Financial aid is disbursed in two ways, depending on the type of aid you receive. It can either be credited to your student account or sent directly to you. See the table below to find out which programs fall into each category.
|Applied to Your Student Account||Made Directly to You|
|Federal Financial Aid, excluding work-study earnings||Work-Study paychecks|
|MICA need-based grants and merit scholarships||Excess aid in your student account—if aid exceeds your amount due, you may receive a refund|
|Private scholarships||Excess aid from anticipated aid—if your student account indicates aid has been processed but not disbursed, you may be eligible for an advance|
|State grants and other forms of assistance|
|Federal and Private Loans disbursed electronically|
|Loan checks made co-payable to the student and MICA|
Federal Financial Aid Payments
Federal financial aid, excluding federal work-study, is applied directly to your tuition and fees bill. Your student account contains charges for tuition, allowable fees, health insurance, and room and board. It may also include charges such as library fines, room damage charges, and health service fees.
Federal / MICA Work-Study Payments
Federal Work-Study funds are not automatically credited towards a student's account. They are issued directly to the student employee. We encourage students to have their payroll checks direct-deposited into their bank account. Funds are often available to the student a day earlier when paid through the Direct Deposit option instead of being issued a paper check. Direct deposit information and forms are available on the MICA Payroll & Benefits webpages.
Private Scholarship and Qualified Education/529 College Savings Plans Checks and Correspondence
You are required to forward scholarship and qualified education/529 college saving plan checks and correspondence to the Office of Financial Aid so that funds can be properly applied to your student account.
Loans are disbursed directly to your student account. Often students plan to use loan funds for living expenses. If you have a credit balance of actual funds in your student account (not a credit balance due to anticipated aid), you may receive a refund.
Refund of credit balances are processed on a regular basis each week and do not need to be requested.
Financial aid can only be disbursed each semester if all requirements are met including but not limited to:
The student's actual enrollment matches the aid for which they are packaged.
All documents requested have been submitted to the Office of Financial Aid by the student and/or parent.
The student's financial aid file is reviewed and found to be complete.
In the case of federal student loans, all entrance counseling sessions and MPNs (master promissory notes) have been successfully completed and the loan has been approved.