Disbursement Process

The Arkansas Colleges of Health Education (ACHE) will disburse financial student aid as soon as administratively feasible, but no later than three business days after receiving Title IV funds from the U.S. Department of Education. Your financial aid awards must be completed and credited to your account (not estimated awards), and you must have a credit balance on your account after tuition and fees have been satisfied for the semester before receiving a refund of excess aid. Excess of Title IV refunds will begin within three business days after financial aid is disbursed.

Disbursement for authorized Direct Loans will generally occur in two substantially equal installments during the academic year. Students who receive a Direct Loan for only one term will have a disbursement occur at the beginning and midpoint of the term in two substantially equal installments.

ACHE will confirm the following information for students before disbursing any federal student aid funds that are authorized on their student account:

  • Eligible student for Federal Student Aid Funds
  • Enrolled at least half-time
  • Entrance Counseling completed as a Graduate/Professional Student
  • Has a valid and linked Master Promissory Note (MPN) as a Graduate/Professional Student
  • Has completed verification (if required)
  • Maintaining Satisfactory Academic Progress (SAP)

All students receiving Federal Student Aid Funds will be provided with electronic notifications via their Student Portal:

  • General Notification
    • Anticipated date and amount of the disbursement before the disbursement is made.
    • Which funds are from subsidized loans and which are from unsubsidized loans.
    • Student’s right to cancel all or a portion of a loan or loan disbursement and have the loan proceeds returned to the U.S. Department of Education.
    • Procedures and deadlines by which the student must notify the school that he or she wishes to cancel the loan or loan disbursement.
  • Disbursement Notification
    • Notice when FSA loan funds are credited to the student’s account.
    • Notification will be sent no earlier than 30 days before and no later than 30 days after crediting the student’s account.

Projected Dates

TermStandard Disbursement DatesStandard Refund Dates
OMS I – Fall 2018August 6, 2018August 9, 2018
OMS II – Fall 2018August 7, 2018August 10, 2018
OMS I – Spring 2019January 8, 2019January 11,2019
OMS II – Spring 2019January 4, 2019January 9, 2019

Do not assume financial aid you accept will disburse to your student account on the projected dates. You must have completed all requirements for financial aid to disburse and Title IV aid must be accepted by the U.S. Department of Education before disbursement may occur. It is your responsibility to monitor your student account via your Student Portal to ensure your account balance has been paid by the payment due date. The payment due date for each term is generally the Friday before each term begins.

If you have questions about your financial aid contact the Office of Financial Aid via e-mail or phone at (479) 308-2209. If you have questions about your payment due date or how to pay your account balance contact the Controller via e-mail or phone at (479) 308-2281.

Refund by Direct Deposit

ACHE strongly recommends that students use the Direct Deposit (ACH) option available through their Student Portal. A Direct Deposit Authorization Form must be completed after the banking information has been entered by the student. Forms may be completed during orientation or in the Controller’s Office. Direct deposit payments typically appear in your bank account within 2-3 business days from the time the refund is posted to your student account. You will receive an activity notification in your ARCOM email account when the direct deposit information has been sent to your bank.

Direct deposit must be set up at least 24 hours before your refund is posted to your student account. If not, you will be issued a paper check.

Refund by Check

Paper checks will be processed once a week and mailed to the address on file, which may delay the receipt of your refund due to processing and postal service. You will receive an activity notification in your ARCOM email account when the check has been issued. Refund checks lost in the mail will not be re-issued until 10 business days after it was mailed out. An administrative fee of $25 may be assessed for issuing a replacement check.

Returning Funds

The Office of Financial Aid will return funds to the loan servicer upon written request from the student borrower, even after the loan funds have been disbursed. If you wish to cancel all or a portion of an already disbursed loan, you must notify the financial aid office within 14 calendar days of notification that loan funds have been applied to your student account.

If you submit a loan cancellation request to the Office of Financial Aid later than 30 days after you receive this notification of your right to cancel, the school has the option of cancelling and returning the loan.  If the school declines to return the loan disbursement, you should contact your assigned loan servicer to return the funds.  You have the right to return Direct Loan funds within 120 days of disbursement by the school with the appropriate adjustment of the loan fees and interest.  In addition, Direct Loan funds that are returned by a school at any time to comply with a regulatory or statutory requirement are treated as a partial or full cancellation. Direct Loan funds returned after 120 days or more after disbursement are processed as a payment, and there is no adjustment of the loan fee or interest.

The loan funds must be returned with the written request to assure a balance will not be owed to ACHE. If a written request is received without the funds, the loan cancellation will not be processed until the funds are received. The Loan Change Request Form may be requested from the Office of Financial Aid or by e-mail.

If you have questions about your refund amount contact the Controller via e-mail or phone at (479) 308-2281.