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Each semester, grants, loans, and scholarships are disbursed to student accounts before classes start to pay off any University balances. If there are funds remaining, a refund will be issued to the student. Disbursement and refund dates are shown below for standard disbursement, summer disbursement, one semester only loans, and first-time loan borrowers. Dates are subject to change.

Students are encouraged to complete their financial aid requirements early to ensure timely disbursement.

Standard Disbursement

Fall 2019 Spring 2020
100% of funds disbursed to student accounts to pay University balances August 19, 2019 January 20, 2020
100% of grants, loans, and scholarships refund available through Direct Deposit August 21, 2019 January 22, 2020
100% of grants, loans, and scholarships refund check available from University Accounts Receivable August 21, 2019 January 22, 2020

Summer Disbursement

Summer 2020
100% of funds disbursed to student accounts to pay University balances May 25, 2020
100% of grants and scholarships refund issued May 27, 2020

One Semester Only Loans

One semester only loans will be split into two disbursements throughout the semester. 50% will disburse at the beginning of the semester, and the remaining 50% will disburse at the midpoint of the semester.

Fall 2019 Spring 2020 Summer 2020
50% of loans disbursed to student accounts to pay University balances August 19, 2019 January 20, 2020 May 25, 2020
50% of loans refund issued August 21, 2019 January 22, 2020 May 27, 2020
Remaining 50% of loans disbursed to student accounts to pay University balances October 14, 2019 March 16, 2020 July 1, 2020
Remaining 50% of loans refund issued October 16, 2019 March 18, 2020 July 3, 2020

First Time Loan Borrower

Loans for first-time borrowers will disburse 30 days after the semester starts.

Fall 2019 Spring 2020 Summer 2020
100% loans disbursed to student accounts to pay University balances September 23, 2019 February 20, 2020 June 25, 2020
100% of loans refund issued September 25, 2019 February 24, 2020 June 29, 2020

All students face uncertainty during their first semester. As you adjust your schedule during the first 30 days of the semester, this delay in disbursement will give the Financial Aid Office the flexibility to adjust loan amounts to better reflect your financial aid eligibility. This will reduce the need for collecting returned financial aid for courses that you may have dropped during this period, keeping your debt burden lower. Such a delay is standard in many financial aid offices.

NMSU Financial Aid does not anticipate that this change will affect your ability to pay for books, tuition, and other university charges. University Accounts Receivable is aware of this change and understands that you will be receiving loan disbursements later in the semester. Credit up to $500/semester is available from Barnes and Noble (online or in the campus store) for purchasing books and supplies. Any concerns you may have regarding this change will be dealt with on a case-by-case basis by your Financial Aid Advisor.

National and International Exchange

If you attend another institution through NMSU’s National or International Student Exchange Programs, you retain your financial aid eligibility with NMSU. However, disbursement is delayed to 10 days before your trip begins.

Check List

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
  • do not have 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, Federal Direct Loans, and most scholarships automatically credit to your student account.
  • Funds are applied to charges owed.
  • Any remaining funds will be disbursed as a refund.

Enrollment is verified daily and adjustments to financial aid may result based on award criteria.

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.


If you have financial aid that exceeds the charges on your student account at the time of disbursement, you will receive a refund, which may be used to pay other educationally related expenses.  If subsequent charges are made to your account, after your financial aid has disbursed, you are responsible for paying those charges.

Students have a choice as to how they would like to receive their financial aid refund.  Students are not required to open or obtain a financial account through a specific financial institution.

The following are Financial aid refund options:

Direct Deposit

Direct deposit is the electronic transfer of funds to your personal bank account.

Direct Deposit enrollment is available through your myNMSU account and is the university’s preferred way to pay your financial aid.  It is also the best way to ensure your aid funds are received in a timely manner.  To have your financial aid refunds deposited directly into your personal bank account, please log into your myNMSU account to complete the Direct Deposit Enrollment Form.  For additional information and step-by-step instructions, please visit the University Accounts Receivable Direct Deposit webpage or call 575-646-4911.

Paper Check

For students who do not use Direct Deposit, a paper check will be issued.  Refund checks can be picked up at the University Accounts Receivable office located in the Educational Services Center, Room 701.  Checks not picked up after 10 days from the issue date are mailed to the Billing Address listed on your student record.

If you receive a refund check from University Accounts Receivable and subsequently lose, mutilate or destroy the check, please visit the University Accounts Receivable Replacement Checks webpage for information on having a check reissued.