Financial Aid Disbursements

Direct Loans

Direct Loans are disbursed by the Office of Student Accounts according to federal regulations. All Direct, Alternative and PLUS loan funds will be sent to the College electronically (by EFT). Loan funds will be disbursed each semester once the registration period is over and once attendance verifications are completed by the instructors. Disbursement dates are listed on the Student Accounts home page under Important Dates.

A student must be registered and currently attending at least 6 credit hours before loan funds may be released. Students enrolled in late-start courses are not eligible to receive loan funds until at least 6 credit hours are in progress and attendance verification has been completed by the instructor. Direct Loans for first-time and/or first-year borrowers will not be disbursed until 30 days after the first day of classes. A first-year student is defined as a student who has not completed a minimum of 30 credits in the student's current course of study. If you are a new borrower at Daytona State College, you must complete Federal Direct Loan Entrance Counseling before the funds will be disbursed. Entrance counseling can be completed on the Web at www.studentloans.gov.

Federal regulations require loan disbursements to be made in two disbursements. If you attend both Fall and Spring semesters, you will receive one disbursement of one-half of the total loan proceeds in each semester (as long as enrollment in at least six credits is maintained). If you attend one semester only, you will still receive the loan proceeds of one-half of the total loan amount in two disbursements. However, per federal regulations, the second half of the loan will not be disbursed until a minimum of one-half of the semester has elapsed. Furthermore, students who have less than 6 credits for the A term plus additional classes for the B term will not be disbursed any loan funds until the student is attending the B term (at least 6 credit hours total for A and B) and attendance has been verified by the instructor. Check the Student Accounts home page under Important Dates for first and second disbursement dates.

A process to post Direct Loans to the student account is run once a week on Wednesday night. In order for financial aid to post, the student must have completed the Financial Aid 101 Seminar. Once a loan is posted to the student account the College will begin the process of verifying the loan and requesting funds from the federal government. Only those funds that have posted to the student account are actually sent to the College. The College will receive the funds just in time to refund to students on Friday.

All loan funds will be refunded through BankMobile using the refund preference selected. Tuition, book deferments, book vouchers and any other outstanding balances due the College will be deducted first before any remaining funds are refunded to the student. Refunds are processed according to the refund preference that was selected with BankMobile. For more information about BankMobile, visit this link, http://bankmobiledisbursements.com/refundchoices/.

Parent PLUS Loans

Parent PLUS loan funds are sent to the College electronically (by EFT). The parent has the option to have the loan disbursement sent to the parent or to the student. The parent will indicate when applying for the Parent PLUS Loan if they want a check mailed to him/her or if they want the student to receive the refund once all outstanding balances for the student have been paid. If payable to the parent, a paper check will be mailed. If payable to the student, the refund will be processed through BankMobile using the refund preference selected. For more information about BankMobile, visit this link, http://bankmobiledisbursements.com/refundchoices/.

Book Vouchers

Book vouchers are available on each campus for registered students whose anticipated financial aid exceeds the student's tuition and fees for the current semester. Financial aid is defined as federal direct loans and any refundable grants or scholarships the student may be awarded for attendance at Daytona State College. Book vouchers are based upon the number of hours the student is enrolled and upon the credit balance remaining after all tuition and fees have been paid. If there is a sufficient credit balance on the student's account, book vouchers are disbursed in the following increments:

Book vouchers may be issued for partial amounts if there is a remaining credit balance but it is not sufficient to cover the maximum amount allowed. If a student drops classes after receiving a book voucher or otherwise becomes ineligible for the original amount of financial aid, the student will be responsible for repaying the amount of the book voucher back to the College.

The book voucher information will be transmitted electronically to the bookstore at multiple times throughout the day. Once the Bookstore has received the file and uploaded it to their system, students may go to the Bookstore or go online to make their purchases. The last day to make purchases using a voucher is the next business day after the last day vouchers are issued.

Students must wait until at least the first day of vouchers for the semester to go to the bookstore. If the amount of the voucher changes due to a change in the number of registered hours, etc. the new amount will be sent to the bookstore. Please allow 24 hours for the update to occur. See the Important Dates section on the Student Accounts homepage for the dates vouchers are available each semester.

Financial Aid Refunds

If there is a credit balance remaining on a student's account after all obligations are paid, then a financial aid refund will be generated. Financial aid refunds are not generated until registration is over and until the instructors have completed their attendance verifications. The attendance verifications must be complete for each class that a student is registered for or the financial aid refund will be delayed. In order to receive a financial aid refund, the student must select a refund preference with BankMobile. For more information about BankMobile, visit this link, http://bankmobiledisbursements.com/refundchoices/.

For additional information contact the Office of Student Accounts at 386-506-3024 to speak to a Student Account Specialist. Financial aid refunds that are not deliverable to a student because the student has not selected a refund preference will be returned to one of the U.S. Department of Education Title IV programs or to the State of Florida Unclaimed Property Division in accordance with applicable federal regulations or state statutes.