Disbursement of Aid

The institution will disburse funds that are available and ready for disbursement the week prior to classes beginning each semester.  Tuition and fees will be paid using the students financial aid funds.  Before any funds can be paid to a student’s tuition and fee account the student must be properly enrolled and they must meet all Satisfactory Academic Progress (SAP) standards.  Once tuition and fees are paid and if the student has remaining funds available, the Office of the Bursar will process a refund for students to use for educational purposes, including their individual living expenses (e.g., room and board, transportation, personal expenses, and health insurance). Students who are due a refund will receive their funds as a direct deposit into their designated bank account (ACH deposit) or by check.  Refund checks are typically made within fourteen (14) days of funds being received and disbursed to the student’s tuition and fee account.

If financial aid funds are not available to pay a student’s tuition and fees on time, or if the student has an outstanding balance owed to the institution after their aid has paid, the student will need to contact the Office of the Bursar to identify their payment options and due dates.

Due to students receiving their refunds after classes begin, students are encouraged to budget accordingly to make sure they have funds for miscellaneous educational and living expenses until the refunds are released during the first two (2) weeks of the semester.

Disbursement frequency/Academic Year:  At Noorda-COM students will be enrolled in a fall and a spring semester each academic year.  Therefore, student financial aid will be disbursed as two (2) payments.  In the rare instance that a student is enrolled during the summer term, is eligible for summer aid, and has secured summer funding, a third disbursement will occur for the summer enrollment period. Students enrolled in the summer term may not be eligible for financial aid; a case-by-case review of eligibility will be completed upon the request of the student using the Request of Financial Aid Form for the summer term.

NOTE:  Students must complete the Noorda-COM financial aid process, be in receipt of an award letter outlining their financial aid awards, complete all requirements (e.g., Entrance Counseling, Master Promissory Notes (MPN), etc.), receive credit approval from private lender, meet all SAP standards, and be properly enrolled in courses at the level they requested aid for prior to the start of the semester before aid can be disbursed.  It is the student’s responsibility to follow-up with any requests they may receive from the Office of Financial, their lender, and/or scholarship provider in a timely manner to prevent delays with the processing and disbursement of financial aid funds.