Disbursement is when funds are disbursed or credited to a student’s account at the University of La Verne.
Financial aid that exceeds the amount the student owes to the University for direct-costs will be disbursed to the student in the form of a refund check or direct deposit to cover non-institutional educational costs such as books and supplies, off-campus housing and transportation. If eligibility requirements for each award have been satisfied, these disbursements will take place the second week of the semester after the add/drop period for all programs.
If eligible, a refund check or Direct Deposit will be generated within 14 days of the date your student account goes into a credit status. Checks are mailed to your mailing address. Please click here if you need instructions on how to set up a Direct Deposit account.
A student who is eligible for a refund due to excess financial aid and who used a credit card to pay any and all of their tuition and fees, may have a refund processed to their credit card up to the amount of the payment. This policy applies to all credit card transactions, regardless of the order of payment. Any credit over the amount paid by credit card will be processed through direct deposit or paper check.
Financial Aid Disbursement Schedule
|Financial Aid Program||Timeline of Disbursements|
|Cal Grants A & B||After the add/drop period|
|La Verne Programs|
|La Verne Leo Merit Award||After the add/drop period|
|La Verne 1891 Merit Award||After the add/drop period|
|La Verne Founders Merit Award||After the add/drop period|
|La Verne Trustees Merit Award||After the add/drop period|
|La Verne Performance Award||After the add/drop period|
|La Verne Named Scholarships||After the add/drop period|
|La Verne Grants||After the add/drop period|
|La Verne Loan||After the add/drop period|
|Federal Pell Grant||After the add/drop period|
|Federal SEOG Grant||After the add/drop period|
|Federal Perkins Loan||After the add/drop period|
|Federal Stafford Loan||After the add/drop period|
|Federal PLUS Loan||After the add/drop period|
|Federal Grad PLUS Loan||After the add/drop period|
|Outside Scholarships||Upon receipt of award|
Students must meet eligibility requirements before financial aid is disbursed. Eligibility requirements include, but may not be limited to the following; registered for classes, maintaining satisfactory academic progress, enrolled in the correct number of units and satisfying and completing necessary documentation. Financial aid programs are subject to federal, state, institutional, and lenders funding levels. Forms, dates and requirements are subject to change.
Notice of Disbursement and Right to Cancel Federal Loans
As a student or parent borrower, you have the right to cancel the entire loan or any portion (a specific disbursement) of any federal Stafford, Perkins or PLUS loan. Requests to cancel a specific loan disbursement may be submitted prior to the date of crediting to your account or within 14 days from the date you receive official notification from the Student Accounts Office that loan funds have credited to your account. To request cancellation of a loan disbursement, please complete a Request to Return and Cancel Loans Form. No interest will be charged and loan fees will be returned to the loan holder.
If a borrower wishes to cancel all or part of a loan disbursement after the 14 day window has elapsed, they should contact their loan servicer for instructions. Funds returned by a borrower more than 120 days after disbursement will be accepted by the servicer as payment rather than cancellation.
Cancelling your loan disbursement could cause a balance to be due on your student account which you will be responsible for paying. This is especially true if you have received a bookstore voucher or a refund due to excess funds (credit balance) on your account.
Repayment AFTER the Designated Time Period
You cannot cancel your loan disbursement if the designated time period described above has already passed. Instead, you can repay the loan disbursement directly by contacting the loan holder (Direct Loan Servicer for Federal Direct Loans or the Student Loan Specialist at the University of La Verne for Perkins Loan). The borrower (you for student loans; the parent borrower for parent loans) will be responsible for any interest that may have accrued and/or any loan fees.