Disbursement of Financial Aid
All grants, loans and scholarships are electronically credited to a student’s account and can be applied toward the student’s tuition and fees, book and dorm charges. Students do have the option to decline to electronically credit their account with their book charges. The student may also provide written authorization to charge minor prior year institutional charges of $200 or less or any other educationally related cost to their financial aid account. Grant, scholarship, and loan balances will be disbursed by the Business Office within 30 days after the beginning of the semester. Grant, scholarship, and loan balances for students enrolled in the second compressed semester (Fall II, Spring II and Summer II) will be disbursed within 30 days after the beginning of that semester. As per federal regulations, Direct Loans are issued to students in multiple disbursements. Generally, this means students will receive equal portions of their loan each semester, except if their loan is only one semester in length.
Disbursement dates will be posted on the VC Financial Aid web page. The Business Office disburses balances at least twice monthly. Disbursements are issued by check mailed to student’s address of record, direct deposit to the student’s Chaparral ID Card, or other designated direct deposit account. Any financial aid will first be applied to the balance due Vernon College before being issued to the student. Students must meet all enrollment and eligibility requirements in order to receive financial aid. Students who fail to establish eligibility (do not begin attendance in each class or do not attend classes through count day) will have their financial assistance reduced or cancelled.
Students employed through the work-study program are paid twice monthly. Time sheets must be submitted on the appropriate dates each month in order to receive a paycheck. Students who fail to submit their time sheets by the designated date, will not receive payment until the following pay period.
Refunding of Financial Aid
Title IV funds are offered to a student under the assumption that the student will attend school for the entire enrollment period. When a student withdraws, the student may no longer be eligible for the full amount of the financial aid funds that the student was originally scheduled to receive. For students who received any Title IV aid (Pell Grant, SEOG, and Direct Loan), other than FWS, funds will be returned to the program(s) from which the student was funded. Up through the 60% point in the period of enrollment, a pro rata schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the period of enrollment, a student has earned 100% of the Title IV funds received during the period.
If the student has completed more than 60%, VC will review the student’s financial aid to determine if the institution owes the student a post-withdrawal disbursement. If the student is due a post-withdrawal disbursement, a Return to Title IV calculation will be completed. If all funds have been disbursed prior to the student withdraw, VC will document that all aid has been earned and no Return to Title IV or post-withdraw disbursement is required. The withdrawal date is the date the student began the withdrawal process, the student’s last date of attendance at a documented academically-related activity, or midpoint of the period for a student who leaves without notifying the institution. The calculation of the return of these funds may result in the student owing a balance to VC and/or the Federal Government. Return of Title IV funds are allocated in the following order: Unsubsidized Direct Loan, Subsidized Direct Loan, Direct PLUS Loan, Pell Grant, and SEOG. Further details and examples can be obtained in the Financial Aid Office.