Disbursements and Refunds
Financial Aid Disbursements and Refunds
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 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. 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 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 Disbursement Calendar
|Term||Standard Disbursement Dates||Standard Refund Dates|
|Fall 2017||August 4, 2017||August 7, 2017|
|Spring 2018||January 3, 2018||January 8, 2018|
Refunds by Direct Deposit
ACHE strongly recommends that students use the Electronic Funds Transfer (Direct Deposit) option available through their Student Portal. Direct deposit refunds 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 email 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.
Refunds 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. 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.
The Office of Financial Aid will return funds to the lender 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.
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.
Requests can be made by completing the Loan Change Request Form.