Financial Aid eligible students are able to charge certain expenses to their student account including tuition, fees, and bookstore charges before they receive their financial aid disbursement. After classes begin and student attendance/enrollment has been verified on the census date, Gateway will begin disbursing Federal and/or State financial aid funds to individual student accounts in accordance with the dates outlined on the Important Dates page. If awarded funds exceed the charges on a student account the excess funds will be refunded to the student. Excess funds will be distributed to the students’ selected refund preference through BankMobile. More information regarding BankMobile is available in the Refund Options section.
All Loan Refunds Will be Issued as Two Separate Disbursements
Federal regulations now require Gateway Technical College to make multiple disbursements of student loans each semester. If you are receiving loan funds, this means half of your loan funds for each eligible semester will be applied to your student account on the first disbursement date and the second half of your loan funds for the semester will be applied to your student account on the second disbursement date. This change does not apply to grant disbursements.
Please take this adjustment into account when making financial plans. If you are due a refund of loan funds after any remaining balance due to Gateway is paid, you will either:
- Receive a portion of your refund on the first disbursement date and then a second and final portion of your refund on the second disbursement date if the first disbursement of your loan funds is enough to cover all remaining charges at Gateway and a refundable balance exists after the first disbursement is made
- Receive a refund on the second disbursement date if the first disbursement of loan funds was not enough to cover all remaining charges at Gateway
The timing of refunds and the dollar amount of refunds are dictated by each student's particular balance due and financial aid award. Please review the award amounts provided on WebAdvisor compared to the charges on your account to determine the timing and dollar amounts of any refunds. As multiple loan disbursements are a federal requirement, no exceptions can be made to the timing of disbursements for any reason.
Please note, any eligible Direct Parent Plus Loan excess amounts will be refunded to a parent through the students’ selected refund preference.
Please view the Important Dates section to view disbursement dates for each semester.