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.
Undergraduate and Graduate
Terms | Add/Drop Date | Loan Disbursement Date | Refund Time Table |
---|---|---|---|
Maymester | 5/10/2023 | N/A | N/A |
Summer I May–June 2023 | 5/18/2023 | 5/22/2023 | 7-10 business days after disbursement date |
Summer II June–July 2023 | 6/28/2023 | 7/3/2023 | 7-10 business days after disbursement date |
Summer 11-week May–July 2023 | 5/25/2023 | 5/30/2023 | 7-10 business days after disbursement date |
Summer 9-week | 6/8/2023 | 6/12/2023 | 7-10 business days after disbursement date |
Summer 8-week | 6/15/2023 | 6/19/2023 | 7-10 business days after disbursement date |
Fall August–December 2023 | 9/1/2023 | 9/5/2023 | 7-10 business days after disbursement date |
Spring January–April 2024 | 1/19/2024 | 1/22/2024 | 7-10 business days after disbursement date |
Law School
Terms | Add/Drop Date | Loan Disbursement Date | Refund Time Table |
---|---|---|---|
Summer May–July 2023 | 5/25/2023 | 5/15/2023 | 7-10 business days after disbursement date |
Fall August–November 2023 | 8/25/2023 | 8/7/2023 | 7-10 business days after disbursement date |
Spring January–May 2024 | 1/19/2024 | 1/8/2024 | 7-10 business days after disbursement date |
MBA Accelerated Terms
*NOTE* Students enrolled in accelerated terms during a traditional fall or spring semester will not receive any funds until they are attending a minimum of 6 hours (half-time status). If a student takes 3 hours in the first cycle and 3 hours in the second cycle, no funds will be received until the start of the second cycle.
Terms | Add/Drop Date | Loan Disbursement Date | Refund Time Table |
---|---|---|---|
August–October 2023 | 9/1/2023 | 9/5/2023* | 7-10 business days after disbursement date |
October–December 2023 | 10/27/2023 | 10/30/2023* | 7-10 business days after disbursement date |
January–March 2024 | 1/19/2024 | 1/22/2024* | 7-10 business days after disbursement date |
March–May 2024 | 3/15/2024 | 3/18/2024* | 7-10 business days after disbursement date |
PA Program
Term | Add/Drop Date | Loan Disbursement Date | Refund Date |
---|---|---|---|
Summer May–August 2023 | 5/19/2023* | 5/22/2023 | 7-10 business days after disbursement date |
Fall August–December 2023 | 9/1/2023 | 9/5/2023 | 7-10 business days after disbursement date |
Spring January–April/May 2024 | 1/12/2024* | 1/22/2024 | 7-10 business days after disbursement date |
*determined by program phase
PT Program
Term | Add/Drop Date | Loan Disbursement Date | Refund Time Table |
---|---|---|---|
Summer (first year) May–July 2023 | 6/1/2023 | 6/5/2023 | 7-10 business days after disbursement date |
Summer 12week (non first year) May–August 2023 | 6/8/2023 | 6/12/2023 | 7-10 business days after disbursement date |
Fall August–December 2023 | 9/1/2023 | 9/5/2023 | 7-10 business days after disbursement date |
Spring January–May 2024 | 1/19/2024 | 1/22/2024 | 7-10 business days after disbursement date |