HOW FINANCIAL AID IS PAID

Financial aid pays to the student's account each semester, based on the start date of the class. Please review the information below on how financial aid is paid, how to buy books using financial aid funds and how financial aid credit balances are issued.

 

STUDENT LOANS (FEDERAL DIRECT STAFFORD AND PARENT (PLUS)

To receive payment of loan funds, the student (or parent for PLUS) must do the following:

 

PRIVATE LOANS

The lender pays loan funds based on the dates recommended by Macomb. The student must be enrolled at least half-time for the loan funds to pay the student's tuition and fees.

Note: If the student has a combination of 16 week, 12 week and 8 week classes, half-time enrollment is determined based on the start date of the class(es). For example, if the student has three credits starting in August and three credits starting in October, the loan will not pay out until October when the student reaches half-time enrollment.

 

COLLEGE WORK-STUDY

College work-study funds do not pay tuition and fees. Students are paid bi-weekly, according to the College's payroll schedule, based on hours worked.

 

BUYING BOOKS WITH FINANCIAL AID FUNDS

Students with financial aid in excess of tuition will have a credit balance available at the campus bookstore nine (9) days after the start of the semester. This credit balance can be used to buy books and necessary supplies. Financial aid funds are not put on the student's debit card or refunded to the student at this time.

Note: If the student has classes that start during different weeks in the semester, the student may not have sufficient funds to buy their books for their classes. If the student is in this situation, they may request an advance on future financial aid funds to buy their books for the early start classes. 

 

FINANCIAL AID CREDIT BALANCES

Remaining credit balances after book purchases will be refunded to the student four (4) weeks after the beginning of the semester by the Business Office. Financial aid refunds after this time will be processed on a weekly basis.

Financial aid refunds are issued after a review of the student's eligibility and attendance in classes.  Changes in enrollment status due to dropping classes, withdrawing after the refund period or not attending any class, may result in refund delays or a reduction in the student's financial aid where the student is responsible for repaying financial aid and/or tuition costs.

Financial aid refunds are issued based on the following:

• Credit/debit card originally used for tuition payments

• Refund preference selected using the Macomb Debit Card:

                        • - to the Bulldog Account if the debit card is activated or

                          - ACH (direct deposit) to the student's personal bank account

                          - A student making no refund selection will receive a paper check after 21 days.