General information
Your financial aid disburses to your account after the semester has started. All your aid disburses directly to your Davenport student account to pay all charges on the account first. Any excess financial aid will be refunded if there is a credit balance on your account after disbursement.
Grants and scholarships typically disburse after the first week of the semester. Loans typically disburse the Monday of the third week of the semester.
Questions about your financial aid refund?
Disbursement vs. Excess Financial Aid (aka Refund)
- Disbursement occurs when your lender sends the loan funds to Davenport University
- Excess financial aid (refund) occurs if your total financial aid disbursement exceeds the charges on your student account.
Do I have excess financial aid?
Check your student account visiting the Student Payment Center [1] (login required). If there is a credit balance on your account and you have not dropped or withdrawn from any of your courses, you are eligible to receive the credit balance (refund) . If you have dropped or withdrawn from some courses, there may be a required adjustment in your financial aid.
Timeline
It can take up to 14 days for Accounts Receivable to process a credit balance (refund) after your financial aid is disbursed to your account. Davenport is required to perform an audit of each student account prior to sending excess financial aid.
What if my loan has not posted?
If your loan has been approved by the lender, loans will disburse on the date listed on your Notice of Loan Certification. If that date has passed and the funds have not disbursed, check your financial aid tracking documents on the Accounts & Services tab of the portal to see if you have any documents that need to be submitted. You can also contact your advisor.
Loans have disbursed, but I have not received my money
It can take up to 14 days for Accounts Receivable to process a credit balance (refund) after your financial aid is disbursed to your account. Also be sure to activate your Panther One card (pantheronecard.higheroneaccount.com). check your student account to confirm that you have a credit balance. Contact your advisor if you still have questions.
Schedule for processing excess financial aid
Credit balances (refunds) are processed twice weekly on Wednesday and Friday. It can take 24-48 hours for funds to be deposited into your account after Davenport sends the funds to HigherOne.
My disbursement is less than anticipated
Most lenders charge the federally approved fees of between 1% - 2% of the loan. The loan disclosure statement that your lender sends to you explains the fees.
What kind of notifications will I receive regarding my student loans?
- To view your total financial aid award for the year, go to Student Connections [2] > Financial Tools > Financial Aid > Awards (login required).
- A Notice of Loan Certificate is sent out by Davenport once we receive confirmation that the loan has been certified by the lender and guaranty agency. This notice will include disbursement dates and information regarding your total indebtedness.
- A Loan Disclosure Statement is sent to you by the lender and has details about fees and interest.
- EFT Notification comes from Davenport via email within 24 - 48 hours of when your loans are disbursed. The notification includes information about checking for excess financial aid eligibility and declining your loans if you don't want them.
Borrowing Smart
Davenport awards you the maximum base level loans for which you are eligible. We encourage you, however, to borrow only what is absolutely necessary for covering your costs of attendance by borrowing smart [3]. You can always decline or reduce loans prior to disbursement and within 30 days after disbursement. If we have sent you a refund, those funds will need to be returned if you intend to cancel or reduce your loan. To help you, Davenport partners with Mapping Your Future to provide you with tools to Manage Your Money [4].
