By Ryan Laspina
Analyst, Red Flags and External Reviews at APUS
Once you have completed your Free Application for Federal Student Aid (FAFSA) and received an award letter from your school, you probably will be wondering how and when you will receive your federal funding.
At American Public University (APU), disbursements of financial aid vary by student population, but most students can expect to receive their aid in at least two installments during the course of their academic year. The fund will pay the university first for semester charges. Any remaining funds will be processed as a credit balance through BankMobile. The remaining funds (called credit balance refunds) can be used for any additional education expenses.
Timing of Disbursement
At APU, the timing and amount of disbursements depend on your status as a student borrower. First-time loan borrowers can expect to receive two separate disbursements during the semester. The first disbursement will usually occur between 30 and 45 days after the start of the semester; the second disbursement will usually occur within 30 days of the midpoint of the semester.
Returning APU students and students who have received FSA loans at other schools can usually expect to receive one full disbursement 30 to 45 days after the start of the semester. This disbursement pertains only to FSA loans and Pell Grants. The timing of these disbursements can vary if a student has other scholarships, grants or loans. If you have questions, contact either the granting agency or a financial advisor at your school.
Delivery Methods for Credit Balances
APU offers three delivery methods for students’ credit balances:
- Open a BankMobile account using the BankMobile card APU sends you.
- Use your existing bank account.
- Receive a paper check.
Students can also authorize APU to hold credit balances in the account to be applied toward other semester charges as they occur.
Receiving a credit balance through the BankMobile card is the preferred method. Once it is activated, the BankMobile card acts just like a debit card. If for some reason you do not wish to or cannot create a BankMobile account, you can use your existing bank account. Alternatively APU can send you a check for their credit balance.
The credit balance timing and method of delivery depends on each student’s individual situation. For more specific questions, please contact a financial aid advisor at your university.