Financial Aid Disbursements/Refunds (excluding Work Study) are processed every Monday (with the exception of holidays). Per federal regulations, refunds are released no later than 14 calendar days after your financial aid disbursement posts to your account and all applicable university charges have been paid. The Office of Student Accounts is responsible will disburse financial aid to students after the Office of Student Financial Aid determines eligibility and authorizes disbursement.
Eligibility before Disbursement
Before disbursing Federal Student Aid funds, the Office of Student Financial Aid will make sure that you have completed all necessary steps in the financial aid process and any other steps required by the lender of any loan you have accepted. Disbursements are based on the number of credit hours you are enrolled at the time disbursement is processed. For loan programs, you must be enrolled at least half-time at the time of disbursement. Your Pell Grant will be prorated based on your enrollment at the time of disbursement.
A financial aid credit balance occurs after the university charges are paid in full, a refund will be generated through the Office of Student Accounts that can be used to pay for other costs associated with your education. Visit www.sutton2.mvsu.edu to check your student account.
How is Aid Disbursed?
All financial aid is disbursed in two installments. One half of the total is disbursed each semester and applied toward the charges on your student account (tuition and fees, room and board, and/or other university charges). Any transaction in which a financial aid credit exceeds the university charges for the term will generate a refund.
How will I receive my refund?
Beginning summer I 2009, all student refunds will be processed through Sallie Mae. Sign up at https://bosebill.salliemae.com/NetPay/Templates/892/frameset892.html to save time and get your money faster by choosing to receive your refund by Debit Card or Direct Deposit.
When can I sign-up for refund disbursement?
You can only sign-up for refund disbursement after registration closes for that current semester.
What is the fastest way to receive a refund?
The fastest way to receive your refund is to choose the Sallie Mae Debit MasterCard ®. With the Debit MasterCard ® you can:
· Transfer your balance into a bank account of your choice from the online application.
· Make purchases anywhere that Debit MasterCard ® is accepted.
· Withdraw money surcharge-free at any Allpointâ„¢ ATM machine.
How can I check my account balance?
Log in to www.sutton2.mvsu.edu or visit the Office of Student Accounts in Annex I. No student account information will be discussed over the telephone. The Federal Family Educational Rights and Privacy Act (FERPA) prohibit MVSU from disclosing a studentâ€™s financial aid status without the studentâ€™s written consent.
Will I have an option to receive a refund check from MVSU?
No. All student refunds are processed through Sallie Mae, not on campus.
May I have my refund deposited directed to by checking or savings account?
Yes, this option is available once you have signed up at https://bosebill.salliemae.com/NetPay/Templates/892/frameset892.html
For questions concerning an ACH or check refund, please call Sallie Mae Payment Advisor Center toll-free at 1-800-239-4211.
For questions concerning your Sallie Mae Debit Card, please call the Sallie Mae Bank Debit Card Center toll-free at 1-888-553-4108.
IT IS NECESSARY THAT ALL MVSU STUDENTS RECEIVE A MVSU EMAIL ADDRESS AND CHECK IT PERIODICALLY.