Refunds to Students
- All financial aid payments are disbursed on a term by term basis. Typically, students receive one disbursement per term or semester. Funds awarded after the start of a term are disbursed as the funds become available.
- All scholarships, grants, Federal Direct Stafford Loans, Federal Perkins Loans, Nursing Loans, Federal Direct Graduate PLUS, and Federal Direct Parent Loans credited to your student account will be applied to any charges owed to TWU. Any amount exceeding charges owed to TWU will be refunded to you. TWU has contracted with BankMobile Disbursements, a third party vendor, to refund student account related credit balances including refunds of financial aid funds. New students will receive information about the BankMobile Vibe Account by mail within two weeks after their registration. Upon receipt, the card must be activated and a preferred method to receive the refund selected. Students have these refund options:
- BankMobile Vibe Account - same day availability.
- ACH transfer to your bank account - one to three business days.
- Refunds are applied to your BankMobile Vibe Account 5 days prior to the start of classes each term, or within two working days of the awarded funds being credited to your account, for funds received after the start of classes.
- If you add classes or incur other charges to your student account after a financial aid refund has been applied to your account, you will be responsible for paying the TWU Cashier for any balances due.
For information regarding summer payments and refunds see Summer Financial Aid Award Payments.
Payment on Parent Loan for Undergraduates
- Parent loan funds received by electronic funds transfer will be credited to your student account.
- Parent loan funds received in the form of a check made co-payable to the university and your parent will be sent to your parent for endorsement. Your parent must return the endorsed check to the TWU cashier to be applied to your account. Any amount exceeding charges owed to TWU will be refunded to you by the method you select when you receive and activate your BankMobile Vibe Account. Go to the TWU Bursar's web site for information on the refund process.
- If you apply for a Parent Loan for any summer term it is very important that you read and understand Summer Enrollment Requirements.
Payment on Nursing Student Loans and Federal Perkins Loans
- You must complete Entrance Loan / Debt Management Counseling each year prior to receiving any loan funds. It is recommended that loan counseling be done at the time of application each year to avoid payment delays.
- If you are awarded a Federal Perkins Loan or a Nursing Student Loan you must sign a Master Promissory Note (MPN). A Federal Perkins MPN or a Nursing Student Loan MPN will be mailed to you after you receive your Award Letter. If you have a Federal Perkins MPN or a Nursing Loan MPN on file for a previous loan at TWU, you will not receive a new MPN.
- You must pre-register for at least six semester hours at least 10 days prior to the start of classes.
- If you have met these requirements, the loan funds will be credited to your student account 5 days prior to the start of classes for the semester for which they are awarded.
- Federal regulations require the initial disbursement of the Federal Perkins Loan to first-time borrowers be delayed until 30 days after classes begin.
page last updated 6/16/2016 4:28 PM