Award Memorandum - Payment / Disbursement of Funds

The total amount of your financial aid as shown on your award notification will be paid in installments.  Generally, one-half of each award may be disbursed to you upon completion of the verification/review of your file and acceptance of your award(s).  Acceptance of your financial assistance takes place by signing and returning one copy of your financial aid notification letter or accepting your awards on the on-line award letter.  To complete the verification/review process, send all requested information to the Financial Aid Office as quickly as possible.  Federal Pell Grant, Federal Supplemental Education Opportunity Grant, ACG Grant, Smart Grant, Virginia College Scholarship Assistance Program (CSAP), Radford University Grant, Virginia Guaranteed Assistance Program, Radford University Foundation awards, and Scholars Programs are credited to your student account.  State Student Loan, Federal Perkins Loan, and Nursing Student Loans are also credited to your account after these awards have been verified and the student has returned the promissory note.  (The note is mailed upon the completion of verification/ review to the student).  Any credit balance remaining on your student account after all University charges have been paid, will be reimbursed to you after the start of the semester.

 Payment of Federal Subsidized and Unsubsidized Stafford Loan Funds – Students whose lenders participate in the electronic fund transfer (EFT) program may have their loan proceeds delivered to them more quickly.  At Radford University, students may also have excess loan proceeds automatically deposited into their personal checking or savings accounts through the RU Direct Deposit Program.  Students must complete a permission form and supply a voided check to the Student Accounts Office or complete the form on the Student Accounts website.  Students who have followed these procedures will have their loan monies directly applied to their student account with excess money sent directly to their checking or savings accounts.  Students who do not provide permission to deposit excess loan proceeds into their personal checking or savings accounts will be refunded the excess funds on their account.  A refund check will be sent to the student approximately two weeks after the funds have been applied to their account.  Students whose lenders do not participate in EFT will receive loan checks.  Students will be notified when their loan proceeds have been received at Radford University regardless of the method of payment.  Typically, these loans are disbursed in two payments, once at the beginning of each semester.  Students should also keep in mind that a fee, not to exceed four percent, is deducted by their lender from their loan proceeds in origination and guarantee fees.