Distribution As a general rule, scholarships are divided equally in each payment period with limited exceptions. Eligibility Students who meet the scholarship criteria are awarded funds as they are available. The Financial Aid Office will review scholarship applications and will distribute awards based on the availability of funds, whether the scholarship criterion has been met, the most significant need, and the order in which the scholarships were received. Federal Aid Requirements Shortly after registration, student accounts will be charged for room, board, tuition, and fees. Institutional scholarships will be credited at that time. Pell Grant and Loan disbursements are posted as funds are received from the Department of Education. Students should make every effort to complete the FAFSA well in advance of registration to ensure that Federal funds (e.g. Pell Grants and Stafford/PLUS Loans) arrive promptly. If awarded aid is not posted on the monthly statement, the Financial Aid Office should be contacted immediately. Loan Counseling Federal regulation requires that students who take out a Federal Stafford Loan complete both entrance and exit loan counseling. The entrance counseling must be completed before any loan disbursements can be credited to the student’s account. The exit counseling serves to inform students about repayment of their loan. If loan repayment is not managed properly, the student can go into default which will affect their credit rating, eligibility for further financial aid, and may result in garnishment of wages and future tax refunds. These counseling sessions inform the student of his/her rights and responsibilities as a borrower.
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