As a rule, it is money that the University controls from an existing fund account. The rules may be established by a federal or state entity but the University held accountable for compliance to these rules. Pell Grant, Federal Direct Student loans, Federal Perkins Loan, SEOG, Commonwealth Grant. After funds are accessed, the University must take action to credit approved funds to student accounts.
Financial aid is used to first pay off all tuition and fees.
After all institutional charges are fully satisfied, the University may then issue any overpayment to the student. All overpayments are issued in the form of University check. The entire process has multiple steps. Crediting an account can take 3 business days and the production of an overpayment requires 3 to 5 business days to complete. Students with all financial aid requirements met and funds fully authorized and tuition and other charges paid may anticipate that financial aid checks to arrive in the mail during the first week of class.