Financial Aid Disbursement
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How are financial aid funds disbursed?
Once the student has accepted the award and returned any required paperwork, CSUMB begins preparing financial aid funds for disbursement. All funds in excess of any University charges, such as registration fees or housing charges, are refunded to the student via direct deposit through the university’s eRefund process or a paper refund check if the student is not enrolled in eRefund. Students enrolled in eRefund will receive funds the first Friday of the start of term. Students who are not enrolled in eRefund will receive funds the 2nd Friday of the start of term.
Grants are automatically credited directly to a student's University account. If excess funds remain after deducting any outstanding University charges, a refund will be automatically issued via direct deposit through eRefund.
Federal Direct Stafford Loans
Federal Direct Stafford Loans are disbursed in two equal amounts, usually at the beginning of the semester – with one disbursement occurring per semester. In order for your Direct Stafford Loan to disburse, you must first have done the following:
1. Returned all requested documents to the Financial Aid Office at CSUMB.
2. Accepted the Subsidized/Unsubsidized Loan offer on MyCSUMB
3. Completed the Direct Loan Master Promissory Note (MPN).
4. Completed the Online Entrance Counseling (first-time borrowers at CSUMB only).
5. Enrolled in the appropriate number of units for half-time status (6 for undergraduates; 5 for Master’s level).
6. Be making Satisfactory Academic Progress on your degree or certificate.
Once all of the above requirements have been met, the loans will disburse and be credited towards any outstanding university-related charges. If there is any amount remaining from the loan disbursement, a refund will be issued to you via direct deposit through the eRefund process.
Federal Work-Study Awards
Students in approved work-study positions are paid monthly for hours worked. The student must submit a time sheet to the employer by the 23rd of each month so that the student can receive a check on the 15th of the following month. Students should discuss specific payroll procedures with their employer.
You are required to notify the Financial Aid Office of any scholarships you are receiving, including those awards issued by academic departments as well as awards you receive payment of directly. We must include this funding with your other financial aid award(s). If necessary, we may adjust other awards.
Students who receive scholarships from their high school or community groups should have their funds sent directly to
Financial AId Office
100 Campus Center
Seaside, CA 93955
CSUMB will then disburse the funds directly to the student based on the donor's instructions. All outstanding University charges must be settled before the funds can be released.
Who can answer further questions about Financial Aid?
For specific questions about your financial aid visit the Financial Aid Office located on the 3rd floor of the Student Services Building or call the office at (831) 582-5100.
When are funds processed?
In general, students who are registered for Direct Deposit (and are eligible for a refund) will receive their disbursement the 1st Friday of the start of each term. Students who are NOT registered for Direct Deposit will (and are eligible for a refund) will receive their disbursement the 2nd Friday of the start of each term. It is important that you complete all paperwork and return any requested documents to the Financial Aid prior Office prior to the start of the semester to ensure that funds will be available.
Your financial aid refund will be issued via direct deposited through the university’s eRefund process. To sign up for eRefund, log on to MyCSUMB click on "Self-service > Student Center > Finances > Enroll in Direct Deposit."
What delays disbursement of funds?
The following are reasons why the student's funds may not be available on the first day of classes:
- A late application submitted after the March 2 deadline.
- Missing documents.
- Not promptly accepting the financial aid award.
- Not completing a Direct Loan MPN.
- Not completing the Online Entrance Counseling for Direct Loan borrowers.
- Not meeting the minimum requirement for enrollment: 4 units for Master's students, 6 units for all other students.
- Not making Satisfactory Academic Progress towards your degree or certificate.
- Unresolved University charges.
- Being in default on a student loan or owing a repayment to any Title IV financial aid program.
Who can answer further questions about refunds?
For specific questions about refund disbursements visit the Financial Aid Office located on the 3rd floor of the Student Services Building or call the office at (831) 582-5100.