Financial Aid Disbursement
Financial Aid recipients should receive refunds during the fifth week of the semester. This allows the Financial Aid office time to verify the number of credit hours you are taking and the Student Accounts department to process all bookstore credits. Financial aid eligibility will be paid based on the actual number of fundable credit hours students are registered in at the end of the third full week of fall and/or spring semesters. Students enrolled in courses that begin later in the semester will not be paid until after those classes begin and attendance has been verified.
When Will I Get My Money?
If you submitted your financial aid application and all supporting documents to the Financial Aid office prior to the deadline for the semester:
- You should receive a financial aid award notification before your classes start.
- You may be eligible for up to $1,000 through an STLCC Book Account.
- Check Banner Self-Service to determine if you are eligible.
- You can use the funds to buy books and supplies for your classes.
- STLCC will request Federal Pell and Direct Loan funds from the Department of Education.
- After your enrollment and attendance/participation in class is confirmed, eligible funds will be placed in your student account.
- Any tuition and fees, and utilized book account funds you owe will be deducted from your award.
- Your student account will be checked for holds - for example, you may have an outstanding balance from a previous semester.
- You will receive any remaining funds eligible for release as a credit on your selected refund preference with BankMobile Disbursements, a technology solution, powered by BMTX, Inc. by the end of the fifth week of the semester. (For late start classes, financial aid will be processed during the third week of October.)
If you applied for financial aid and submitted supporting documentation after the deadline for the semester:
- Your aid will be processed as soon as possible, but there may be delays.
- Plan to make payment in full by the first day of each semester or enroll in an e-cashier payment plan.
- If you are eligible, you will receive a financial aid award notification, but it may be after classes have begun.
Important Notes:
Aid will be applied to your account based on the number of classes you have been reported attending. If you are not reported attending all of your registered classes, then your financial aid award will be adjusted accordingly. You will owe for classes that you have not attended and failed to withdraw from in a timely manner. If you are attending classes with various start dates, the first disbursement will be made based on the earliest date of documented attendance. Loans will not be released until you have been reported as attending at least six hours
Federal Transfer Monitoring
The U.S Department of Education requires Saint Louis Community College to confirm whether or not students have taken credits and used Federal Pell Grant or Subsidized/Unsubsidized Loan funds at another institution during the most recent academic year. This will assist in preventing over-awards of Pell Grant and/or Subsidized/Unsubsidized loan in excess of your allowable annual limits.
To indicate that we are collecting this information, a hold will be placed on your student record with an email sent to your STLCC email account.
Timeline
The transfer monitoring hold will be placed on your student account and will expire after 7-days. This hold will be placed prior to the beginning of each semester or period of enrollment (late start enrollment) so that we can upload the most current federal grant and loan information from the National Student Loan Database System (NSLDS). This will allow us to see if you have any pending or disbursed federal aid at another school for the current academic year prior to the upcoming semester disbursement(s) at Saint Louis Community College.
Required Actions
If you are a STLCC student who has recently transferred from another school:
If it is determined that you have no pending aid at your previous school, and your award amounts for both schools do not exceed your yearly limit(s), the hold will be removed once your record has been reviewed. If it is determined that you have pending aid at your previous school, and your award amounts for both schools exceed your yearly limit(s), the hold will remain on your record until your aid award(s) at STLCC has been adjusted.
Notes for Financial Aid Transfer Students:
If you have already filled out a FAFSA, please make sure to add STLCC's school code:
002469
Cancel all pending aid at your previous institution. Your aid does not travel with
you from one school to another.
Keep in mind that your financial aid eligibility may be limited depending on what aid you have received at your previous institution and your aid award at STLCC may be reduced or canceled accordingly.
A Transfer Monitoring Hold prevents the disbursement of your financial aid for 7 days. However, this hold does not prevent your ability to register or change your schedule. There is no action needed by the student during this process. The removal of this hold is automatic and you do not need to speak with a Financial Aid representative to have this hold removed or your aid disbursed.
If you received financial aid at another institution during the same academic year you are attending or planning to attend STLCC, you must contact your previous institution to have any pending aid disbursements canceled.
Based on overlapping reporting periods between institutions and NSLDS, there are times where disbursement updates occur later. This can cause a late removal of Pell or loan awards.