Office of Financial Aid

August 22, 2022

Effective as of the Fall 2022 semester and going forward, financial aid disbursements will start 2 weeks after each semester begins.

What is the disbursement date?

The disbursement dates are the dates Morgan disburses (pays out) your financial aid funds to your student account. The dates provided are the earliest date that disbursements will take place each semester. 

Why is the disbursement date being changed?

The disbursement date is being changed from the first day of classes to the day after add/drop each semester to ensure your charges are complete and accurate (as possible) at the time of disbursement. In addition, this change will reduce the need to adjust awards or return funds because your total tuition & fees, room and board, and any other expenses should be finalized by this time. Please note: Your award eligibility is generally based on anticipated enrollment and housing status. In certain cases, your aid may be canceled or changed if the final enrollment and/or housing status differs from the anticipated statuses.

What are the new disbursement dates for the 2022-2023 academic year?

Fall 2022 – Tuesday, September 6, 2022

Spring 2023 – Wednesday, February 1, 2023

Does the disbursement date change impact my financial clearance?

No, the disbursement date does not impact financial clearance. Financial clearance for the purposes of both housing and the drop for non-payment is based on the amount of aid that has been offered to you and not the amount that has actually been disbursed to your account.

What could cause delays in my financial aid disbursement?

A student's financial aid disbursements may be delayed for various reasons, including but not limited to: missing or additional documentation needed, late submission of documents,

or insufficient enrollment. Students are encouraged to check their To-Do List in the Financial Aid tab on WebSIS. This will inform you of any missing documents or forms that we need from you, or any actions you must take before your financial aid can be disbursed.

How will this change impact my refund?

This change will not affect your refund amount or delivery method. The refund processing time is 5-7 business days after disbursement. The University will begin the refund process on 09/08/2022 for the fall semester and 02/02/2023 for the spring semester.

What steps do I need to complete to receive my refund?

No action is required for returning students who have already selected a refund preference with Bank Mobile (BMTX). For Incoming students who have not selected a refund preference, please check your Morgan email for a code that will allow you to log in to the Bank Mobile portal and select a refund preference.  

What is a refund preference?

A refund preference is how you would like to receive the refund. The options are ACH to your personal bank account/Direct Deposit; Paper Check via the US Postal System. or Open a Vibe Account with Bank Mobile. Please note: if you elect to have a paper check, you must confirm the address on file with Bank Mobile. MSU nor Bank Mobile cannot guarantee the delivery date of mailed checks. 

Do I need to select a refund preference if I am not receiving a refund?

No, you are not required to select a refund with BankMobile; however, we strongly encourage students to select a preference in case additional awards or credits are processed for your account. 

How do I check or change my current refund preference?

Simply log in to the Bank Mobile portal and update your preference before the processing of your refund. 

President Biden, Vice President Harris, and the U.S. Department of Education have announced a Student Debt Relief plan that allows eligible borrowers to receive up to $20,000 in federal student loan debt forgiveness. Information regarding this three-part Student Debt Relief plan is detailed in the recent announcement. 

Through the Department of Education’s Federal Student Aid portal, borrowers can access their federal student aid and loan history using their Federal Student Aid ID (FSA ID) and password. Once logged in, borrowers should select the drop-down arrow next to their names (located in the top navigation bar) and select the dashboard option. 

For questions regarding federal aid or the Student Debt Relief please contact the Department of Education at 1-800-872-5327 or submit an inquiry at www.ed.gov/answers.