Disbursement of Federal Financial Aid
All loan funds are disbursed in multiple payments through electronic funds transfer. All student loan borrowers are required to attend an entrance interview. The first disbursement occurs once the student has completed three weeks of the semester. The second disbursement occurs when the student has successfully completed seven weeks of the semester and is making satisfactory progress. The Business Office credits students’ accounts with financial aid funds that have been electronically transferred.
Federal Financial Aid Refund Policy
For purposes of determining refunds, the number of days enrolled is calculated from the start date to the date the student submits a written statement of withdrawal, or the last known date of class attendance as determined by the Office of Financial Aid or the Office of the Registrar. Class days missed due to absences are included. Time out of class due to a leave of absence or school closure is excluded.
The U.S. Department of Education’s Return to Title IV Funds policy entitles recipients of Title IV aid to retain that aid on a pro-rata basis through completion of 60% of the course, then generally provides for 100% entitlement. However, since both the Title IV funds received as well as the Phoenix Seminary refund policy apply exclusively to tuition, any student who terminates may be obligated to pay a portion of any charges for items other than tuition, in addition to any obligation for repayment of Title IV financial aid.
Refunds are prioritized by source of funds as follows:
1. Unsubsidized Stafford Loans;
2. Other Aid;
Application fees, registration fees, late fees, and other institutional charges are non-refundable.