Financial Aid Awards, Adjustments, Disbursements & Refunds

Awards

Financial aid offered before the term census (i.e. the 16-week census for the fall and spring terms and the 12-week census for the summer term) is based on anticipated full-time enrollment.  Awards may be reduced after the term census for students enrolled in less than 12 eligible credits.

Students are encouraged to register for all courses they wish to take during the entire semester by the term census because grant eligibility is calculated based on enrollment as of the term census.  Grant aid will not be increased for classes added after the term census.

Late financial aid applicants who are awarded for the first time after the term census will only be awarded once they are enrolled and their award will be based on their enrollment at that time.  Please contact the Financial Aid Office immediately after you register to have your aid eligibility determined if you complete your financial aid application after the term census and are unable to make other payment arrangements before the payment deadline.

Adjustments

The Financial Aid Office begins adjusting financial aid for students enrolled in less than 12 eligible credits on the day after the term census (i.e. the 16-week census for the fall and spring terms and the 12-week census for the summer term).  The adjustment process is typically completed about 2-3 weeks after the term census.  You will be notified if your aid is adjusted and you will be able to view the updated award in your myNOVA account.

Log into your myNOVA account and select “CLICK HERE to see Pending Financial Aid Based on Actual Enrollment” to review your actual pending aid and then pay any remaining balance by the payment deadline.  Information on NOVA’s Payment Plan and other payment options is available here.

Please note that after the adjustment process, your aid may still be reduced or cancelled if you drop, audit, or do not attend registered courses past the course census date.  You may also have to repay financial aid in accordance with the Return of Title IV Financial Aid Funds Policy if you do not attend the entire period for which you were scheduled to attend or if you withdraw from all courses prior to completing at least 60% of the term.

Disbursements

Once the adjustment process is completed approximately 2-3 weeks after the term census (i.e. 2-3 weeks after the 16-week census for the fall and spring terms or 2-3 weeks after the 12-week census for the summer term) financial aid for the current term will be disbursed to your student account if you have attended at least 6 eligible credits past the session census date and assuming you do not have any holds or incomplete To Do List items on your myNOVA account that prevent disbursement.

If you have not attended at least 6 eligible credits past the session census date, your financial aid disbursement will be held until you do. Students enrolled in only 1-5 eligible credits will have any aid that they are eligible for disbursed after the census date for those courses has passed, and no earlier than the term census.

Loans accepted for the fall semester will not disburse until a few business days after October 1st.  At the time of loan disbursement, students must be currently attending at least 6 eligible credits past the session census date or they must have already successfully completed at least 6 eligible credits during the term.

Refunds

As indicated above, financial aid is typically disbursed to your student account about 2-3 weeks after the 16-week census for the fall and spring terms or 2-3 weeks after the 12-week census for the summer term.  However, it may take an additional 1-2 weeks after disbursement to receive any refund for excess financial aid depending on the refund preference selected.