Release of Funds Information

​​​​​​​​​​​​​​​​​​​​​​2023-24 Dates (for Students Attending the Full Term)

If selected the direct deposit refund method, funds should reach your bank account​ approximately 3 to 5 business days after the listed refund date.

See below for more information if you are a first-time borrower.

See below for more information about students receiving their loan in only one term.

How Will Late-Starting Classes Impact my Financial Aid Refund?

If you are expecting a refund from your financial aid, the amount of the refund will only be based on the courses you are attending as of the date of the refund. If you are enrolled in 6 credits that begin at the start of the term and 6 credits that begin in the middle of the term, your grant assistance will only disburse for 6 credits (even though you are billed for 12). The other half of the grant remains authorized on your student account until you begin attendance. This means your refund may be smaller than your original authorized aid amount for all 12 credits. Federal Loans will pay once you have been confirmed attending in a minimum of 6 credits (4 credits during the Summer term). Once attendance is verified for any LATE starting classes, aid will be processed and refunded. Please see the schedule for release dates available below.

Fall 2023

Spring 2024

Important Information for Financial Aid Recipients

It's important to remember the difference between “authorized" and “disbursed" financial aid.

Financial aid that is authorized on a student's account represents the aid that could be credited to the account once attendance has been verified. When the aid actually is credited to the account, it is considered disbursed. Students that have sufficient authorized financial aid are considered to have made satisfactory payment arrangements concerning their tuition or book charges. If a student does not begin attendance, aid that was once authorized will not be disbursed to a student's account and the student may be left owing a bill for tuition or book charges.

All financial aid funds (including federal, state, and private loan awards) are first disbursed to a student's DMACC student account to pay for institutional charges including tuition, fees and other allowable educationally related charges that appear on your student account.

Refunds of excess financial aid funds (credit balance) for students are processed through the Student Accounts Department at DMACC.

For additional information about refunds of excess (credit balance) financial aid, please visit the DMACC Student Accounts page

**Buying Textbooks Using Financial Aid

When a student has authorized financial aid on their student account in excess of their current institution charges (i.e. more financial aid that tuition/fee costs), he or she will be provided the ability to utilize financial aid to make purchases in the DMACC Bookstore. Allowable purchases that may be made in the DMACC bookstore include expenses for required course materials (books, kits, tools, supplies, etc.). A student may also make a one-time (lifetime) purchase using an authorized financial aid credit balance for a technology device including a PC, laptop, and/or tablet to be used for attendance in DMACC coursework.

Students may purchase books and supplies at the bookstore throughout the term and up to 10 days prior utilizing financial aid credit balances. Additional purchase periods will be made available for students registered in module (late-starting) coursework. In all cases, DMACC will allow Title IV eligible students to obtain or purchase books and supplies by the seventh day of a payment period if he or she will have a Title IV credit balance.

First-Time Borrowers

Per federal rule, all first-time borrowers will not have any loan funds disbursed to their DMACC account until 30 days after the semester begins and their attendance has been verified.

Students who Establish Student Loans for a Single Term

Per federal rule, s​tudents who establish a loan for only one term will have their loans split in two equal disbursements.  Half of the student loan funds will be credited to the student's account once attendance has been verified, while the second half of the student loan will be credited to the student's account at the midpoint of their term (assuming the student is still enrolled at least halftime).

Financial Aid Refunds throughout the Term

Additional aid disbursed to the student's account (loan increases, additional scholarships, or additional grants for example) are processed for credit balance refunds to students on a weekly basis by the DMACC Student Account Department. Aid must be applied to the student's account by close of business on the last business day of the week in order to be released to the student the following week. Therefore, all aid credited to a student's account during a particular week will not be refunded to the student until the following week.

You may check your student account balance anytime by accessing myDMACC.