The Office of Student Account Services sends bills out approximately prior to the beginning of classes each term. It is the student's responsibility to ensure that they have made the necessary arrangements to cover their balance prior to the beginning of each term. Whether it's from federal funding, scholarship, or a payment arrangement with the Office of Student Account Services, students must show that they have enough funds to cover their bills in order to be considered paid.
Loan proceed are requested from the Department of Education once the student has completed all the necessary steps to secure the loan. The funds are received via Electronic Funds Transfer (EFT) and applied directly to the student's account the Office of Student Account Services.If a student has selected a private lender who disburses loan funds via paper checks to the university, the student must go to the cashier's office to endorse them for deposit into their student account.
The Pending Aid amount on your account represents financial aid that has been awarded but cannot be disbursed at the time of billing. It may include Stafford loans that have specific disbursement date requirements as well as PLUS and private loans that are subject to credit approval. The University provides a temporary credit for these types of financial aid that reduces the "You Owe" amount on the Account Summary. Please note that the source of financial aid (Federal, State, and University) may require documentation to verify income, credit worthiness or other criteria prior to disbursement of the financial aid. Students remain responsible for payment of all pending aid until it is has been disbursed.
The Office of Student Account Services releases overages for students who have funds in excess of what is owed on their student account. This is an on-going process that begins on the first day of classes each term. Funds are released via wire transfer , to the student's personal banking account if the student has completed the "Direct Deposit" process on CaneLink (formerly myUM). For those students who choose not to use Direct Deposit, the funds are released via check and mailed to the student’s permanent address on a weekly basis.
The University assesses finance charges on unpaid student account balances.