SPRING 2014 DISBURSEMENT DATES FOR FINANCIAL AID FUNDS:
Direct Deposit begins on: January 23, 2014
Check mailed out by : January 27, 2014
PARENT PLUS LOAN DISBURSEMENT
Direct Deposit is available for students only.
Check mailed out by : January 27, 2014
Financial Aid Direct Deposit Announcement
Effective now, the University will be disbursing financial aid and/or scholarship balance payments to students through electronic file transfer (EFT). Electronic file transfer, more commonly known as direct deposit, is consistent with the CSU policy of adapting a safe, efficient, and cost-effective method of payment. In addition to SF State University's commitment to and support of environmental initiatives, direct deposit is greatly beneficial for students because it is faster and more secure than the paper check process.
When you sign up for direct deposit:
- Your money is electronically deposited into your bank account, giving you earlier access to your money.
- You eliminate time spent waiting for a check to arrive, going to the bank to deposit the check, and waiting for the check to clear.
- Elimination of paper checks greatly increases the security of your money, and greatly reduces potential identity theft by doing away with the paper check on which personal and financial information can be seen.
To authorize and signup for Direct Deposit.
- You will need your nine-digit SF State ID number and SF State password to log on.
- Your financial institution's checking/savings account and routing number.
For checking accounts, the routing number and account number are located at the bottom of your checks.
For savings accounts, call your bank or credit union and ask for the routing number. Account numbers can usually be found on bank statements or passbooks. (If you do not currently have a bank or credit union account, you must first open one in order to sign up for direct deposit. Most financial institutions are offering free checking accounts for students).
- The financial aid disbursements for direct deposit participants will begin as early as four (4) business days prior to the 1st day of instruction. Paper checks will be issued and mailed to students as early as the 1st day of instruction.
When students Will Receive Financial Aid Funds
Students who have met all disbursement requirements and who have signed up for direct deposit should receive their financial aid/scholarship balance payments as early as four (4) business days prior to the first day of instruction. If a student cannot participate or is unable to sign up for the direct deposit program, paper checks will be processed and mailed out by the first day of instruction. During the semester, disbursements are scheduled within 5 to 10 business days after all financial aid requirements are met.
Requirements to Receive Your Financial Aid Funds
View and Aceept your Financial Aid Award Offer on line.
- Complete all requirements (promissory notes, Loan entrance counseling).
- Meet satisfactory academic progress requirements for financial aid
- Resolve all financial aid holds.
- Enroll in at least the minimum units required for the types of financial aid you have been awarded. Being on a waiting list for a class does not constitute enrollment.
Your financial aid will be canceled if you do not meet all of the disbursement conditions.
Tuition and Registration Fee Payment
Financial aid funds, including all Federal Direct Student Loans (FDSLs), are disbursed each semester and are applied to tuition and registration fees, and/or other outstanding obligations to the University (for example short-term loan, on-campus residential charges, etc.). If the awarded and accepted financial aid is not sufficient to cover tuition and registration fees in full, students must pay the outstanding balance before the first day of the semester. Payments received on or after the first day of the semester will be assessed a non-refundable administrative late fee
Financial Aid Disbursement Notification
Students will be notified by email when their financial aid has been disbursed. The email will contain a breakdown of the financial aid funds disbursed and paid University obligations. To review current or prior year information regarding disbursements of financial aid and/or scholarship funds, please visit View Prior Disbursement Information.