How exactly does financial aid work?

Colleges and Universities A-Z California State University - Long Beach
1

<p>I got disembursed today and it says my aid for this semester is no longer pending.</p>

<p>but when i go to the payment site it only shows in my account an amount that would pay every cost i'll have this semester, not the extra 170 i'll have left over. </p>

<p>my aid for one semester was 8028.00$, my account only says 7855$. so where did that money go.</p>

<p>also when i want to make a payment it gives me the option of e-check, another credit card, or the bank account i have linked to the university. </p>

<p>problem is that account doesn't have any of my financial aid money in it.</p>

<p>so even though the site says i have money in my account, even though it's the wrong amount, where is this money floating and would i be safe deducting it from my bank account even though it doesn't show the same balance my student account online has.</p>

<p>thanks!</p>

2

<p>I wouldnt do anything with your bank until you have the money in the actual account. My $ hasn’t made it to my account either yet.</p>

3

<p>The extra money will go to your bank account. It might take as long as one week for it to be wired in, so just be patient.</p>

4

<p>How will the award be disbursed?</p>

<p>Based on the disbursement date above, the system will begin attempting to disburse the award. The student must meet the minimum enrollment established for the scholarship prior to disbursing the award. If the student is not yet enrolled in the minimum number of units, the system will recheck eligibility each night to attempt to disburse the award at the earliest possible point. If the student meets the disbursement requirements, the award is posted to their student account the following morning. They will see the name and amount of the award in MyCSULB using “Account Inquiry.” </p>

<p>Step 6 Student Receives Funds</p>

<p>If the student has a credit balance on their student account after the award disbursement is posted, a refund will be generated that day.
If they have signed up for E-Refund as required, the refund will be securely transferred directly into their personal bank account, normally within 48 hours. The student also receives an email notifying them of the transaction when the transfer is initiated.
If they have not signed up for E-Refund, a physical check will be requested which will be mailed to their address on file in MyCSULB. It normally takes at least an additional 10 days for receipt of a physical check. E-Refund is a much timelier and more secure method of payment receipt.</p>

<p>Hopefully it only takes up to 2 days to get the funds . _ .</p>

5

<p>Unless your financial aid is more then what is owed to the school, including housing, then they are not going to deposit any money in your bank account.</p>

6

<p>I also had a question about financial aid. Most of my aid got disembursed today but the private loan I had to take out. Its still under pending even thought its date for disembursment was yesterday. I was planning on using the extra money from this to buy books and things. Should I call the school and ask or wait?</p>

7

<p>i have about 200 bucks left of aid that im waiting to have in my account by next week. since i got over 8000 for this semester and school costs including housing were only about 7800$</p>

8

<p>youpapparazi, did you get your loan approved? I got a email stating that its a sserious financial responsibility, it’s been released to my student account etc etc and if necessary here is the form to cancel it. </p>

<p>also i was reading the fin. aid mailer and it says once its been disbursed to your student account it’ll be direct deposited to the bank (from erefund) generally within 72 hours.</p>

9

<p>Do you get disbursed every semester? Or is that for the whole year?</p>

10

<p>there are two scheduled dates of disbursement 8/19 & 1/13 for 2011-2012</p>

11

<p>I got that email too! Haha I looked under my aid pending list and my private loan is under pending still. So I’ll call Monday and see what’s up. It’s meant for the fall semester.</p>

12

<p>Did you finish your master promissory note and go through loan counseling?
You should be able to check your loan status when you go view your financial aid through my.csulb … it’ll say “loan details” on the side and you get to click it and see the progress.</p>

<p>I finished my master promissory note and my counseling in like 45 mins and it was approved completely within 24 hours. See if you didn’t do that and if it still hasnt cleared by Monday give the office a ring.</p>

13

<p>Yeah I finished all that. My stafford loans went through perfectly fine. The one that hasnt gone through is a priviate loan I had to take out. I did everything I needed. Ill have to call monday and ask.</p>

14

<p>oh right, i’m not sure how private loans are done since I did not take any out.
So has anyones money shown up in their bank account? I need to pay my security deposit very soon… time crunch :x</p>