Disbursements
Understanding Financial Aid Disbursements
A financial aid disbursement occurs when eligible financial aid funds are applied to your student account or otherwise disbursed according to applicable federal requirements. A disbursement is not necessarily the same thing as a refund to you.
What Is a Financial Aid Disbursement?
Federal student aid is disbursed according to federal requirements and your eligibility for the applicable aid program. Federal rules address both crediting Title IV funds to a student's account and making direct disbursements to a student or parent.
When financial aid is credited to your student account, the funds may be applied toward allowable charges associated with your education. If eligible funds remain after applicable charges are satisfied, a Title IV credit balance may be created.
Disbursement and Refund Are Not the Same Thing
A financial aid disbursement refers to the financial aid funds being disbursed for an eligible student. A refund or credit-balance payment refers to eligible funds remaining after applicable charges have been satisfied and those funds being provided to the student or other applicable recipient.
Receiving financial aid does not automatically mean you will receive money directly. Whether a credit balance is available depends on the aid credited to your account and the applicable charges on your student account.
How the Process Works
STEP 01
You Become Eligible for a Disbursement
Your financial aid is disbursed according to applicable federal student aid requirements and your eligibility for the applicable financial aid program.
STEP 02
Financial Aid Is Credited to Your Account
Applicable financial aid funds may be credited to your student account and used to pay allowable educational charges in accordance with federal requirements.
STEP 03
A Credit Balance May Be Created
If applicable Title IV funds credited to your student account exceed the allowable charges on your account, a Title IV credit balance may result.
STEP 04
Eligible Remaining Funds Are Provided
When an eligible credit balance must be paid to you, Summit Salon Academy will process the payment using the applicable refund method. The next section explains the direct deposit and paper check options available to students.
Keep in Mind
The amount and timing of a financial aid disbursement depend on the student's eligibility and applicable federal student aid requirements. Summit Salon Academy's clock-hour programs also have payment-period requirements that affect when subsequent aid may be disbursed.
Receiving Your Credit Balance
If eligible financial aid credited to your student account results in a credit balance that must be paid to you, Summit Salon Academy offers two methods for receiving those funds: direct deposit or paper check.
Option 1
Direct Deposit
Students who would like to receive an eligible credit-balance payment through direct deposit must complete Summit Salon Academy's Direct Deposit Agreement for Student Account Refunds.
When an eligible credit balance is created on your student account, the Business Office will initiate an ACH transfer using the direct deposit information you provided.
Complete Direct Deposit AgreementOption 2
Paper Check
Students who prefer to receive an eligible credit-balance payment by paper check do not need to elect this option.
When an eligible credit balance is created on your account, a check will be prepared. The Financial Aid Office will contact you when the check is available for pickup.
Which Option Should I Choose?
Direct deposit allows an eligible credit-balance payment to be sent using the banking information you provide through the Direct Deposit Agreement.
If you do not elect direct deposit, Summit Salon Academy's current process is to prepare a paper check and contact you when it is available.
When Will I Receive My Funds?
The availability of a credit-balance payment depends first on when you become eligible for the applicable financial aid disbursement and when an eligible credit balance is created on your student account. The next section explains the clock-hour and payment-period milestones that affect when federal student aid may be disbursed.
When Will My Financial Aid Disburse?
Summit Salon Academy programs are measured in clock hours. Federal student aid is generally disbursed by payment period, and progression to a subsequent payment period depends on completing the required clock hours and weeks of instructional time.
Hours Are Only Part of the Requirement
The hour milestones shown below help explain Summit Salon Academy's clock-hour payment periods. Reaching the listed clock hours alone does not guarantee that a disbursement can occur. You must also complete the applicable weeks of instructional time and continue to meet all other federal student aid eligibility requirements.
Find Your Program's Disbursement Milestones
Select your program to see the clock-hour milestones associated with its payment periods.
Your Program
These Are Eligibility Milestones, Not Guaranteed Payment Dates
The milestones above identify when a student may progress into another payment period based on clock hours. An actual financial aid disbursement also depends on completion of the required weeks of instructional time, continued financial aid eligibility, completion of applicable financial aid requirements, and processing of the student's aid.
What About My First Disbursement?
Your first financial aid disbursement does not occur simply because classes have started. Before applicable aid can be disbursed, Summit Salon Academy must confirm your eligibility and complete the required financial aid processing.
Do not use a projected financial aid disbursement or credit-balance payment as a guaranteed payment date.
Why Are These Milestones Different From the Old Page?
The previous page listed some milestones at the completion of a program or beyond the current program length. This version focuses on the clock-hour points associated with payment-period progression and separately explains that the required weeks of instructional time must also be completed.
Processing Your Financial Aid
Financial aid processing involves several steps. Even after you reach an applicable payment-period milestone, Summit Salon Academy must confirm that you continue to meet the requirements for the financial aid being disbursed.
Processing Step 01
Eligibility Is Confirmed
Before an applicable financial aid disbursement is processed, Summit Salon Academy must confirm that the student continues to meet the requirements associated with the applicable financial aid.
Processing Step 02
Required Processing Is Completed
Federal student aid processing requires information to move through multiple systems. Depending on the student's individual circumstances, additional review or processing may be necessary before the applicable funds can be credited to the student's account.
Processing Step 03
Funds Are Applied to Your Student Account
Once the applicable financial aid is ready for disbursement, eligible funds are credited to the student's account and applied to applicable charges in accordance with federal requirements.
Processing Step 04
An Eligible Credit Balance Is Processed
If the applicable Title IV funds credited to the student's account result in a Title IV credit balance that must be paid to the student or parent, Summit Salon Academy will process that credit balance in accordance with the applicable federal requirements.
Why Can Processing Times Vary?
Every student's financial aid file is different. Additional review or processing may be necessary depending on the student's eligibility, financial aid requirements, and the type of aid involved.
Reaching a clock-hour milestone does not mean that a refund or credit-balance payment will be available on that same day.
Watch for Financial Aid Notifications
Federal student aid requirements include notifications regarding applicable Title IV disbursements. For Direct Loans, required notifications include information about the anticipated disbursement and the borrower's right to cancel all or a portion of the loan or loan disbursement.
Continue monitoring communications related to your financial aid while you are enrolled.
Have Questions About Your Disbursement?
If you have questions about your financial aid eligibility, payment-period milestone, disbursement, or credit-balance payment, contact the Summit Salon Academy Financial Aid Office.
Contact Financial Aid