will be returned to the fund(s). If the student received a refund check, the student is responsible for returning 100% of the grant and scholarship refund amount to the school. UHV will return 100% of the loan funds used to pay tuition and fees. The student´s servicer will be notified of the student´s withdrawal. The loan servicer may notify the student that the total amount of loan funds disbursed have gone into immediate repayment status. If not repaid to the servicer in a timely manner, usually 30 days, the servicer may put the loan in a defaulted status. The student is responsible for returning to the servicer the loan funds that UHV disbursed to the student.
Change In Course Load Between The 1ST And 12TH Class Day (Maintaining At Least Half-Time Enrollment Status): Grants and scholarships will be reviewed between the 1st through 12th class day (4th class day for summer sessions). If a student adds or drops courses, the grants and scholarships will be reevaluated. Downward financial aid adjustments may result in the student repaying a portion of any financial aid received. The tuition refund may be returned to the state or institutional fund(s). Courses dropped after the 12th class day (4th class day for summer sessions) will not cause a reevaluation of aid awarded. If the Direct loan funds have been disbursed to the student who has reduced his/her hours, the loan will not be adjusted. The student´s enrollment adjustment may cause an over award. If the student has other forms of aid, the awards may be reduced or canceled to reduce or eliminate the over award situation. Second disbursements may be adjusted or canceled to reduce or cancel an over award as well, if applicable. Pending fund availability, some financial aid awards will be increased if the student added additional courses. Dropped courses will be taken into consideration during the review of the student´s satisfactory academic progress.
Dropping Below Half-Time Prior To The 13TH Class Day: The student´s loan servicer will be notified of the student´s enrollment status change which will cause his or her grace period to begin. The student borrowers second loan disbursement will be canceled, if applicable. All grant and scholarship awards will be adjusted accordingly which may result in a balance on the student's account. If the Direct Loan funds have been disbursed to the student who has reduced their hours, the loan will not be adjusted. The student´s enrollment adjustment may cause an over award. If the student has other forms of aid, the awards may be reduced or canceled to reduce or eliminate the over award situation. Second disbursements may be adjusted or canceled as well, if applicable. The student must pay UHV for tuition and fees, if applicable, for continued enrollment in courses in a less than half–time status.
Withdrawals Between 1st And 12th Class Day: Students who withdraw prior to the 13th class day will have the Return to Title IV calculation computed for all federal aid disbursed. A portion of the student’s federal aid will be adjusted downward which may result in the student repaying a portion of federal aid previously disbursed. Refer to the Return of Title IV Funds Policy for withdrawals on or after the 1st class day. One hundred percent of all institutional and state financial aid will be returned to the funds. Financial aid adjustments may result in the student repaying a portion of any financial aid disbursed.
Withdrawals For Students With Tuition And Fee Awards Through The 20TH Class Day (6th Class Day for Summer Sessions) Students who withdraw prior to the 21st class day (7th class day for summer sessions) may have their tuition and fee scholarship adjusted to equal the student´s recalculated tuition and fee bill. A debit for the difference will be applied to the student´s account.