Disbursement Update

Financial aid is disbursed after the census date passes for at least six credits during a particular semester (if there are no holds or incomplete requirements on the MyNOVA To Do List).  If students take less than six credits then aid will disburse once the census date passes for those credits.  Students must also be meeting the Satisfactory Academic Progress (SAP) requirements to be eligible for aid.  Before dropping or withdrawing from a course we encourage students to consult with the Financial Aid Office to determine how this will affect their financial aid eligibility.

In order to potentially receive aid for a particular course students must attend the course past its census date.  Also please note that eligibility for grants is determined based on enrollment at the main 16-week census date (or when students are awarded aid for the first time if they are awarded after the 16-week census); which means that grant aid eligibility for a particular semester cannot be increased after that time.  For loans, students must be enrolled in at least six credits at the time the loan is offered and disbursed.  For more information about disbursement requirements please review the Financial Aid Handbook or contact the Financial Aid Support Center.

Right after the 16-week census passes, the Financial Aid Offices verifies the enrollment of all students receiving financial aid and reduces aid if necessary based on a student’s enrollment at that time.  Since awards made prior to the 16-week census are based on anticipated full-time enrollment, students who are enrolled in less than 12 credits may potentially have their aid reduced.  This adjustment process typically takes about two weeks and then aid is disbursed for eligible students who have passed the census date as mentioned above.  If a financial aid adjustment causes a student to owe a balance the student will need to make arrangements to cover their remaining balance before enrollment cancellation resumes so they can avoid potentially being dropped from courses for non-payment.

If students have a credit balance on their account then they should receive a refund in approximately 10-15 business days after aid is disbursed.  Students may elect to receive refunds via the following options:

  • A reloadable Visa prepaid debit card
  • Direct deposit into a checking account (ACH)
  • A check mailed to your mailing address listed in MyNOVA (the default option if a refund preference is not elected)

Students may select their refund preferences by logging into the NOVA refund website at https://nvcc.afford.com/refunds.  Refund preferences only need to be set up once for all future terms and students may change their preference at any time.  If a refund for excess financial aid has not been received within 10-15 business days after aid is disbursed students may contact Tuition Management Services (TMS) at NOVArefunds@afford.com or 1-888-722-4867 to check on the status.  TMS can also assist students with setting up refund preferences.  Additional information about the refund process is available here.

Students should also verify that their mailing address listed in MyNOVA is correct.  Prepaid debit cards and checks are sent to the mailing address provided in MyNOVA.

 

 

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