Financial Aid Refund Schedule
SPRING 2016 FINANCIAL AID REFUNDS WILL BEGIN Early February 2016
Student aid recipients at Ozarks Technical Community College can expect to receive a refund AFTER the following steps have taken place:
- Processing the student aid file (verifying eligibility and documentation included in the file)
- Validation of student enrollment and attendance
- Receipt of funds from the grant, scholarship or direct loan source, and subtracting course expenses (tuition, fees, bookstore items, etc.) to determine the overpayment/refund due to the student
- Depositing the refund amount to the OTC SmartCard refund preference
Processing of Student Aid File
Students who submit their financial aid application and supporting information to the Financial Aid office prior to the deadline for the semester should receive their refunds approximately 4 weeks after classes begin.
Students who apply for financial aid after the deadline may still receive a refund, but should expect a delay in receiving their refund.
Validation of Student Enrollment and Attendance
In order to receive student aid funds, class attendance is required to maintain an acceptable academic record and to maintain student aid eligibility. Students who fail to meet Satisfactory Academic Progress Policy requirements may become ineligible for financial aid.
Students receiving financial aid assistance must attend classes as required. Students who do not attend classes are subject to being dropped from their class by the instructor. Since student aid is paid on enrollment (with attendance), students dropped from classes will not be paid for those classes.
Determining Student Refunds
Financial aid funds are applied directly to each student’s account with the college in order to pay tuition, fees, bookstore charges or any other items charged by the student.
After the student account charges have been paid, any remaining credit balance (overpayment) will be refunded.
Deposit of the Refund Amount to your OTC SmartCard Refund Preference
This is the step everyone likes – getting the money! Students must have an active SmartCard in order to receive their financial aid refund.
Once all the above steps are complete, Cashier’s services reviews each student account, processes overpayment amounts, and deposits the refunds to the student’s OTC SmartCard refund preference.
Initial student aid refunds are typically deposited to each student’s SmartCard refund preference approximately 4 weeks after the beginning of classes.
SPRING 2016 FINANCIAL AID REFUNDS WILL BEGIN EARLY FEBRUARY 2016