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Check Disbursement
Why Stand in Line?
NEIU has Direct Deposit
NEIU students wishing to have their refunds or surplus financial aid assistance directly deposited into their checking account can complete a Direct Deposit Application through NEIUport. The Direct Deposit Application will require students to enter the name of their banking institution, checking account number and routing information through a secured software.
The Refund Process for surplus financial aid assistance:
If you meet all eligibility criteria, your Financial Aid (including Stafford Loan funds) will be credited to your student account and applied toward tuition, fee and book charges. Any funds surplus monies after all charges have been paid will be issued to you as a refund check. Paper checks can be picked up from Alumni Hall on Wednesday, February 8, 2012.
After this date, checks will be available at the Student Loan Department (D101C) during regular office hours.
Two forms of identification are required to pick up your check:
• Your NEIU ID (mandatory)
• Any other photo ID
Additional Disbursement Information for Stafford Loan Borrowers
Most Federal Stafford Loan funds are delivered to NEIU students via Electronic Funds Transfer (EFT). You will receive a notice from your lender listing the loan amount guaranteed and the recommended disbursement dates. For most students the first electronic release will be January 24, 2012. This is the date that NEIU will receive your funds electronically.Your funds will be credited to your student account within 3 days of the recommended disbursement date if you meet ALL of the following criteria:
• You are meeting NEIU’s Satisfactory Academic Progress Policy.
• You have confirmed your registration with the Cashier’s Office.
• On the day your loan funds arrive you are officially registered with the Records Office for the number of hours you indicated on your NEIU Stafford Loan Information Sheet. If you are unsure of the enrollment you indicated on your form, you should contact the Financial Aid office immediately.
NOTE: You must be enrolled at least half-time (6 credit hours) to receive a Stafford Loan.
ALSO NOTE: If at any point during the award year, you wish to cancel or reduce your Stafford Loans, you may submit the request in writing to the Financial Aid Office.
If you meet all eligibility criteria, your loan funds will be credited to your student account and applied toward tuition, fee and book charges. Any funds left over after all charges have been paid will be issued to you as a refund February 8, 2012 either through Direct Deposit OR by paper check. After this date, any checks will be held in the Student Loan Office for 14 business days and then mailed to the permanent mailing address on file with Enrollment Services.
Your loan funds may be reduced and/or your loan will be canceled if you do not meet these criteria on the day your loan funds arrive. Your loan funds may also be reduced and/or canceled if you have been awarded additional types of Financial Aid since your loan was originally guaranteed.
Special note to students with loans for SPRING, 2012 only: If your loan is for ONE term only, you will receive your loan funds in 2 payments: one-half of your funds will be credited to your account on January 24 and one-half of your funds will be credited to your account on March 7 (the mid-point of the term.) Please note first time freshman borrowers have a delayed first disbursement. Please contact the Financial Aid Office for details.
Book Voucher Eligibility: If your loan funds exceed your tuition and fee charges, you may participate in the Book Voucher process. Any amounts charged at Beck’s Bookstore will be deducted from your loan refund check. Book Vouchers are available to students for a limited time during the first week of class. To see a complete schedule with dates, times & places, please see our Book Voucher Schedule.
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