Disbursement Procedures
Financial aid funds are disbursed by the Student Financials Office. If you are in compliance with the award conditions set forth in this document, the Financial Aid Office will release your financial aid funds to the Student Financials Office after the last day to add/drop each semester. Tuition and fees, housing charges, and other allowable charges will be deducted from your scheduled financial aid.

Direct Deposit
Your Financial Aid Refunds can be deposited into your bank account. To sign up you will need a bank account in your name. If you do not have an account, you can join the University Credit Union located on campus, University Park GC 189 or at the Biscayne Bay Campus Room 142 or downloaded an application online at http://www.ucumiami.org/fiu/financialaiducu.htm or you can open an account with another bank.

With an established account, you can sign up today. To authorize the University to transfer your Financial Aid Refunds to your bank account, go to the Financial Aid website (http://finaid.fiu.edu/) and select “My Financial Aid” to access PantherSoft’s Self-Service Page and follow these links: “FINANCES/ACCOUNT/DIRECT DEPOSIT.

Questions Concerning Disbursements

Occasionally, you will have questions related to your financial aid disbursements. The following chart will assist you in determining which Office to contact:

• why your award has been reduced/cancelled
• why you must return funds already disbursed to you

• what charges were paid with your financial aid funds
• the disbursement status of an award from a Third Party
• information about your Pre-Paid tuition plan benefits

Tuition Deferment

You will be granted a tuition deferment IF the total amount of your financial aid anticipated award, excluding Federal Work-Study (FWS), meets or exceeds the cost of your tuition and fees. If your award is less than your fees, you must pay the difference before the last day to pay to avoid cancellation of your courses. Any unwanted class should be dropped by the last day of Drop/Add to avoid liability. You will be “fee liable” for all courses on your class schedule after the last day of the Drop/Add period of the semester.

Florida Prepaid Tuition
If you are a participant in the Florida Prepaid Program, please note that a portion of your tuition and fees may not be covered under the program unless the plan you purchased included local fees. Your financial aid award will be listed as “anticipated aid” and will be considered towards the remaining balance of your tuition and fees. Any remaining balance due, if applicable, is your responsibility to pay before the last day to pay for fees. However, if your award is not sufficient, you are required to PAY the difference between your total tuition and fees and the Florida Prepaid portion prior to the deadline date to pay fees each semester.

Housing Deferments
The Housing Office will grant you a deferment if the total amount of your award is sufficient to cover tuition & housing costs. You must make payment arrangements to guarantee your dormitory space if your award is not sufficient or you have not been awarded aid by the housing payment deadline.

Book Advance
If the total amount of your financial aid award for a semester (excluding FWS & Alternative/Private Loans) exceeds the cost of tuition & fees, you may be eligible for a Book Advance to purchase books and supplies at the beginning of the semester. If you qualify, you will be notified through your FIU E mail address. Book Advance funds will be available on your Panther Id Card three days before the beginning of the semester. These funds are available to Financial Aid recipients only. (The funds you receive as a book Advance are simply an “advance” of the financial aid awarded to you, it is not additional aid.

Alternative/Private Loans
These programs are non-need based loans that may be awarded up to the Cost of Attendance. These loans are subject to a credit check and some lenders require minimum enrollment criteria. Some lenders require that applicants meet the Standards of Academic Progress. Therefore, a deferment is not available until the university receives confirmation that the loan has been approved.