Budgeting & Living Expense Refunds
A refund for living expenses occurs when the total payments/credits posted to a student’s tuition account exceed the student’s charges.
When a student loan is requested, a temporary credit, known also as a provisional credit, will be posted to a student’s tuition account as an indication that a loan is in process and expected to be disbursed. A provisional credit cannot be used to have a refund issued; however the Bursar’s Office accepts the provisional credit as payment until a loan can be officially disbursed when classes begin.
Refunds for living expenses can only be produced when the following conditions have been met:
- student has matriculated and begun their studies each year
- financial aid has been officially disbursed/credited to a student’s tuition account
The Financial Aid Office processes loan disbursements during the first week of classes each semester if all required paperwork has been received. Students should review the Financial Aid Documents section in the Student Information System (SIS) regularly to make sure any outstanding issues have been reconciled.
The Bursar’s Office produces refunds following loan disbursement if a student’s credits exceed charges. Students are encouraged to sign up for direct deposit to expedite receipt of an expected refund. Direct deposit instructions will be provided each year and can be managed through SIS.
Students must plan financially for the period of time before a refund can be produced.
A good rule of thumb, especially for students who are relocating to the area, is to have three months of living expenses available in order to secure an apartment, assist with moving expenses and/or to purchase books/supplies. The funds available through financial aid are intended to cover the time when a student is enrolled during the academic year.
It is critical for students to assess their expected expenses and budget their resources carefully to ensure they will be able to meet their expenses not only for one term, but for the whole year.
Semesters may vary in length; therefore, students must plan accordingly when creating their budget. Summer semesters are not factored into the living expense allowance when a student is not enrolled (i.e. summer between 1st and 2nd year / summer between 2nd and 3rd year in the DVM program).
Academic periods covered by annual budget:
DVM-4th Year: July – May Disbursements occur in July and January
DVM-3rd Year: August – June Disbursements occur in August and January
DVM-2nd Year: August – May Disbursements occur in August and January
DVM-1st Year: August – May Disbursements occur in August and January
MS Program: August – August Disbursements occur in August, January & May
Please remember that loans must be repaid with interest. It is to your advantage to keep expenses and borrowed amounts as low as possible. These are your future earnings that you are pledging. Keep careful records of your loan portfolio, be an educated consumer and take ownership of the process from the very beginning to attain financial wellness.