Most financial aid is disbursed in three equal payments over the award period. Generally, financial aid begins disbursing on the 12th day of the term. However, disbursements may be delayed if you are subject to academic progress review for a prior term.
Students in good standing may have an excess balance in their account returned to them to pay for indirect education expenses. Any time financial aid proceeds credited to a student’s account exceed direct charges, the bursar’s office will automatically forward the credit balance to the student, no later than 14 calendar days after the credit balance occurs. Credit balance refund distributions are made in accordance with applicable federal guidelines.
Students are responsible for payment of tuition and fees incurred after a full credit balance refund has been released (e.g., added courses and residencies fees). Any outstanding debt to Walden University as a result of a required credit balance refund is the responsibility of the student.
New students: Financial aid cannot be disbursed until all official transcripts are received by the Office of Admissions.
Current students: If a student is beginning a new Walden program within a term or payment period after completing a Walden program, financial aid for the new program cannot be disbursed until the student’s degree/certificate is conferred by the Office of the Registrar.
- The Office of Financial Aid will continue to accept applications, offer awards, and process disbursements in the last 30 days of the term or payment period, but cannot be held responsible if funds are not able to disburse for the term or payment period. Delays outside of the control of the Office of Financial Aid can occur. For example, a student may not be able to obtain third-party documentation, such as Selective Service status information letters, overlapping financial aid forms, official transcripts, and Graduate PLUS endorsers in a timely manner.
Financial Aid Disbursement Process and Requests for Excess Funds for Tempo Learning Programs
Walden’s financial aid academic year for federal student aid in Tempo Learning Programs is defined as 52 weeks and 16.5 semester credit equivalencies. The academic year is also the loan period.
The academic year is divided into two equal payment periods. The first payment period ends when the student successfully completes half the credit hour equivalencies and half the weeks in the academic year. The second payment period ends when the student completes the remaining credit hour equivalencies and weeks in the financial aid academic year.
The loan amount for the academic year is divided equally between the two payment periods. Each payment period is then broken into two disbursements to align with the student’s three-month subscription periods; therefore, most financial aid is disbursed in four equal payments over the award year.
All disbursements require that the student has submitted an academic plan by day 14 of each 3-¬‐ month subscription period confirming that they will attempt the full time credit equivalency for that period. All disbursements also require the student to meet all federal financial aid eligibility requirements such as Satisfactory Academic Progress.
Disbursements at the start of the payment period (with the exception of the first disbursement of the program) require that the student has earned half the semester credit equivalencies and has completed half the weeks in their financial aid academic year. Disbursements at the mid-¬‐point of the payment period require that the student has completed half the weeks in the payment period.
This disbursement schedule is designed to align with the student’s subscription billing period but it’s important to note that a student’s pace or transfer from a prior school may result in payment periods and disbursement dates that do not fully align with the subscription billing periods.
If a student transfers to Walden with an overlapping enrollment from a prior school or if the student’s remaining credit equivalencies at the start of an academic year are less than 16.5 credits, it’s possible for the academic year to be shorter than 52 weeks. If so, there may only be one payment period or one disbursement in the payment period. Likewise, the disbursement dates may not align with the subscription billing due dates.
Students in good standing may have any excess balance in their account returned to them to pay for indirect education expenses. Any time financial aid proceeds credited to a student’s account exceed direct charges, the bursar’s office will automatically forward the credit balance directly to the student, no later than 14 calendar days after the credit balance occurs.
Students may give permission to have their credit balance refund held on the Walden student account to pay for future subscription charges in the event that the next financial aid disbursement is scheduled well after the start of the next subscription or if the student’s pace requires Walden to delay the next disbursement. Credit balance refunds held on the student’s Walden account must be released to the student at the end of the loan period.