What about managing my own funds?By : Kim Murphy | July 1, 2016
Many students ask about the difference between the University managing their federal student aid (FSA) funds and managing these funds themselves. This article outlines both options to help you make an informed decision.
Allowing the University to manage your funds
All students, and parents if applicable, have the opportunity to complete the Financial Aid Authorization and Financial Aid Authorization – Electronic Course Materials forms during the financial aid application process.
If you authorize the University to manage your funds, the school will retain funds on your account up to the total cost of tuition and electronic course materials fees for the applicable courses in the payment period. As attendance is posted in new courses and those courses are invoiced, retained funds will automatically be used to pay the tuition and electronic course materials fees.
If the amount of FSA funds awarded exceeds the amount needed to pay tuition and electronic course materials fees for the payment period, the excess funds will be returned to you within 14 days of the funds posting to your student account.
Managing your own funds
If you choose to manage your own funds, the University will pay any existing balances for applicable courses in the current payment period. All other funds will be sent to you to pay for tuition, electronic course materials fees and other educational expenses.
You will then be responsible for paying tuition and electronic course materials fees two weeks prior to each course in the payment period for which those funds were awarded.
If payment is not received in a timely manner, you may be administratively withdrawn from the University, which may result in a return of federal financial aid.
You may cancel or modify your authorizations at any time. Cancellations or modifications will affect only those FSA funds not already used to pay for charges. If you request a refund of your credit balance, it will be sent to you no later than 14 days after receipt of the request.
To cancel or modify prior authorizations, you must submit a completed Financial Aid Authorization Change form to Student Administrative Services — Operations. The completed form should be electronically uploaded to the operations center using the My Financial Aid Documents link on the Financial Aid Web.
Please contact your Finance Advisor if you have specific questions about your FSA eligibility or student account balance. You may also contact me directly at firstname.lastname@example.org.