Financial aid awards including federal aid, state and external scholarships, institutional grants, and NIC Foundation scholarships are awarded by the Financial Aid Office and disbursed by Student Finance.
Financial aid exceeding the charges on a student’s account for a term is due to the student and is called a disbursement. Disbursements are sent by direct deposit or paper check.
Students can choose a preferred method in Self Service Student Finance. If a method is not chosen before the refund is processed, a paper check will be mailed to the address on the account.
Disbursement Schedule
For Fall and Spring semesters, the first disbursement is made on the third Friday of the semester. After that, disbursements are processed weekly on Fridays.
For Summer Session, the date will depend on when the student’s courses begin. Disbursements are generally received at the end of the second week of courses.
Visit the academic calendar for posted disbursement dates.
Pell Grants
Pell Grant funds are awarded based on the number of eligible credits, from 1 to 12, in which the student is enrolled. Only credits required for the student’s current program of study are considered eligible.
In order for credits to be eligible for a Pell Grant, students must be enrolled by the census date for the term. Visit the academic calendar to view census dates.
Loans
To be eligible for a loan disbursement, a student must be actively attending at least six eligible credits that are required for the program of study. Loans are disbursed only if the student has:
- Accepted the loan in Self Service Financial Aid
- Completed a Master Promissory Note
- Completed Loan Entrance Counseling
All requirements must be completed before the last published date of the term.
Late Start Course Disbursements
If a course begins after the first day of the term, financial aid for that course will not be disbursed until attendance is confirmed through the official attendance reporting process. Disbursements for late start courses are processed on the Friday of the second week of the course.