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Home: Institutional Effectiveness
Section: Financial Aid
Documents:

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Financial Aid Disbursement Policy

POLICY DEVELOPMENT

Policy Name:Financial Aid Disbursement Policy

Issuing Office:

Financial Aid Office

Policy Author:

VP of Student Financial Services

Contributing Offices:

NA

Affected Parties:

Students

Location where Existing Policy can be Viewed:

http://www.liberty.edu/index.cfm?PID=15247

Complete Wording of New or Revised Policy:

All financial aid is disbursed 21 days following the student meeting the necessary enrollment requirement, depending on the type of aid received.

Policy Rationale:

This policy is in place to ensure the proper use and disbursement of aid.  It also helps combat potential financial aid fraud.

SACS Criteria:

The Principles of Accreditation: Federal Requirements – 4.7

Other Regulatory Criteria:

U.S. Department of Education

Definition of Glossary Terms:

Disbursement: The process in which the school pays funds directly to the student's school account from either internal or external aid sources, which is different from a refund.  Aid sources include scholarships, grants, loans and other aid.

Policy Keywords:

Disbursement, Aid

Implementation Description:

The 21-day disbursement policy is implemented through the aid set up process in Banner.  Disbursements of federal aid are also designated at 21-day start times to ensure correct disbursement timing.

PROCEDURES FOR IMPLEMENTATION AND REVIEW

Policy Administrators:

Financial Aid Office

Policy Review Cycle:

Annual

Procedures:

Each aid disbursement is set up to disburse to a student’s account 21 days following his or her enrollment requirement for the type of aid being received.  Checks and holds are in place in Banner to ensure this policy is correctly implemented.

Sanctions:

NA

Exceptions:

Exemptions are not considered funds and therefore will show as a payment or discount toward an account prior to the 21 day disbursement timeframe.

Other Policy Link Locations:

https://www.liberty.edu/index.cfm?PID=15247

http://www.liberty.edu/financeadmin/financialaid/index.cfm?PID=21792

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University Policy Template

Policy Name:

Financial Aid Disbursement Policy

Submission Date:

2/21/2018

Policy Area:

University-wide

☐ Unit-specific

 

Applies To:

Resident

Online

☒ Both

 

Action Being Taken:

Revision

New Policy

☐ Migration

Discontinue

Permission Level:

☒ Public

☐ Student

☒ Staff

☐ Admin

 

POLICY DEVELOPMENT

Issuing Office:

Financial Aid Office

Policy Author:

VP of Student Financial Services

Contributing Offices:

NA

Affected Parties:

Students

Location where Existing Policy can be Viewed:

http://www.liberty.edu/index.cfm?PID=15247

Complete Wording of New or Revised Policy:

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Policy Directory Home
Policy Directory Home
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10.0.0.0 Financial Aid Disbursement Policy

Definition of Glossary Terms

:

Disbursement: The process in which the school pays funds directly to the student's school account from either internal or external aid sources, which is different from a refund.  Aid sources include scholarships, grants, loans and other aid.

Procedures:
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titlePolicy Information

Issuing Office

Financial Aid

Affected Parties

Students

Policy Language

All financial aid is disbursed 21 days following the student meeting the necessary enrollment requirement, depending on the type of aid received.

Policy Rationale

:

This policy is in place to ensure the proper use and disbursement of aid.  It also helps combat potential financial aid fraud.

SACS Criteria:

The Principles of Accreditation: Federal Requirements – 4.7

Other Regulatory Criteria:

U.S. Department of Education

Policy Keywords:

Disbursement, Aid

Implementation Description:

The 21-day disbursement policy is implemented through the aid set up process in Banner.  Disbursements of federal aid are also designated at 21-day start times to ensure correct disbursement timing.

PROCEDURES FOR IMPLEMENTATION AND REVIEW

Policy Administrators:

Financial Aid Office

Policy Review Cycle:

Annual

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titleProcedural Information

Procedures

Each aid disbursement is set up to disburse to a student’s account 21 days following his or her enrollment requirement for the type of aid being received.  Checks and holds are in place in Banner to ensure this policy is correctly implemented.

Sanctions

:

NA

None specified

Exceptions

:

Exemptions are not considered funds and therefore will show as a payment or discount toward an account prior to the 21 day disbursement timeframe.

Other Policy Link Locations:

https://www.liberty.edu/index.cfm?PID=15247

http://www.liberty.edu/financeadmin/financialaid/index.cfm?PID=21792

POLICY APPROVAL (Official Approver Use Only)

Need for Legal Counsel Review?

Yes         ☒ No

Approved By:

VP of Student Financial Services

Approval Date:

July 1

Implementation Date:

July 1

Final Policy Number:

10.0.0.0