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 check.

To check the amount of your credit balance check, visit My Hawkeye > My WebAdvisor (SOAR) > 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 (SOAR) > 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 Master Promissory Note loan requirements

   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 three weeks after the start of each semester.

If your financial aid file is not complete by the initial disbursement date, the disbursement of your financial aid will be delayed until approximately 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.

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.

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.

Refund 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 we will send you a refund check.

Refund checks are mailed to the address you have in My Hawkeye > My WebAdvisor (SOAR) > 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 refund check will be delayed and will not be sent until approximately a week after your financial aid file has been completed.

Refund 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 refund checks 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 (SOAR) > Billing and Payment > Direct Deposit Student Refunds.

Make sure you check My Hawkeye > My WebAdvisor (SOAR) > 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 refund 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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