Disbursement and Credit Notification

 

Financial Aid Disbursements and Credits Notifications

 

According to Federal regulations there are two ways that the University must notify students of disbursing funds to students’ accounts

1.      A general notification to all students receiving Financial Aid funds, i.e. individual award letters or notifications. 

2.      A notice to students that funds are disbursed and credited to their accounts, i.e. loan disclosures statements from lenders and school’s email notifications of funds credited or posted to students accounts

 

New Students or New Borrowers Disbursements and Credits Notifications

1.      Award notifications are sent via mail.

2.       Students must respond within 14 days that award notifications are dated.

3.      Accept or decline loans online by using WEBSIS at www.morgan.edu or https://ssb2.morgan.edu/pls/PROD/twbkwbis.P_GenMenu?name=homepage

4.      Complete online Entrance Counseling and Master promissory at www.studentloans.gov 

5.       All financial aid will disburse 10 days prior to the start of classes except the very 1st disbursement for new borrowers of Federal Loans will disburse 30 days after the start of classes.

6.      Students must notify the Office of Financial Aid of all other aid for processing.

7.      Students will receive a Disclosure Statement from Direct Loans which will indicate the date the loans are expected to disburse to the school, each year this date will change.

8.       If any increases or decreases adjustments are made to the students Financial Aid awards the school the will send a written notification via email to the students or parents.  Once the changes are credited to the account an additional email notification will occur. Also a loan Disclosure Notice will be sent if adjustments consist of loans. New disbursement dates will be included.

9.      Students and parents have the right to cancel all or any portion of their Federal loans or disbursements and must notify the University no earlier than 30 days before and no later than 30 days after crediting the student’s account by submitting a signed and dated request. This also applies to other Financial Aid

 

Continuing or Returning Students Disbursements and Credits Notifications

1.      Students can review awards thru WEBSIS at www.morgan.edu or https://ssb2.morgan.edu/pls/PROD/twbkwbis.P_GenMenu?name=homepage

2.      Students must respond within 14 days that award notifications are dated by accepting or declining the loan offers.

3.      Students are to accept or decline the subsidized or unsubsidized student loan offers. 

4.      Federal aid including loans will disburse to student’s accounts 10 days prior to the start of classes each semester.

5.       Students must notify the Office Of Financial Aid of all other aid for processing

6.      Students will receive a Disclosure Statement from Direct Loans which will indicate the date the loans are expected to disburse to the school, each year the date could change and the Bursar will notify students of funds credited to student’s accounts.

7.       If any increases or decreases adjustments are made to the students Financial Aid awards the school will send a written notification via email to the students or parents.  Also a loan Disclosure Notice will be sent if adjustments consist of loans. New disbursement dates will be included.

8.      Students and parents have the right to cancel all or any portion of their Federal loans or disbursements and must notify the University no earlier than 30 days before and no later than 30 days after crediting the student’s account by submitting a signed and dated request to the Office of Financial Aid. This also applies to other Financial Aid.

Teach Grant Notification and Cancellation

1.      School will notify student of the amount of Teach Grant funds the student is eligible to receive.

2.      Teach Grant funds will be disbursed 10 days prior to the start of classes.

3.      If a student request cancellation of the Teach Grant by the later of the first day of a payment period or 14 days after the date the school notified the student of his or her right to cancel all or a portion of a Teach grant the school will return the Teach Grant proceeds or cancel the Teach Grant award.

 

All disbursements and crediting of aid is contingent upon all packaging and awarding processes have been performed and students have met all federal, state and institutional requirements.