Financial Information

A. Disbursement

• Most financial aid is disbursed to the student by entering it on the student's financial aid computer record and then crediting it to the student's Business Office account until all institutional charges have been satisfied, subject to program limitations.
• The amounts of aid that will be credited are included on the financial aid award notice, which is available to the student on your Self-Service menu (prospective students can also use myMC).
• The date that credits occur will be reported on the statement of account, which is sent to all students on approximately the following schedule: Just previous to the start of the fall semester, at the beginning of October, at the end of November (applies to the spring semester), at the beginning of February, and monthly for those who have had activity on their account.
• Funds in excess of institutional charges are given to the student as soon as possible after the credit balance appears. A student may authorize the institution to hold excess Federal Stafford or Federal PLUS loan proceeds on account by completing the Excess Title IV Financial Aid Authorization, an electronic form that appears in the student's on-line financial aid award notice.
• Using the same form, a student can also authorize the institution to apply Title IV, HEA program funds to other cost-of-attendance charges and other institutional charges, aside from tuition, fees, room, and board. Examples would be parking fees, drop/add fees and computer lab printing fees.
• Interest earned while the funds are held by the institution is retained by the institution.
• You are not required to provide this authorization, and you can rescind it at any time.
• Some forms of aid that arrive at the institution via check made for a specific student are credited directly to the student's Business Office account without going through the financial aid system, although these amounts are recorded in the financial aid system.
• Disbursements are made once each semester.