Financial Aid Award and Disbursement

Disbursement of your Financial Aid

Your financial aid award will be applied to the balance on your student account. If additional funds are left over, you will have a credit balance and the Business Services office will send you a refund. You can receive your credit balance refund by check or direct deposit.

To check the amount of your credit balance, visit My Hawkeye > WebAdvisor for Students > Financial Aid > Financial Aid Status by Term.

Learn how you can sign up for direct deposits.

We will disburse your financial aid after:

  1. your financial aid file is complete. To complete your financial aid file:
    1. complete and submit required forms requested in My Hawkeye > My WebAdvisor > WebAdvisor for Students > Communication > My Documents

    2. complete verification paperwork if you were selected for the verification process

    3. accept or reject awarded Federal Direct Stafford Loans

    4. complete loan requirements: Master Promissory Note

    5. complete Entrance Loan Counseling

    6. complete a Student Loan Game Plan

  2. you are reported as attending each class you are enrolled in.

Your financial aid will be disbursed in two equal installments; once in the Fall Semester, once in the Spring Semester. This happens approximately four weeks after the start of each semester. If you are taking one term loan only (Fall only or Spring only or Summer only), you will receive your loan award in two equal installments during the term instead of all at once. The second disbursement will be after mid-term attendance is reported at the mid-point of your longest class.

If your financial aid file is not complete by the initial disbursement date, the disbursement of your financial aid will be delayed at least one week after your file has been completed.

You will only receive a financial aid disbursement for classes which you are registered for and attending.

First Year, First Time Student Loan Borrowers must establish 30 days of attendance in at least 6 credit hours in order to receive their first loan disbursement.

Lock Date Disbursement Begin crediting/mailing
credit balance (refund) checks
Fall 2014 September 8 September 10 * September 12

* First Year, First Time Student Loan Borrowers first loan disbursement will be 30 days after the start of the first class in which they are reported as attending.

Loans

To receive your loan funds you must be registered and attending at least six credit hours.

Before your Federal Direct Stafford Loan funds can be disbursed, you must complete the following documents:

  • Master Promissory Note (MPN). If you have not borrowed a Federal Direct Stafford Loan before
  • Entrance Counseling, if this is your first time borrowing a Federal Direct Stafford Loan at Hawkeye.
  • Student Loan Game Plan, if this is your first time borrowing a Federal Direct Stafford Loan at Hawkeye. This is a Hawkeye Community College institutional requirement.

Before your Federal Direct Stafford Parent (PLUS) Loan can be disbursed the parent must complete a Master Promissory Note (MPN).

Scholarships and Grants

Hawkeye Foundation scholarships will automatically be credited to your student account.

Outside scholarships will be credited to your student account once we have received the scholarship check.

State and federal grants will be disbursed to your student account once attendance has been reported. For 16 week courses, attendance is reported after the first 14 calendar days of the semester. For non 16 week courses, attendance is reported after the first seven calendar days of the semester.

Work-Study

Your work-study funds will be directly deposited to either your checking or savings account once you have been hired for a work-study position and have begun working. Learn more about the work-study program.

Other Funds

Payments from outside agencies will be credited towards your student account when the funds have been received by the Business Services office.

Credit Balance Checks

If additional funds are left over after your financial aid has been applied to the balance on your student account, you will have a credit balance and Hawkeye will send you a credit balance check or a direct deposit will be made.

Credit balance checks are mailed to the address you have in My Hawkeye > My WebAdvisor > WebAdvisor for Students > Academic Profile > My Profile by the Business Services office approximately 30 days after the start of the semester. If your financial aid file is not complete at that time, your credit balance check will be delayed and will not be sent until at least a week after your financial aid file has been completed.

Credit balance checks must be mailed and cannot be picked up at the Business Services office.

Sign up for Direct Deposit

Sign up for direct deposit so that your credit balance will be directly deposited to your bank account and you don’t have to wait for a check.

To sign-up, log-in to My Hawkeye and go to My WebAdvisor > WebAdvisor for Students > Billing and Payment > Direct Deposit Student Refunds.

Make sure you check My Hawkeye > My WebAdvisor > WebAdvisor for Students > Communication > My Documents to ensure that all information is received to avoid any delays in processing and disbursement.

Refund Check Acceptable Use

Acceptable use of your refund check includes paying for:

  • housing
  • food
  • gas
  • daycare

Your credit balance check cannot be used to purchase a car, pay for a vacation or trip, or be used towards other non-educational expenses.

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Financial Aid

Hawkeye Center
Lower Level
319-296-4020
800-670-4769 ext.4020
319-296-4495 (fax)
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