Disbursement
Financial aid is disbursed (paid) approximately three weeks after the start of the fall and spring semesters and weekly thereafter; disbursement dates for summer terms will vary. Prior to disbursement the student’s registration and housing status will be confirmed and eligibility for each award verified; each award must be in an “Approved” status in order to be disbursed. Students can track the status of their financial aid by logging into the myMU portal and selecting Financial Aid Self-Service from the menu. Aid disbursement may be tracked through the Student Bill and Payment Center on the myMU portal. The Office of the Bursar notifies students who borrow federal loans and/or receive the TEACH Grant by email when their award has disbursed; parent PLUS loan borrowers will also receive notification.
Credit Balance Refunds
Financial aid can be used for things like off-campus living expenses, books, transportation costs, and other personal expenses. Students who plan their financial aid to cover these types of expenses will be refunded any financial aid in excess of charges for tuition, fees, and on-campus housing/meals; credit balance refunds will be issued on a semester by semester basis. The Office of the Bursar issues refunds approximately four weeks after the start of the fall or spring semester. If you are expecting a refund from the summer session, it’s best to contact the Office of the Bursar to know the timing for when your refund will be available. In order to be eligible for a refund, all of the student’s financial aid must be complete, approved and in an amount that exceeds the semester bill.
Although not required, it is recommended that students sign up for direct deposit of their refund as it is a faster, more secure way of receiving the money. Direct deposit may be set up by logging into the myMU portal and going to the Student Bill & Payment Center. Any bank account of the student’s choosing may be used. If direct deposit is not selected, a paper check will be created and sent via regular US Postal Service delivery to the student’s permanent home address on record with the Registrar’s Office. Refunds will automatically be processed; no action is required by the student. Students can track the progress of their refund through the Student Bill and Payment Center on the myMU portal.
Book Vouchers
A book voucher allows students to use their financial aid to purchase books and required supplies in the University Store and charge those purchases to their student account. In order to be eligible for a book voucher, a student’s aid must be approved and in an amount that exceeds the charges on the student’s semester bill. In addition, students must have a complete and current Aid Authorization form on file that authorizes the use of federal financial aid for book purchases; a complete and current parent Aid Authorization form for all parent PLUS loan borrowers permitting the use of the loan for books must also be on file. No further action is required by the student as the Office of the Bursar will automatically send the names of qualifying students to the University Store. Book vouchers are generally available beginning one week prior to the start of a semester and for two weeks into the semester. Eligible students in summer session classes should contact the Office of the Bursar for a book voucher.