The first week of school, if you:
- are enrolled at least half-time in eligible courses (review the NMSU Schedule of Classes for details about eligible and ineligible courses)
- are academically eligible and maintaining Satisfactory Academic Progress
- are without a previous University Accounts Receivable balance
- have been awarded aid before the first day of courses
Then disbursement of funds will occur as follows:
- Grants, Perkins Loans, Federal Direct Loans and most scholarships automatically credit to your student account in the Business Office.
- Funds are applied to charges owed.
- Refunds are disbursed according to the alpha listing in the semester Schedule of Classes booklet (the booklet is used to select your courses each semester).
- You must complete an online Entrance Counseling Session before Perkins loans or Federal Direct Loans are processed or disbursed.
Work study awards are not applied directly to charges owed. Apply for jobs listed at our web site. Once hired, you receive semi-monthly payments for your work. You have 30 days from the beginning of the semester to find a work study job, otherwise funds are re-allotted. If you encounter difficulty finding a position, make an appointment to visit your financial aid advisor for guidance.
Students who have Financial Aid and/or Scholarship awards (with the exception of Workstudy) and meet disbursement criteria will have awards disbursed to their student accounts at the start of the semester and every business night thereafter within the term. Enrollment is verified daily and adjustments to financial aid may result based on award criteria.
It is important to note that federal funds can only be used to pay for institutional charges (institutional charges include tuition/fees, and room/board assessments and exclude charges such as bookstore, health center, degree fees, etc.) incurred during the academic year for which the financial aid is awarded. A maximum amount of $200 can be applied to institutional charges from a previous academic year. Excess financial aid funds that remain after institutional charges have been paid will be refunded to the students, which may result in a balance still due to the University.
Students are encouraged to have their disbursements distributed by direct deposit to a checking account. Direct deposit is set up through the my.nmsu.edu secure portal by clicking on the direct deposit link under Student Financial Aid. Check disbursement is processed by the University Accounts Receivable Office in the Educational Services Center or community college business offices
|January 9, 2014||Financial Aid Award disbursement to Student Accounts|
|January 14, 2014||Financial Aid Refund Direct Deposit Disbursement from University Accounts Receivable|
|January 15, 2014||Financial Aid Refund Check Disbursement from University Accounts Receivable|
Students who are enrolled but do not plan on attending must officially withdraw from the University. To officially withdraw, please go to the Registrar’s office in the Educational Services Building.
Financial aid and most scholarships will not pay for UNIV000/UNIV999 courses and audit courses. Undergraduate students may receive Title IV aid for only one repeat of a previously passed course.
Financial aid may not pay for courses added after the deadline for registration and course additions, Tuesday, January 28, 2014.
Students must notify the Office of Student Financial Aid and Scholarship Services of any/all additional resources: scholarships, veteran’s benefits, tuition waivers, stipends, WIA, DVR, state or federal program awards, and others which may be received, so as not to jeopardize the financial aid award. All financial aid offers are subject to revision due to changes in policy, law, regulation, errors, or funding. The student is responsible to repay excess funds disbursed due to any of these reasons.
Students receiving loan awards must be enrolled at least halftime and first time borrowers must complete an online Entrance Counseling and sign an online Master Promissory Note prior to loan disbursement. Students who receive grants or loans and withdraw or stop attending classes within the first 60% of the semester will be required to repay a portion of aid received, per the Department of Education’s Return of Title IV regulations. For more information, visit the Return of Title IV Funds page.
Students whose financial aid files are incomplete must complete their registrations and make payments according to the University’s payment plan without the assistance of financial aid. Students should visit with their financial aid advisor to review file status and to make arrangements to complete their files. Financial aid cannot be disbursed until a student’s file is complete. To avoid delays, students should complete their financial aid early and accurately. In addition, Satisfactory Academic Progress will be monitored to determine eligibility for financial aid. Satisfactory Academic Progress includes maintaining a cumulative grade average of a 2.0 for undergraduate students, 3.0 for graduate students; satisfactory completion of credit hours attempted; and a maximum time frame to complete degree. Please see a financial aid advisor for details.