FINANCIAL AID PROCESSING TIME FRAMES
Refunds:
Once a refund check request has been issued, the following time frames should be allowed for a student to receive a refund:
Direct Deposit – the funds should be deposited in a student’s bank account within 3-5 days.
Checks sent via mail – students need to allow 7-10 days. All checks are sent to the mailing address listed on UCONNECT.
FAFSA Processing through the Federal Processor:
Type of Record Receipt of Paper Response
Paper FAFSA within 4 wks of Federal Processor
receiving application
Electronic FAFSA within 2 wks of Federal Processor
receiving application
- Status of electronic applications may be checked on-line at the FAFSA website 72 hours after submitting a completed application.
UCO should be able to receive results of the FAFSA within 2 weeks of the Federal Processor date through a weekly download process. Records processed through Thursday are downloaded and loaded into the system generally by the following Wednesday. Therefore, the best time for students to check on a new load of records is on Wednesday. EXCEPTIONS: We will not load new records the first week of class each semester and the week grades are posted at the end of each semester.
UCO Processing of Complete Files:
Type of Applicant Record Processing Time Frame
Federal application (FAFSA) – Not selected Within 2 wks of receipt of last document
for verification process
Federal application (FAFSA) – Selected Within 4 wks of receipt of last document
for verification process
Corrections requested Within 2 wks of the corrections
The end result of processing should be an award notification, a request for more information or a letter why the student cannot be awarded, all of which will be sent to the student’s UCO e-mail account.
Standard Time Frames:
Fee Payment Deadline Friday before the start of classes
Charging at Bookstore Approx. 3 weeks prior to start of classes
Last day to charge at Bookstore Last day of 100% refund period
Short-Term Loan Process begins Monday, 1 week prior to start of classes
Release of federal funds for term (refunds) Beginning 1st week of classes
Last day to submit Award Adjustment Req. Friday, 3 weeks prior to end of term
Deadline for completion of file for term aid Friday, 3 weeks prior to end of term
Financial Aid Appeal Deadline (monthly) 2nd Friday of the month
(Appeals will not be reviewed during the months of May and December).
Financial Aid Appeal Deadlines per semester Fall: 2nd Friday of November
Spring: 2nd Friday of April
Summer: 2nd Friday of July
Aid Year Priority Processing Deadlines Fall: 5/31 with a complete file by 6/30
Spr: 10/31 with a complete file 3 wks later
Sum: 4/01 with a complete file by 4/30
Late Payment Penalty Waivers Consideration for penalty waivers will be
given only to those who meet the
established priority deadlines. The
review process will actually determine if
the waiver is warranted. Penalty waiver
request forms will be added to the web
each semester for the period of time we will
accept requests. Request must be
submitted no later than 3 weeks prior to the
end of the term.
*******************