FINANCIAL AID PROCESSING TIME FRAMES

Refunds:

Once a refund check request has been issued, the following time frames should be allowed for a student to receive a refund:

Direct Deposit – the funds should be deposited in a student’s bank account within 3-5 days.

Checks sent via mail – students need to allow 7-10 days.  All checks are sent to the mailing address listed on UCONNECT.

FAFSA Processing through the Federal Processor:

Type of Record                                             Receipt of Paper Response

Paper FAFSA                                                  within 4 wks of Federal Processor

                                                                        receiving application

Electronic FAFSA                                           within 2 wks of Federal Processor

                                                                        receiving application

• Status of electronic applications may be checked on-line at the FAFSA website 72 hours after submitting a completed application.

UCO should be able to receive results of the FAFSA within 2 weeks of the Federal Processor date through a weekly download process.  Records processed through Thursday are downloaded and loaded into the system generally by the following Wednesday.  Therefore, the best time for students to check on a new load of records is on Wednesday.  EXCEPTIONS:  We will not load new records the first week of class each semester and the week grades are posted at the end of each semester.

UCO Processing of Complete Files:

Type of Applicant Record                                        Processing Time Frame

Federal application (FAFSA) – Not selected              Within 2 wks of receipt of last document

for verification process

Federal application (FAFSA)  – Selected                   Within 4 wks of receipt of last document

for verification process

Corrections requested                                               Within 2 wks of the corrections

The end result of processing should be an award notification, a request for more information or a letter why the student cannot be awarded, all of which will be sent to the student’s UCO e-mail account.

Standard Time Frames:

Fee Payment Deadline                                               Friday before the start of classes

Charging at Bookstore                                                Approx. 3 weeks prior to start of classes

Last day to charge at Bookstore                                 Last day of 100% refund period

Short-Term Loan Process begins                              Monday, 1 week prior to start of classes

Release of federal funds for term (refunds)               Beginning 1^st week of classes

Last day to submit Award Adjustment Req.               Friday, 3 weeks prior to end of term

Deadline for completion of file for term aid                 Friday, 3 weeks prior to end of term

Financial Aid Appeal Deadline (monthly)                    2^nd Friday of the month

                                                                                    (Appeals will not be reviewed during December 2008 or May 2009).

Financial Aid Appeal Deadlines per semester            Fall:  2^nd Friday of November

                                                                                    Spring:  2^nd Friday of April

                                                                                    Summer:  2^nd Friday of July

Aid Year Priority Processing Deadlines                      Fall: 5/31 with a complete file by 6/30

                                                                                    Spr: 10/31 with a complete file 3 wks later

                                                                                    Sum: 4/01 with a complete file by 4/30

Late Payment Penalty Waivers                                  Consideration for penalty waivers will be

                                                                                    given only to those who meet the

                                                                                    established priority deadlines.  The

                                                                                    review process will actually determine if

                                                                                    the waiver is warranted.  Penalty waiver

                                                                                    request forms will be added to the web

                                                                                    each semester for the period of time we will

                                                                                    accept requests.  Request must be

                                                                                    submitted no later than 3 weeks prior to the

end of the term.

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