It is important to note that along with the benefits that financial aid offers, there are rights and responsibilities for the recipients. Be sure to familiarize yourself with the basic rights and responsibilities
of financial aid as well as those that are specific to any type of aid you receive.
Disbursement of Funds
Financial aid disbursements vary depending on the type of aid awarded, amount of the aid, and the date the aid is awarded. Please note the following:
Once the FAFSA application and all requested documentation is submitted, an award notification indicating the award type and amount of Title IV funds (Pell and SEOG) will be issued to the student. Funds are disbursed to the student's account to pay for tuition and bookstore charges incurred.
Pell Grants refunds occur after the 3rd week of the semester. Any credit balances will be processed upon attendance verification in all enrolled courses. Any unused funds will be mailed to the current address on file. Students can also set up direct deposit in Ocelot Access
Loan disbursements will be disbursed to the student's account once received electronically by the Department of Education. Per federal regulations Schoolcraft College is now required to begin disbursing all federal student loans in two equal disbursements. Any outstanding tuition and bookstore charges will be deducted.
If you are eligible for a loan refund, you won’t be getting the full amount until the middle of the semester. Please see Schoolcraft's current disbursement dates for loans. Refund checks will be processed upon attendance verification. Please Note: You MUST be enrolled for a minimum of six (6) credit hours to be eligible to receive loan funding.
Scholarship funds will be disbursed to students depending on the specific scholarship criteria. Any unused funds that are allowed to be disbursed to the student will be issued by check to the address on our system (contact the Registration Office to update your address). Student's can also set up direct deposit in Ocelot Access.
Students with external scholarships should submit a copy of their award letter along with their check to the Office of Financial Aid.
Please Note: Refund checks expire 90 days from the date issued. Any unclaimed Financial Aid refunds will be returned to the federal government. Other unclaimed refunds will be sent to the State of Michigan.
Financial Aid refunds will begin to be released for:
Financial Aid Refund Dates
||Beginning Release Date
Please Note: These dates are subject to change. Please see Loans for information about loan disbursement dates.
Complete Withdrawal (Return of Title IV Funds and Unearned Financial Aid)
When a student completely withdraws or walks away from his/her classes, federal law requires the college and sometimes the student to return a percentage of the Title IV funds received by the student. The number of days a student has attended during the semester determines the amount of the students’ earned Federal Title IV funds. Unearned Title IV funds must be returned to the federal government. The college must return a portion of the students’ unearned aid. Students will owe the college for any resulting unpaid institutional charges (tuition, fees and bookstore charges). In addition, students must return to the federal government a portion of unearned funds received in excess of tuition and fees. Students will be ineligible for future financial aid at any college or university if the unearned funds are not repaid to the U.S. Department of Education.
Contact the Office of Financial Aid for more information on Return of Title IV Funds.