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Financial Aid Disbursement Policy

West Virginia University Policy
Division of Administration and Finance


WVU-CO-9

FINANCIAL AID DISBURSEMENT POLICY

PURPOSE

The purpose of this policy is to inform students who receive financial aid of the conditions that must be met before they receive their financial aid disbursement.

SCOPE

This policy applies to all University students who receive financial aid, including those on the regional campuses.

POLICY

Approved financial aid is disbursed if the student is registered for the appropriate number of hours and he/she has signed his/her promissory note(s), if applicable.

Financial aid living expense refunds are issued for true credit balances (does not include accounts receivable or financial aid memos) within fourteen (14) days of disbursement. Financial aid living expense refunds are mailed weekly and no earlier than ten (10) days prior to the start of classes. These refunds are mailed to the student at their local mailing address unless they have a refund address. If the parent has not authorized their PLUS loan refund to be issued to the student, then a refund payable to the parent is mailed to them using the address on the PLUS loan application.

PROCEDURE

Procedure development rests with Revenue and Loan Services and the Financial Aid Office.

RESPONSIBILITY FOR IMPLEMENTATION

The responsibility for implementation of this policy rests with Revenue and Loan Services and the Financial Aid Office. The Controller’s Office, at 293-4002 or P.O. Box 6001, is available to answer questions or provide additional information regarding this policy.

RESPONSIBILITY FOR INTERPRETATION

The responsibility for interpretation of this policy rests the Controller, West Virginia University.

Effective Date: September 10, 1998
Approved By: Scott C. Kelley, Vice President