Financial Aid Disbursements
How will you receive your financial aid funds?
Your financial aid awards reduce the amount due on your bill and is applied as listed below for each type of aid. Any financial aid awarded after the initial billing is applied toward your UTC student account. All aid, with the exception of fee waivers and outside scholarships will disburse to the student's account the second week of classes. Up until aid is disbursed,
- Grants and Scholarships will appear as a credit on your bill.
- Institutional Scholarships will appear as a credit on your bill (your signed scholarship contract must be received by the Scholarship Office)
- Federal Direct Subsidized or Unsubsidized Loan requires the student to accept loan offers in the MyMocsNet account and will appear as a temporary credit (memoed aid) until the loan(s) is(are) disbursed. A Master Promissory Note (MPN) and completion of Entrance Loan Counseling are also required if you are a first time loan borrower at UTC.
- Federal Perkins Loan requires the student to accept the loan offer in the MyMocsNet account and will appear as a temporary credit (memoed aid) until the loan is disbursed. A Master Promissory Note (MPN) must be completed with the Bursar's Office. An email with the link to the MPN will be sent to you from the Bursar's once the Perkins is accepted.
- Parent PLUS Loan and Grad PLUS Loan both require completion of the FAFSA, credit approval and a Master Promissory Note (MPN). The Parent PLUS Loan also requires the completion of a UTC PLUS Information Form. Once these requirements are met, a temporary credit (memoed aid) will appear until loan is disbursed.
- Alternative Loans will appear as memoed aid if the loan has been approved and a UTC Private Loan Request Form is completed.
- Work Study does NOT reduce the amount due on your bill. Work Study placement begins during the first week of school and instructions are sent to the student via your UTC e-mail once you have accepted the award in your MyMocsNet account.
What if my total financial aid is more than my charges?
When your total disbursed aid exceed your UTC charges, you will receive a refund of the excess amount. The first refund checks for each fall and spring semester are available the second Wednesday of classes and Wednesdays and Fridays each week unless there is a holiday. Refunds can be direct deposited into your bank account by entering your bank information in your MyMocsNet account or, you may pick your check up in the Bursar's Office. Check our Important Dates website for availability of summer refunds.
Will my financial aid be adjusted if I receive additional aid from other sources?
Total financial aid awarded cannot exceed you total Cost of Attendance (COA). If additional aid is received and changes need to be made to your financial aid package, it may be necessary to reduce or cancel any or all of state aid, work study and/or student loans.
How does a change in enrollment affect my financial aid?
Financial aid is awarded based on full time enrollment and is adjusted on the first day of classes according to your actual charges. Any change in enrollment during the first two weeks of classes will result in financial aid adjustments. If there is a change in enrollment after the second week of classes but you have not totally withdrawn from the University, your financial aid will not be adjusted; however, you may be billed by the University for that class time. If you fully withdraw from the University, you may be billed for a portion or all of your financial aid. The amount calculated is based on the effective date of withdrawal, the amount of aid received and the percentage of institutional refund. Please refer to our refund process at www.utc.edu/financial-aid/sap-standards.php.
I have received funds from student loans, but now I do not need them?
You can reduce or cancel your Direct, Perkins or PLUS loan even after the loan funds have been disbursed to you. To do so, you must return the specific amount you want returned to the Bursar's Office with a written request to reapply it to your account; then, you must notify the Financial Aid Office by completing the UTC Request for Loan Adjustment Form.