Disbursements & How You Receive Financial Aid

All students are given a billing account with the Bursar’s Office and once you become enrolled and register for classes your account will be charged tuition and fees as well as any charges for housing and meal plans.

How Financial Aid Funds Reach Your Student Account

Your awarded financial aid will be reflected on your statement as “Pending Aid.” Once your financial aid is applied, you and/or your parent(s) can make payments or set up a payment plan with the Bursar’s Office to cover any remaining out of pocket. You can also reach out to the Financial Aid Office to discuss additional funding sources.

Crediting of financial aid to your account is called disbursement. In general, the Financial Aid Office begins the process of disbursing aid to students’ accounts on the first day of each semester and continues to disburse aid throughout the semester on a weekly basis.

The majority of your financial aid award may come from grants, loans, as well as some types of scholarship funds. These items will be credited directly to your student account once you have completed any and all disbursement requirements.

Please note that Federal Work-Study funds will not credit your Student Account. You will receive a biweekly paycheck once you begin working. You may choose to apply your paycheck to your student account to assist with any outstanding balance or payment plans.

Notice of Disbursement and Right to Cancel a Federal Direct or Plus Loan

Loan borrowers will receive a notification of loan disbursement via email once funds post to their account. In the event the email address on file for the borrower is not valid, the borrower will receive a notification of loan disbursement via postal mail to the home address that is on file for the borrower.

Borrowers have 30 days from receipt of notification to cancel and/or reduce the loan amount. In the event that you would like loan funds returned to a lender within 30 days of receipt of a disbursement notification, you must submit a written request to the Financial Aid Office. If the College receives your request for cancellation after 30 days from receipt of disbursement notification, the College will honor the request only if you have made other payment arrangements with the Bursar’s Office or if the return will not result in an owing balance.

The College is not responsible for returning any portion of a loan that was disbursed to you directly (i.e., as a result of removing a credit from your account before the request for cancellation was received). Please note any interest that has accrued is the borrower’s responsibility to repay.

The Process to Purchase Books and Supplies

If there is a projected credit balance on your Student Account after your financial aid has been applied to your charges, you may request a Title IV Voucher from the Bursar’s Office to be used to purchase books and supplies at the College’s online bookstore beginning two weeks before the start of the semester.

Refund Process

Albertus Magnus College has partnered with BankMobile Disbursements, a refund management provider, in order to provide more flexible options for receiving refunds. Students have two choices to receive their refunds:

  • Electronic deposit into an existing bank account
  • Electronic deposit to a Vibe account offered by BankMobil

If a credit balance occurs, the credit will be issued to you within 14 days. If other institutional charges for the current academic year have been billed within this period, the excess funds will be applied to the current charges. Requests to receive the prior credit will be reviewed on a case by case basis. Before being processed, all refunds are subject to a file review and audit by the Bursar’s Office.

You will be asked to select a refund delivery preference from the options listed above. You should:

  1. Update your mailing address on file at the College
  2. Look for a green envelope from BankMobile Disbursements
  3. Make your choice at BankMobile Refund Selection

If you wish to have your excess funds returned to your lender, please contact the Financial Aid Office as soon as possible to adjust your aid to cover “Tuition and Fees Only.”

For more information, please visit BankMobile or contact the Bursar’s Office.

PARENT PLUS LOANS (PPLUS)

If a credit balance occurs solely due to a Parent PLUS Loan Disbursement, the credit will be mailed to the parent via check to his/her home address.

If a credit balance occurs and the Parent PLUS Loan Disbursement occurs on the same day as other financial aid postings, the credit will be issued to the student through the BankMobile process. The student must choose his/her refund delivery preference. Parent PLUS Loan recipients who wish to have their excess funds returned to their lender should contact the Financial Aid Office as soon as possible to adjust their aid to “Tuition and Fees Only.”