All scholarships, grants and loans awarded by the Financial Aid Office are deducted from your bill by the semester. Aid is disbursed to accounts following the add/drop period at the beginning of each semester/session. If you qualify for Federal Work Study, those earnings will be paid to you by check from the Business Office on the 15th of the month.
One half of your academic year award is credited to your account at the beginning of each semester after add/drop. Outside scholarships/loans are not credited until the funds are received from the donor/lender. Unless a donor specifies otherwise, outside scholarships/loans are applied one half in the fall semester and one half in the spring semester. Financial aid is awarded for the academic year or portion a student anticipates being enrolled.
If your student account is credited with more funds than you owe Iowa Wesleyan, you will receive a check for the amount of your credit balance. If your student account shows a credit balance and indicates Student Refund then a check will be issued to you that following Wednesday.If a Federal Direct PLUS Loan creates the credit, the excess funds will be returned to the parent borrower, unless the parent indicates otherwise in writing to the Business Office. If the student or parent chooses to leave this credit on the account, authorization must be given in writing to the Business Office.