Loan Disbursement & Refund Dates

Loan Disbursements and Refunds of Excess Aid

Student Loans are available to assist in funding your costs. They are usually disbursed twice per loan period, i.e., August–May.

APPROXIMATELY the fourth week of class each semester, if your account is paid in full at the Student Accounts Office, you will be refunded any excess personal, state, private or federal financial aid awarded to you. These charges include, but are not limited to:

• Tuition
• Fees
• Room and board
• Traffic fines

If your aid includes proceeds from Parent PLUS loans, any excess funds MUST be returned to the parent, unless otherwise indicated on the application. Only then can the refund go to you, the student.

Important Definitions

Disbursement: The crediting of financial aid funds to a student's OCU balance.

Disbursement Date: The scheduled date that financial aid funds will be applied to a student's OCU account balance. Disbursement usually occurs after the official last day to add or drop classes.

Refund Date: The scheduled date that students (or parents) will receive refunds of excess financial aid to be used for living or other educational expenses. This usually occurs 7-10 days after the disbursement date. Refunds for Parent PLUS loans are sent to the parent borrower unless the parent borrower selects to have the refund sent to the student on the loan application.

OCU processes refunds by direct deposit. To ensure your refund is processed by the date below, be sure to submit your Direct Deposit Application.