Disbursement of Financial Aid
Financial aid is paid (disbursed) to student accounts the third week of the semester, and for students who have aid that is more than the amount needed to pay for tuition and fees, refund checks are available to students on the fourth Friday of the semester for which the student is registered. The refunded amount can be used to pay other educationally related expenses, such as transportation, rent and food.
Please read the information on this page carefully to find out how and when different types of financial aid are disbursed and what you must do to receive your funds.
Requirements for Receiving Your Aid
- When you are awarded, you are sent an award packet that contains two copies of your award letter. You must fill out, sign and return one copy to the Enrollment Services Center in order to accept your aid, together with the Financial Aid Information/Outside Resources Form and the Student Loan Authorization Form attached to the award letter.
- If you are a first-time borrower of a Federal Direct Student Loan, you must go to studentloans.gov and complete a Master Promissory Note and loan entrance counseling.
- If there are holds on your account (academic, admissions, or business) you must resolve them before your aid can be disbursed.
- The Admissions Office must have received either an official high school transcript, a GED transcript or a home-schooling transcript before your aid can be disbursed.
- If you are a recipient of an MCCS or KVCC Foundation Scholarship for which a thank-you note is required, the scholarship will not disburse until the thank-you note had been received.
How Aid is Paid to Students (Disbursements)
Grants, scholarships and loans awarded by the financial aid office are applied directly to your KVCC student billing account to pay charges for tuition and fees.
Federal Work-Study Funds, which are allocated to students who have applied for and are accepted into a Federal Work-Study job, are wages that are paid bi-weekly through the KVCC payroll system. For more information about the Federal Work-Study program, see http://www.kvcc.me.edu/Pages/Financial-Aid/Work-Study.
Outside scholarships (such as a George Mitchell Scholarship) are applied to your student billing account when the check has been received by the Business Office, and will be split half in fall and half in spring unless otherwise specified by the donor. If the check is made out to KVCC it can be applied directly to your account. If KVCC receives a scholarship check which must be signed by both the student and the school, the Business Office will send notification to have the student come in and endorse the check. If the check is made out to the student, who wants it to be applied against his/her bill, the student must sign the check over to KVCC.
A Few Important Notes About Refunds
- If your parents are borrowing through the PLUS Loan program, they may elect to have any excess funds refunded either to them or to you.
- Not cashing a refund check does not cancel any loans you have been awarded. To cancel a loan, you must return the check to the Business Office with an explanation that you do not want it.
- If a student is a first-year undergraduate student and a first-time student-loan borrower, the Financial Aid Office cannot disburse the first loan payment to a student’s account until 30 days after the first day of the enrollment period. If the student is due a refund, the check will be available the first Friday after that date.
- If a student is only enrolled for one semester (for example, the student is enrolled for fall and graduating at the end of the fall semester), that student’s loans must be disbursed half on the standard disbursement date and half at the mid-point of the semester.
- If a student is in default on a student loan, that student is ineligible for federal financial aid from the time the student goes into default until the student resolves the default and the Financial Aid Office is given a letter from the agency holding the defaulted loans stating that the student is once again eligible for federal aid. So, disbursements of any further federal aid will be suspended until the default is resolved.
|Term||Term Begin Date||Date Refund Checks Become Available|
|Late Start 2016||09/26/2016||10/21/2016|
|Summer Sessions I & II 2017||05/22/2017||06/16/2017|
|Summer Session III 2016||06/19/2017||07/14/2017|