Disbursement of Funds

Disbursement of financial aid begins after enrollment verification/class attendance has been confirmed by the Registrar’s Office, and continues each week thereafter. The timing of disbursements is contingent upon you meeting all of the conditions for receiving aid, and all awards may not disburse at the same time in some cases. Disbursement may be delayed for the following reasons:

  • Attendance has not been confirmed
  • Necessary financial aid requirements have not been completed
  • Verification of FAFSA information has not been completed (not all students are selected for verification)
  • We have not received the physical funds from the organization (i.e. Private/Alternative Loan vendor, outside scholarship organization, grant funding organization, etc.)

Refunds of Excess Funds

If your account is overpaid and creates a credit balance, a refund of those excess funds will be issued to you. Student refunds are available as soon as administratively possible after the completion of the Add/Drop period each semester, following verification of student enrollment and disbursement of financial aid.

Pending financial aid may require action on the part of the student prior to disbursement, which if delayed, may delay your refund. The student’s attendance will need to be confirmed before any aid will disburse. Attendance confirmation is completed by the Registrar’s Office.

*Most students can expect to receive their refunds around the following timeline:

  • Fall: End of September
  • Spring: End of January
  • Summer: End of May (if enrolled in Summer Session I)

*If you are enrolled in a rotation that starts later in the regularly scheduled semester, note that your refund cannot be issued until after your rotation has begun and your attendance has been confirmed.

Please note that it is not possible to issue refunds prior to the dates listed above. Students should be sure to make arrangements each semester for the purchase of books and payment of rent (if living off-campus), since refunds are not available right away.

Refunds generated by a Parent PLUS Loan will be issued in the form of a paper check and mailed to the borrower (parent) directly, unless the borrower has elected to have the funds disbursed to the student on the loan application.

Direct Deposit Information

The preferred method of issuing refunds is through Direct Deposit. It is the fastest and easiest way to ensure that you receive your refund. To participate in direct deposit for the first time or to update your bank information, please see the Banking Information page on the Student Self Service Portal. Please be sure to fully review and understand the terms and conditions before submitting your bank information.

As a reminder, it could take up to 7 business days for the school to confirm the account with your financial institution. If inaccurate bank account information is entered, there may be up to a two-week delay in receiving your funds. If you do not enroll in direct deposit in time, your refund will be issued as a paper check to the permanent home address that you have on file.

  • If you need to update your permanent home address, please do so via the Registrar's Department Page.
  • If you do not receive your paper check within 2 weeks of the refund initiation date, you will need to contact Student Accounts at student.accounts@mcphs.edu to have the check reissued.