Financial Aid Disbursement Schedule
Financial Aid remaining balance refund disbursements are anticipated to occur as follows. Attendance certification must be completed for all courses before disbursement will begin. Contact a campus financial aid specialist if you have any questions about the disbursement process. If you have any questions about the refund process and preferences, please contact the Business Office.
Spring 2024 Disbursement Schedule
| Session | Classes Start | Last Day to Drop with a Refund | Disbursements Begin for Scholarships | Disbursements Begin for Grants | Disbursements Begin for Direct Loans** |
|---|---|---|---|---|---|
| 15-Week Session | 1/16/24 | 1/30/24 | 2/13/24 | 2/13/24 | 2/20/24 |
| First 7-Week Session | 1/16/24 | 1/22/24 | 2/13/24 | 2/13/24 | 2/20/24 |
| First 5-Week Session | 1/16/24 | 1/19/24 | 2/13/24 | 2/13/24 | 2/20/24 |
| Second 5-Week Session | 2/20/24 | 2/23/24 | 3/1/24 | 3/1/24 | 3/1/24 |
| Second 7-Week Session | 3/19/24 | 3/25/24 | 4/1/24 | 4/1/24 | 4/1/24 |
| Third 5-Week Session | 4/2/24 | 4/5/24 | 4/15/24 | 4/15/24 | 4/15/24 |
**All Direct Loan Disbursement begin dates are the first possible disbursement date.
Fall 2023 Disbursement Schedule
| Session | Classes Start | Last Day to Drop with a Refund | Disbursements Begin for Scholarships | Disbursements Begin for Grants | Disbursements Begin for Direct Loans** |
|---|---|---|---|---|---|
| 15-Week Session | 8/21/23 | 9/5/23 | 9/19/23 | 9/18/23 | 9/25/23 |
| First 7-Week Session | 8/21/23 | 8/25/23 | 9/19/23 | 9/18/23 | 9/25/23 |
| First 5-Week Session | 8/21/23 | 8/22/23 | 9/19/23 | 9/18/23 | 9/25/23 |
| Second 5-Week Session | 9/27/23 | 10/2/23 | 10/9/23 | 10/9/23 | 10/9/23 |
| Second 7-Week Session | 10/18/23 | 10/20/23 | 10/25/23 | 10/30/23 | 10/30/23 |
| Third 5-Week Session | 11/1/23 | 11/6/23 | 11/13/23 | 11/13/23 | 11/13/23 |
**All Direct Loan Disbursement begin dates are the first possible disbursement date.
Summer 2023 Disbursement Schedule
**Disbursements cannot be sent between June 16 and July 1 while the Business Office runs end of year processes. Disbursements will resume on July 5.
|
Session |
Classes Start |
Last Day to Drop with a Refund: |
Scholarships: Disbursements Begin |
Grants: Disbursements Begin |
Direct Loans: Disbursements Begin** |
|---|---|---|---|---|---|
|
10-Week Session |
05/22/2023 |
06/01/2023 |
06/07/2023 |
06/07/2023 |
06/09/2023 |
|
7-Week Session |
06/13/2023 |
06/20/2023 |
07/05/2023 |
07/05/2023 |
07/07/2023 |
|
First 5-Week Session |
05/22/2023 |
05/25/2023 |
06/07/2023 |
06/07/2023 |
06/09/2023 |
|
Second 5-Week Session |
06/28/2023 |
07/03/2023 |
07/11/2023 |
07/11/2023 |
07/14/2023 |
**All Direct Loan Disbursement begin dates are the first possible disbursement date.
Dynamic Session Classes have unique refund and withdrawal dates that may affect the dates of Grant and/or Direct Loan Disbursements. If you have any questions, please contact the Office of Financial Aid.
Refunds
It may take an additional 2-3 weeks, after aid disbursement (see chart above) and after you see the refund posted in your SIS account, to receive any refund for excess financial aid depending on the refund preference selected.
Visit the electronic disbursements and refund page to manage your refund disbursement preference and to set up direct deposit if you wish. You may view how quickly funds will be available to you, based on the refund method you have selected.
Disbursement Process
Reynolds' delayed disbursement process is used to prevent Pell Grants and Direct Loans from disbursing prior to students beginning attendance in the required number of financial aid eligible credit hours as required by the U. S. Department of Education.
Grants
Students receiving Pell Grants are required to begin attendance in all financial aid eligible course before Pell Grants can be disbursed.
Scholarships
Scholarships at Reynolds will be applied directly to the student's account balance. Scholarships cannot produce a refund and will be reduced if applicable. For questions about your Reynolds scholarship, please contact scholarships@reynolds.edu.
If you are receiving a private scholarship, please reach out to your scholarship provider for information about your scholarship.
Direct Loans
Students receiving Direct Loans who are registered for 6 or more eligible financial aid credit hours are required to begin attendance in 6 financial aid eligible credit hours before Direct Loans can be disbursed. Direct Loans will have two separate disbursements. Students must be enrolled in at least 6 eligible financial aid credit hours at the time of each disbursement installment. If you applied for a fall/spring loan, your loan will be disbursed once in the fall and once in the spring pending eligible enrollment. If you applied for a fall only or spring only loan, your loan will disburse twice within the semester. First time, first year borrowers must be confirmed in 30 days of enrollment before a loan will disburse.
Direct Loans disbursements for first-time borrowers is dependent on the date of the student's first class of the semester and will vary based on the option you selected to receive your refund.
For students who have been awarded a one-term, for example a Spring Only loan, loan funds will be posted to your student account in two separate disbursements.
Parent PLUS Loans
Parents PLUS Loan funds are first used to pay tuition/fees and other charges for the student who is registered for 6 or more eligible financial aid credit hours and the student is required to begin attendance in 6 financial aid eligible credit hours before PLUS Loans funds can be disbursed. Remaining PLUS Loan funds, after all charges are paid, will be disbursed to the borrower or the student, depending on the borrower's request provided on the submitted PLUS loan application. PLUS Loan credit balances are issued to the parent as a check and sent via US mail, if the borrower indicated that refunds should be sent to the borrower. If the borrower authorized the student to receive the excess aid for a refund, then the funds will be refunded based on the student's documented refund preference.
Private Educational Loans
It is only after attendance is certified for a student's coursework that Reynolds will request the private loan funds to be sent to Reynolds. After attendance has been certified, Reynolds reviews student's enrollment to ensure the student remains eligible for the requested amount of a private loan.
It is only after funds have been received from a lender that the Office of Financial Aid can disburse a private loan to the Business Office.