Financial Aid Disbursement Information

2011-2012

Ventura County Community College District (VCCCD) is partnering with Higher One to *disburse financial aid. You will need your Higher One debit card to select how you want to receive your financial aid. The Higher One debit card is the key to receiving your financial aid. Below are the options available to you for receiving your financial aid disbursement.

• Open a Higher One account and have your aid disbursed directly onto your MyVCCCD debit card
• Directly deposit your refund into your existing Bank account (ACH)
• Receive a paper check.

If you have not selected a disbursement/refund choice, your financial aid will be delayed.

If you need assistance with selecting a disbursement option please stop by the financial aid office during our business hours with your Higher One debit card and we will be happy to assist you.

*Higher One uses the word “refund”. Financial Aid uses the word “disbursement.” In either case, this is the financial aid that is due to the student.

Please note: Your financial aid award reflects a full time enrollment assumption. If you are not enrolled full time, the amount you will receive will be less and prorated based on your actual enrollment. 

Federal Pell  Grants are disbursed in two (2) disbursements each semester.

Federal SEOG Grants are disbursed once (1) during each semester. 

Federal Direct Loans are disbursed once (1)  during each semester.

Disbursement Dates

Fall 2011: 

2nd Disbursement: October 17th, 2011 **

Spring 2012:

1st Disbursement: January 9th, 2012 **

2nd Disbursement: March 12th, 2012 **

** You will receive your refund from Higher One approximately 7 to 21 days after a payment appears on your MyVCCCD portal account.

Federal Direct Loan Disbursements

Direct Loans are issued to students in multiple disbursements. Direct Loan borrowers will be charged loan fees which are deducted from the loan proceeds and are used to cover the costs of loan defaults and other administrative costs of the Direct Loan Program. After your loan has been certified, you will receive a Loan Disclosure Statement with pertinent information regarding your loan, including disbursement dates, deducted fees, and net disbursement amounts.  Disbursement dates that appear on the Direct Loan Disclosure Statement are approximate dates.  Please allow two additional weeks of processing time from the date that appears on your Direct Loan Disclosure Statement. 

Half-time enrollment must be maintained and is verified before each loan disbursement.

If you are a first-year, first-time loan borrower, there will be a 30 day delay in your first loan disbursement.

Federal Work-Study

Federal Work-Study wages are paid twice per month for students who submit time-sheets by the prescribed deadlines. 

Cal Grant/Chafee Grant Disbursements

Cal Grants and Chafee Grants are disbursed as funding becomes available through the state.

Last Dates to Add Full Semester Class

NO REVISIONS will be made to your financial aid award(s) after this date. This means that your award will increase or decrease according to your enrollment status as of the dates below:

Fall 2011

September 16, 2011

Spring 2012

February 3, 2012

Summer 2012

Dates vary, check the schedule of classes for the last day to withdraw without a 'W'

Return to Title IV (R2T4)

Federal financial aid (“Title IV funds”) is awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive.

If a recipient of Title IV grant or loan funds withdraws from VCCCD after beginning attendance, the amount of Title IV grant or loan assistance earned by the student must be determined. If the amount disbursed to the student is greater than the amount the student earned, unearned funds must be returned. If the student receives less Federal Student Aid than the amount earned, VCCCD offers a disbursement of the earned aid that was not received. This is called a Post-withdrawal disbursement.

Withdrawal Date

The withdrawal date established by VCCCD is the date used by the Financial Aid Office to determine the point in time that the student is considered to have withdrawn so the percentage of the payment period or period of enrollment completed by the student can be determined. The percentage of Title IV aid earned is equal to the percentage of the payment period or period of enrollment completed.

Process for Calculation of Amount of Title IV aid earned by student

The amount of Title IV aid earned by the student is determined by multiplying the percentage of Title IV aid earned by the total of Title IV program aid disbursed plus the Title IV aid that could have been disbursed to the student or on the student’s behalf.

If the day the student withdrew occurs when or before the student completed 60% of the payment period or period of enrollment, the percentage earned is equal to the percentage of the payment period or period of enrollment that was completed. If the day the student withdrew occurs after the student has completed more than 60% of the payment period or period of enrollment, the percentage earned is 100%. When a student fails to earn a passing grade in any of their classes, VCCCD must assume, for Title IV purposes that the student has unofficially withdrawn, unless VCCCD can document that the student completed the period.

Post-Withdrawal Disbursement

If the student receives less Federal Student Aid than the amount earned, VCCCD offers a disbursement of the earned aid that was not received. This is called a Post-withdrawal disbursement. Title IV grant funds from a Post-withdrawal disbursement are credited to a student’s account to pay for tuition and fees for the term for which the student is eligible for a Post-Withdrawal disbursement or are disbursed directly to the student.

VCCCD must obtain a student’s authorization to credit a student’s account with Title IV grant funds for charges other than current charges and must notify the student no later than 30 calendar days after the date that VCCCD determines the student withdrew. VCCCD notifies students by letter that they are eligible for a Post-withdrawal disbursement and that the student has a deadline of 14 days to respond to the request for authorization. In the notification, VCCCD states that VCCCD is not required to make the Post-Withdrawal disbursement if the student does not respond by the deadline.

Title IV aid to be returned: VCCCD and student

If the student receives more Federal Student Aid than the amount earned, VCCCD, the student, or both must return the unearned funds in a specified order as follows:

1. Unsubsidized Direct Stafford loans (other than PLUS loans).
2. Subsidized Direct Stafford loans.
3. Direct PLUS loans.
4. Federal Pell Grants for which a return of funds is required.
5. Federal Supplemental Educational Opportunity Grants (FSEOG) for which a return of funds is required.

If a recipient of Title IV grant or loan funds withdraws from a school after beginning attendance, the amount of Title IV grant or loan assistance earned by the student will be determined within 30 days after the student withdraws. If the amount disbursed to the student is greater than the amount the student earned, unearned funds must be returned to the Department of Education within 45 days following the date of notification sent to the student. If the obligation is not resolved within the 45 days of the notification, the unearned funds, will be reported to the National Student Loan Data System (NSLDS) as an overpayment and the student will be ineligible for Title IV funds (such as Pell, FSEOG, Direct Loans and other federal aid) at any institution until this overpayment is resolved.

Although a student may be eligible for a refund of fees from VCCCD the student may still be required to repay all or part of their Title IV aid.

Satisfactory Academic Progress

All financial aid recipients are required to maintain the standards for Satisfactory Academic Progress as outlined in our Satisfactory Academic Progress Standards Policy.  Students who have been placed on Warning or Probation for the Fall 2011 semester may experience a delay in their Spring 2012 financial aid disbursement(s). The Financial Aid Office must confirm that you have met all of the terms and conditions of your Warning or Probationary semester. If you have not passed Warning or Probation, your financial aid eligibility will be suspended. Please plan accordingly.

Enrollment Status

 *Please note, for Summer financial aid eligibility, enrollment statuses remain the same as outlined above.