FinAid Tutor: Lesson 5

Bills, Disbursements, & Refunds

Lesson 5: Learning Outcomes

By the end of this lesson, you will have a better understanding of:When bills must be paid in fullPayment options available at WVUDisbursement of financial aidWithdrawal refund policy at WVUFinancial aid repayment policy

Bills

Fall and Spring semesters are billed separately

Bills are usually sent to students about 4 weeks before the semester begins

Financial aid will be credited to your account (except Work-Study) against your charges

Information on charges and credits can be viewed on your MIX account

To avoid late charges, balances must be paid in full before classes begin

Contact the Office of Student Accounts for more information

Payment Options at WVU

60/40 Plan: 60% of charges are due by the payment date on the

invoice and the remaining 40% is due by the end of the 6th week of classes

Contact Student Accounts for more information

Academic Management Services: An interest-free payment plan in which charges are

paid in monthly installments throughout the academic school year (www.tuitionpay.com)

Other: WVU accepts cash, checks, & credit cards

Financial Aid Disbursements

First-time loan borrowers must complete additional requirements before loans will disburse (see Lesson 2)

Financial aid is first applied to WVU charges (tuition, fees, room & board)

Remaining funds will be mailed to the students during the first week of classes

Contact the Office of Student Accounts for information regarding refund checks

Withdrawal Refund Policy

Refunds range from 90% to 50%, depending on the date of withdrawal NOTE: After the sixth week of classes there are no

refunds offered. Refunds may need to reimburse disbursed

financial aid according to the Financial Aid Repayment Policy

No refunds are given after the 6th week of classes

Detailed information on the Withdrawal Refund Policy can be found in the WVU Undergraduate Catalog

Financial Aid Repayment Policy

A student “earns” financial aid based on the on the length of time actually enrolled

If more than 60% of the term has passed, all aid is considered “earned,” and no funds have to be repaid

If the student withdrawals before 60% of the term, the portion of “unearned” financial aid must be repaid

If a student’s charges exceeds the “earned” financial aid upon withdrawing, the student will be billed for difference

Detailed information on the Financial Aid Repayment Policy, can be found in the WVU Undergraduate Catalog