If a student has any type of aid (grant, scholarship or loan); the aid shows up on the student account as “authorized”. This authorization lets a student know that their aid is complete and available. The student will continue to see an amount due on their student account even though their aid is authorized. The reason for this is that their aid amount can fluctuate based on the number of hours they are enrolled.
On the Census Date (12th class day – for the TC campus, not the 12th day a student attends class) or within several days, the Financial Aid Office runs a process called “disbursement”. This process does not issue refunds to students. This process moves the authorized aid onto a student account as a payment. The payment will pay off any and all charges that it can (and are allowed). If the aid/payment is more than what a student owes (tuition/fee charges, bookstore charges), then that creates a credit balance on a student account. This credit balance is showing that Texarkana College owes the student a refund. The Business Office has 14 calendar days from the date of the Financial Aid disbursement date to issue a student their refund. A student will not get their refund on the disbursement date.
For example, the 16 week Spring 2014 semester that starts on 1/21/14 has a Census date of 2/5/14.
The Financial Aid Disbursement process will most likely take place on or about 2/11/14. If financial aid is disbursed on 2/11/14, the estimated time a student will get their refund is 2/24/14. It all depends on when your financial aid moves from “authorized aid” to “disbursed aid”. That is when the fourteen day count begins.
You must check your myTC student account to make sure your financial aid is complete and does not have any red flags on the Financial Aid Tab.
Based on the number of financial aid refunds we issue (thousands), it can take up to the 14 day timeframe. We do our best to issue them as quickly as possible but we review each student and their refund to make sure it is correct before it is issued. We also do not make exceptions and issue any refunds early or based on student circumstances.
If a student is a first time student and first time borrower, their loan disbursement is delayed for 30 days and that refund would be issued within 14 days of that.