To Have Your Financial Aid Pay Or Get A Direct Deposit Or Paper Refund Check
You must:
- Maintain satisfactory academic progress to keep your financial aid eligibility.
- Check your admission status. Non-admitted/non-degree-seeking students cannot receive federal, state, and institutional aid and most scholarships.
- Make sure that the residency status we awarded you with, Nevada, Western Undergraduate Exchange , Good Neighbor, or Out-of-State, is correct. If your award details show a different residency status, you will need to contact our office.
- Have completed Entrance Loan Counseling and completed the electronic Master Promissory Note if you are a first-time subsidized or unsubsidized loan borrower.
- Millennium eligible students must be full-time student and have completed the Millennium Acknowledgement form. See Avoid Delays for more information.
- Make sure you have no outstanding “To Do” items listed in MyUNLV.
What Is The Fafsa Used For
Many people are surprised to learn the FAFSA is about a lot more than federal student aid. In fact, the FAFSA is so important that financial aid officers say skipping the FAFSA is the most-costly mistake you can make when pursuing your education.
FAFSA determines your eligibility for:
- Federal need-based grants, including the Pell Grant and Federal Supplemental Educational Opportunity Grants
- Subsidized federal student loans, which are based on need
- Unsubsidized federal student loans, which most students qualify for regardless of need
- Federal work-study
- Some state-based financial aid, including grants, scholarships, and loans
- School-based financial aid, including need-based grants and scholarships
- School-based merit aid, since many schools require you file a FAFSA to consider you
While the FAFSA can feel like a chore to fill out, the upside is that it provides one-stop shopping for multiple sources of college money.
See also: The #1 Most-Costly Mistake People Make When Paying for College
Pay Attention To Notifications From Servicers
Closely watch your email and mail for notifications from student loan servicers. They will reach out to you with updates.
For instance, they should contact you to let you know when your post-college student loan grace period is up and when you should begin making payments.
If you lose track of even one student loan, it could go into default which can add big fees to your student loan debt and destroy your credit.
If youre not receiving correspondence from your lender or loan servicer, electronic or otherwise, they may not have your up-to-date contact information. To find your loan holder and correct this error, try the following step.
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Spend Student Loan Refunds Wisely
If you end up with more money than you really need, talk to your school or lender to find out how to give it back. Lenders know this situation happens and many give you a period of time to return the funds without charging you interest. This time frame varies, so check the requirements sooner than later.
How Student Loans Work For Living Expenses
Undergraduate, graduate, and professional students are all able to use student loans for living expenses. Student loan funds are typically disbursed directly to your school to cover tuition and fees. Any money left over will be refunded to you, which you can use to pay for housing and any other education-related costs.
Keep in mind that both federal and private student loans have their own student loan requirements. To qualify for federal student loans, you must have financial need and be enrolled at least half time at an eligible school. With private student loans, youll typically need good credit and verifiable income to qualify though exact requirements can vary by lender.
Tip:
If youre struggling to get approved for a private student loan, consider applying with a cosigner to improve your chances. Even if you dont need a cosigner to qualify, having one could get you a lower interest rate than youd get on your own.
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Should I Pay Off My Student Loans Or Invest
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.
Not sure if you should pay off your student loans or invest your money? Heres how to make the right choice for your situation.
Student loan debt is a burden for many Americans. In 2020, 30% of all adults reported that they had student debt, according to Federal Reserve data. Student loans can cause financial strain and make it hard to save for retirement or other goals.
If youre in this boat, you may be eager to pay off those student loans as quickly as possible. But in some cases, that might not be the right move.
If youre wondering whether to pay off your student loans or start investing now, this guide will help you weigh the pros and cons of each.
Consider refinancing your student loans to save money. With Credible, you can compare student loan refinance rates from various lenders.
Know What Types Of Loans You Have
Be wary of refinancing federal student loans. While the interest rates can be lowered by refinancing, borrowers lose the federal student loan benefits they currently have, which can include income-driven repayment plans, loan deferment, loan forbearance and public service loan forgiveness, Tayne said.
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Explore Different Student Loan Strategies
As you think through your loans, income and other financial factors, you can identify the plan of attack that best fits your situation.
The nice thing about the tools above is they take the focus off doing math and place it on creating a strategy that works for you.
With so much information out there and so many decisions to make, its easy to become overwhelmed. Dont let fear about your student loan situation paralyze you and prevent you from making decisions that will make your life easier in the long run.
With a little bit of ingenuity, hard work and help from Student Loan Hero, you can do more than manage your student loans you can conquer them.
Andrew Pentis and Honey Smith contributed to this report.
Must I Use Direct Deposit
Yes, effective summer 2015 direct deposit is the required method of refund. Please remember that student credit direct deposit is separate from YSU payroll direct deposit and must be set up separately. There are a number of benefits to using Direct Deposit including faster and more secure refunds.
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Option : Invest First
In some cases, investing before paying off your student loan debt may be the smarter move.
You may want to consider investing before paying off your student loans in the following situations:
- The rate of return is higher than your student loan interest rates. The estimated return on the stock market is about 6.6% through 2030, according to Charles Schwab Investment Advisory, Inc. If your student loan interest rates are below this, investing could earn more than youd save by paying off your student loans faster. But remember, theres no guarantee of returns in the stock market.
- Youre behind on saving for retirement. If youre nearing retirement or are just behind on your savings goals, investing in your retirement now with a 401 or other retirement plan can help you build up those savings more efficiently. Compound interest is on your side, and the earlier you start, the better.
- You qualify for loan forgiveness or other assistance. If you know youll qualify for student loan forgiveness or some sort of loan assistance , paying off your loans sooner may not be the best use of your funds.
Keep in mind that investing also comes with risks. While returns might be estimated at higher rates than your student loan rates, those returns are never guaranteed.
What Are The Benefits Of Direct Deposit
- direct deposit gives peace of mind because the payment is always in the designated bank account, regardless of the location of the payee
- direct deposit allows faster access to the refund, there is no trip to the bank to cash a check and no waiting for a check to clear
- direct deposit eliminates the possibility of a lost refund check, whether the check is lost in the mail, or misplaced or accidentally destroyed by the payee
- direct deposit is safe no direct deposit payments have ever been lost, according to NACHA because once an ACH payment is created it cannot become lost
- direct deposit is more confidential because fewer individuals handle an ACH transaction as opposed to a paper check, and there is more security and control associated with electronic transactions
- direct deposit is cost effective, and environmentally friendly, for both the payer and the payee paper documents are expensive to process and ultimately to dispose of
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Alternatives To Using Loans For Living Expenses
While student loans are one way to pay for living expenses, they arent your only option. Here are a couple of other alternatives to consider:
- Apply for scholarships and grants: Because college scholarships and grants dont have to be repaid, they can help keep your costs low while paying for living expenses. You might qualify for federal grants or school-based scholarships after filling out the FAFSA. There are also many private scholarships and grants available from nonprofit organizations, local and national businesses, and professional associations in your field.
- Get a job. Working a part-time job during college can help you earn extra money for living expenses while also building your resume. You could also consider applying for a job through a work-study program.
Other ways to potentially lower your costs overall include:
- Buying used textbooks or renting them
- Living off-campus and getting a roommate
- Carpooling with a friend that has a similar schedule to you
Check Out: Tuition & Room and Board: On-Campus vs. Off-Campus Costs
When Will I Get My Refund If I Withdraw Or Drop Classes
Refunds for withdrawal from classes are sent out after the end of the 100% refund period . If your account was paid by personal check, there may be a delay while waiting for the check to clear. If your payment was via credit card, a refund by direct deposit will be sent to the student . Credits are not issued to the credit card. If your account was paid in full, or in part, with financial aid awards a financial aid repayment may apply. You are strongly encouraged to check with a Financial Aid Counselor prior to withdrawal to determine if you will owe a repayment.
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Should I Accept My Student Loan Refund Check
What can you do if you dont want to risk the potential negative effects that might result from accepting your student loan refund? You have the option to return your refund check.
If you arent in desperate need for money, sending back your refund may be your best choice. Returning your student loan refund check to the Department of Education means that you are lowering your overall loan debt. In summary, removing it from your financial aid package negates your responsibility to repay it post-graduation.
After weighing the positives and negatives, it may seem as though the soundest decision would be to return your student loan refund. However, if you are in need of money and wont be able to afford to return the refund, it is advisable to accept your student loan refund with the intention of being extremely prudent in how you spend it.
Please note that the information provided on this website is provided on a general basis and may not apply to your own specific individual needs, goals, financial position, experience, etc. LendKey does not guarantee that the information provided on any third-party website that LendKey offers a hyperlink to is up-to-date and accurate at the time you access it, and LendKey does not guarantee that information provided on such external websites is best-suited for your particular circumstances. Therefore, you may want to consult with an expert before making financial decisions that may be discussed on this website.
What Is A Fafsa Refund Check
A FAFSA refund check is provided to students as extra money that is left over from a students financial aid package. When a student receives a financial aid refund check, it will be after the financial aid covers:
- Tuition.
Related Article: Receiving Your Federal Student Aid
A student who receives the financial aid reimbursement will often be able to choose whether the leftover money is received through check, cash, direct deposit to his or her bank account or otherwise. Since FAFSA refund disbursement tends to take place at the beginning of the semester, a student will likely have the freedom to do with what he or she chooses with the remaining loan money. In some cases, however, thousands of dollars end up being refunded to a student, which can be potentially dangerous, especially for students who have limited experience when it comes to financial responsibility.
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I Was Expecting A Refund And Havent Received It What Should I Do
You can review your account online via the MyYSU Portal. If a refund has been issued, it will be reflected there. If your account shows that a refund has been issued and the refund has not been received after allowing adequate time for a check to be sent via the mail, or for a direct deposit to reach your bank you will need to contact the Office of University Bursar to request a replacement refund. Please be reminded that students are solely responsible for maintaining current contact information, including address, phone, email and/or bank account information.
Uncashed Or Returned Student Refund Policy
Students may receive funds for a variety of reasons This policy applies to overpayment in a student’s SIS financial account.
If a student’s refund is designated for direct deposit and the direct deposit failed, the University will revoke the direct deposit enrollment and contact the student to re-enroll and update their banking information. If a student does not re-enroll in direct deposit and update their banking information, the refund will be issued by check, mailed to student’s primary address in SIS. If a student resides in a University housing unit at the time of the refund process, the refund check will be mailed to the University housing unit address in SIS.
If a student’s refund is designated for mailing, a check will be processed and mailed to the student’s primary address in SIS. If a student resides in a University housing unit at the time of the refund process, the refund check will be mailed to the University housing unit address in SIS.
If a student’s refund is a result of a Parent PLUS loan and the parent did not elect to have the credit balance refunded to the student, the refund will be issued to the parent on the loan application by a mailed check.
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What Offices Help Create Your Direct Deposit Or Refund Check
The Financial Aid & Scholarships Office transmits your financial aid awards electronically to the Cashiering & Student Accounts Office several times per week. When this transfer occurs, your financial aid will credit to your UNLV billing statement.
The Financial Aid & Scholarships Office does not create your physical direct deposit or paper refund check. The Cashiering and Student Accounts Office is responsible for this transaction.
Even though the Financial Aid & Scholarships Office disburses financial aid several times per week to the Cashiering & Student Accounts Office, electronic direct deposit refunds or paper refund checks occur once per week. A refund will be processed if the student’s account results in a negative balance. Per our credit card merchant agreement, if you paid tuition and fees with a credit or debit card, the card will be refunded first.
How To Find Out If Your Student Loan Money Is On Its Way
In most cases, your student loan disbursement is sent straight to your college. After subtracting the costs of tuition and fees, youll get the remaining money to use at your discretion.
But student loan disbursement involves a lot of moving parts, and your experience might be different than someone elses. If youre not sure what to expect, reach out to your schools financial aid office to point you in the right direction.
And if you borrowed private student loans, contact the bank or credit union for information on its policies. By staying up to date on your student loan disbursement schedule, you can prepare your finances before the start of the semester.
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How To Open A Checking Account To Avoid Check Cashing Fees
There are a lot of benefits to having a checking account. And one of those benefits is that it makes it easier to cash a check without incurring fees. A checking account also:
- Indicates that you are financially stable
- Makes it easier to receive funds from different sources
- Can allow you to receive your check faster because you can set up direct deposit
If youve been avoiding opening a checking account because of the fees and high minimum deposit, you dont have to worry. Plenty of banks now allow you to open a checking account without a minimum deposit and without incurring any monthly fees. Check our round-up of 10+ banks that have no minimum deposit or monthly fees.Particularly for your government stimulus check, with a checking account, you can receive it through direct deposit. This is the fastest way to get stimulus money into your hands. Because it is a government check, funds are likely to be available immediately or within a day. Thats unlike personal checks, which can take several days. It also beats many prepaid card options, which can take a couple of days before the money is made available on the card.If you have several negative marks on your banking score, you may have a difficult time opening a regular checking account. But you may still qualify for a second-chance checking account. Here are the best second-chance checking accounts available today.
