Financial Aid Disbursement Process - Section 5: Financial Aid

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id="s-lg-guide-name"> <div id="guide-title"> Section 5: Financial Aid: </div> Financial Aid Disbursement Process </h1> <div id="s-lg-guide-desc-container"> <span id="s-lg-guide-description"></span> </div> </div> </header> </div>  <main> <div id="s-lg-guide-tabs-title-bar" class="container s-lib-side-borders"></div> <div id="s-lg-side-nav-content" class="container s-lib-side-borders pad-top-med"> <div class="row"> <div class="col-md-3 s-lg-tabs-side pad-bottom-med"> <div id="s-lg-tabs-container"> <div id="s-lg-guide-tabs" role="navigation" aria-label="Guide Pages"> <ul class="nav nav-pills nav-stacked split-button-nav" role="menu"> <li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/home" ><span>Section 5: Financial Aid</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/overview" ><span>Financial Aid</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/payment-deadlines" ><span>Payment Deadlines and Policies</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/refunds" ><span>Refund Policies</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/eligibility-requirements" ><span>Student Eligibility Requirements</span></a></li><li class=""><a title="Walden University’s FAFSA Title IV code is 025042. Students will need the code when filling out their FAFSA." class="" href="https://academics.waldenu.edu/financial-aid/fafsa" ><span>Financial Aid Application Process and FAFSA</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/cost-of-attendance" ><span>Financial Aid Cost of Attendance (COA) </span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/deadlines" ><span>Financial Aid Deadlines</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/notifications" ><span>Financial Aid Notifications</span></a></li><li class="active"><a title="" class="active" href="https://academics.waldenu.edu/financial-aid/disbursement" ><span>Financial Aid Disbursement Process</span></a><ul class="list-group s-lg-boxnav"><li class="list-group-item"><a href="#s-lg-box-29897841">Disbursement Policy</a></li><li class="list-group-item"><a href="#s-lg-box-29898037">Refund Policy for Minnesota GI Bill® Program (Administered by the Minnesota Department of Veterans Affairs (MDVA))</a></li><li class="list-group-item"><a href="#s-lg-box-29898041">Financial Aid Disbursement Process and Requests for Excess Funds for Tempo Learning Programs</a></li></ul></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/repaying-loans" ><span>Finishing the Program and Repaying the Loans </span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/federal-loan-limits" ><span>Federal Financial Aid Loan Limits</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/loan-default" ><span>Loan Default</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/state" ><span>State Grant Aid</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/private-education-loans" ><span>Private Education Loans</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/other" ><span>Other Considerations for Financial Aid</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/return-unearned-funds" ><span>Return of Unearned Tuition Assistance Funds</span></a></li><li class=""><a title="" class="" href="https://academics.waldenu.edu/financial-aid/veteran-policies" ><span>Veteran Students Tuition and Fees Policy</span></a></li> </ul> <div class="s-lg-row margin-top-med"><div id="s-lg-col-0"><div class="s-lg-col-boxes"></div></div></div> </div> </div> </div> <div class="col-md-9"> <div class="s-lg-tab-content"> <div id="s-lg-guide-main" class="tab-pane active" tabindex="-1"> <div class="row s-lg-row"><div id="s-lg-col-1" class="col-md-12"><div class="s-lg-col-boxes"><div id="s-lg-box-wrapper-35173799" class="s-lg-box-wrapper-35173799"><div id="s-lg-box-29897841-container" class="s-lib-box-container"> <div id="s-lg-box-29897841" class="s-lib-box s-lib-box-std s-lib-floating-box"> <div id="s-lg-box-collapse-29897841" > <div class="s-lib-box-content s-lib-floating-box-content pad-left-none pad-right-none"> <div id="s-lg-content-69715728" class=" clearfix"> <div style="background-color: #003b4c; padding: 15px; "> <h3 class="white center">Financial Aid Disbursement Released Day 26 of the Term</h3> <p class="white">Any time financial aid proceeds credited to a student’s account exceed direct charges, the Office of the Bursar will automatically forward the credit balance directly to the student, no later than <strong>14 calendar days after the credit balance occurs.</strong></p> <p class="white">Financial aid generally begins disbursing on Day 12 of the term and <strong>refunds are released to eligible students by Day 26</strong> of the term (14 days after funds have disbursed to the student’s account).</p> </div> <h3>Financial Aid Disbursement Process and Requests for Excess Funds for Course-Based Programs</h3> <p>Most financial aid is disbursed in three equal payments over the award year. Students in good standing may have any excess balance in their account returned to them to pay for indirect education expenses. Any time financial aid proceeds credited to a student’s account exceed direct charges, the Office of the Bursar will automatically forward the credit balance directly to the student, no later than 14 calendar days after the credit balance occurs.</p> <p>Walden requires all students to accept the loan type and amount offered to them on their myFinAid portal prior to the disbursement of federal loan funds. If a student requests or is offered additional federal loan amounts, they must log back into their myFinAid portal and accept the new loan amount before it can be disbursed.</p> <p>Fully admitted Pell Grant recipients who have completed all financial aid application requirements may request a book advance before the term start if their financial aid exceeds their charges.</p> <p>Students are responsible for payment of tuition and fees incurred after a full credit balance refund has been released (e.g., added courses and residencies fees). Credit balance refund distributions are made in accordance with applicable federal guidelines. Any outstanding debt to the university as a result of a required credit balance refund is the responsibility of the student.</p> <p>Financial aid generally begins disbursing on Day 12 of the term and refunds are released to eligible students by Day 26 of the term (14 days after funds have disbursed to the student’s account). Students must participate in their online coursework to establish eligibility and remain eligible for federal aid. Failure to participate in academically related activity will result in loss of eligibility for all or part of the term. If two sequential courses make up a student’s quarter or semester and they do not register for the first half of the quarter/semester, federal aid cannot disburse until Day 12 of the second half of the term. Disbursements may be delayed if the student is subject to a Satisfactory Academic Progress review for a prior term.</p> </div> <div id="s-lg-content-69715803" class="s-lg-widget "><p>For Washington State residents seeking information and resources about student loan repayment or seeking to submit a complaint relating to your student loans or student loan servicer, please visit <a href="https://wsac.wa.gov/loan-advocacy">Washington Student Loan Advocate</a> or contact the Student Loan Advocate via email at <a href="mailto:loanadvocate@wsac.wa.gov">loanadvocate@wsac.wa.gov</a>.</p> </div> </div> </div> </div> </div></div><div id="s-lg-box-wrapper-35174011" class="s-lg-box-wrapper-35174011"><div id="s-lg-box-29898037-container" class="s-lib-box-container"> <div id="s-lg-box-29898037" class="s-lib-box s-lib-box-std"> <h2 class="s-lib-box-title">Refund Policy for Minnesota GI Bill® Program (Administered by the Minnesota Department of Veterans Affairs (MDVA))</h2><div id="s-lg-box-collapse-29898037" > <div class="s-lib-box-content pad-left-none pad-right-none"> <div id="s-lg-content-69716182" class=" clearfix"> <p>Minnesota GI Bill® (MGIB) financial aid recipients who do not complete the required MGIB period of instruction may not be entitled to keep the full amount of MGIB financial aid disbursed to them. Please refer to the State Aid Refund Policies for more information.</p> </div> <div id="s-lg-content-70813346" class=" clearfix"> <p>*GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at <a href="http://benefits.va.gov/gibill/index.asp">http://www.benefits.va.gov/gibill.</a></p> </div> </div> </div> </div> </div></div><div id="s-lg-box-wrapper-35174015" class="s-lg-box-wrapper-35174015"><div id="s-lg-box-29898041-container" class="s-lib-box-container"> <div id="s-lg-box-29898041" class="s-lib-box s-lib-box-std"> <h2 class="s-lib-box-title">Financial Aid Disbursement Process and Requests for Excess Funds for Tempo Learning Programs</h2><div id="s-lg-box-collapse-29898041" > <div class="s-lib-box-content pad-left-none pad-right-none"> <div id="s-lg-content-69716177" class=" clearfix"> <p>Walden’s financial aid defined academic year for federal student aid in Tempo Learning® programs is defined as follows:</p> <table class="table table-bordered course-sequence" style="border: 1px solid rgb(221, 221, 221);"> <thead> <tr> <th class="ck_border" scope="col" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">Program</th> <th class="ck_border" scope="col" style="width: 10%; padding: 5px; border: 1px solid rgb(221, 221, 221);">Weeks</th> <th class="ck_border" scope="col" style="width: 15%; padding: 5px; border: 1px solid rgb(221, 221, 221);">Credit Equivalencies</th> </tr> </thead> <tbody> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">Bachelor of Science in Nursing (RN to BSN Completion Program): RN-BSN Track and RN-BSN-AIM Track</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">45</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">BS in Business Administration</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">45</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">BS in Criminal Justice</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">45</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">BS in Early Childhood Studies</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">45</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">BS in Health Studies</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">45</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">BS in Healthcare Management</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">45</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">BS in Public Health</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">45</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">Graduate Certificate in Early Childhood Administration, Management, and Leadership</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">15</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">Master of Business Administration (MBA)</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">18</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">Master of Healthcare Administration (MHA)</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">26.5</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">Master of Science in Nursing (MSN) BSN-MSN Track</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">26.5</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">Master of Science in Nursing (MSN) RN-MSN Track</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">26.5</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">MS in Criminal Justice</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">24</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">MS in Early Childhood Studies</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">16.5</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">MS in Human Resource Management</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">15</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">MS in Industrial and Organizational (I/O) Psychology</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">24</td> </tr> <tr> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">MS in Psychology</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">52</td> <td class="ck_border" style="padding: 5px; border: 1px solid rgb(221, 221, 221);">24</td> </tr> </tbody> </table> <p><em>Please note that the Graduate Certificate in Applied Project Management is not listed since it is not approved by the U.S. Department of Education for Title IV funds.</em></p> <p>The academic year is also the loan period. The loan period is then divided into two equal payment periods. The first payment period ends when the student successfully completes half the credit equivalencies and half the weeks in the academic year. The second payment period ends when the student completes the remaining credit equivalencies and weeks in the academic year. If the payment period weeks have elapsed and the student has not successfully completed the required credit equivalencies, additional financial aid will not be reviewed for disbursement until the required credit equivalencies are completed. Likewise, if a student completes the required credit equivalencies in the payment period before the required weeks have elapsed, additional financial aid will not be reviewed for disbursement until the required number of weeks have elapsed.</p> <p>The loan amount for the loan period is divided equally between the two payment periods. Each payment period is then broken into two disbursements designed to align with the student’s 3-month subscription periods. Therefore, in most cases, financial aid is disbursed in four equal payments over the academic loan period. Federal Student Aid disbursements will be used to pay for any outstanding tuition and fee charges for subscriptions that are included in the academic year/loan period.</p> <p>All disbursements require that the student has submitted a Customized Learning Plan (CLP) by Day 14 of each 3-month subscription period which confirms that they will attempt the full-time credit equivalency for that period. All disbursements also require the student to meet all federal financial aid eligibility requirements and all Satisfactory Academic Progress requirements. Students who are eligible for disbursements at the beginning of a subscription period will have their federal funds posted to their Walden student account after the 2-week CLP/agree-to-credits deadline date.</p> <p>Disbursements at the start of the payment period (with the exception of the first disbursement of the program) require that the student has earned half the semester credit equivalencies and has completed half the weeks in their financial aid academic year. Disbursements at the midpoint of the payment period require that the student has completed half the weeks in the payment period.</p> <p>This disbursement schedule is designed to align with the student’s subscription billing period. It is important to note that a student’s pace or transfer from a prior school may result in payment periods and disbursement dates that do not fully align with the subscription billing periods.</p> <p>If a student’s remaining credit equivalencies at the start of an academic year are less than the defined credits in an academic year for their program, it is possible for the academic year to be less than 52 weeks.</p> <p>Likewise, if a student transfers to Walden with an overlapping enrollment from a prior school, this could also result in an academic year to be less than 52 weeks. Consequently, there may only be one payment period or one disbursement in the payment period. In these cases, the disbursement dates may not align with the subscription billing due dates.</p> <p>Students in good standing may have any excess balance in their account returned to them to pay for indirect education expenses. Any time financial aid proceeds credited to a student’s account exceed direct charges, the Office of the Bursar will automatically forward the credit balance directly to the student, no later than 14 calendar days after the credit balance occurs.</p> <p>Student are required to accept their offered loan amounts on their myFinAid portal and confirm that they will enroll at least half time over the Direct Loan Period on their myFinAid portal prior to funds disbursing. If a student requests or is offered additional loan amounts within the award year, they must log back into their myFinAid portal and accept the new loan amount before the additional loan funds can be disbursed.</p> <p>Students are responsible for payment of tuition and fees incurred after a full credit balance refund has been released. Credit balance refund distributions are made in accordance with applicable federal guidelines. Any outstanding debt to the university as a result of a required credit balance refund is the responsibility of the student.</p> </div> </div> </div> </div> </div></div></div></div></div> </div> </div> <ul id="s-lg-page-prevnext" class="pager s-lib-hide"><li class="previous"><a href="https://academics.waldenu.edu/financial-aid/notifications"><< <strong>Previous:</strong> Financial Aid Notifications</a></li><li class="next"><a href="https://academics.waldenu.edu/financial-aid/repaying-loans"><strong>Next:</strong> Finishing the Program and Repaying the Loans >></a></li></ul> </div> </div> </div> </main>  <div id="s-lib-scroll-top"> <a href="javascript:void(0);" onclick="jQuery('body').focus();" title="Back to Top" aria-label="Back to Top"> <span class="fa-stack fa-lg" aria-hidden="true"> <i class="fa fa-square-o fa-stack-2x"></i> <i class="fa fa-angle-double-up fa-stack-1x" style="position:relative; bottom:2px;"></i> </span> </a> </div> </div>  <div id="s-lib-alert" title=""><div 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