RECEIVING AND USING YOUR FINANCIAL AID

Applying for financial aid and getting your award isn’t the end of the story.

Here we will take a look at:

• How you receive your financial aid through a process called disbursement
• How you will pay for tuition, fees, and books with your financial aid award
• What to do if you or your family experiences unemployment, divorce, the death of parent, or other situations while you are receiving financial aid
• The grades and progress you will need to make to keep receiving financial aid (Satisfactory Academic Process). 

Disbursement

The payment of your financial aid award to you is known as a disbursement. Check your RiverMail and Workday inboxes (accessible through MyPioneerPortal) regularly for notifications about your financial aid disbursements.

How the Disbursement Process Works

Disbursement means your awards are officially applied to your charges. Any remaining funds will be refunded in the payment election you have selected (check or direct deposit) after tuition, fees and books (if you used the bookstore authorization) have been paid.

Your attendance at all your classes must be verified before your disbursement can take place.

To receive loan disbursements, you must be in 6 compliant credits (meaning 6 credits that count towards your eligible financial aid program).

Most Disbursements are Made Four to Six Weeks After the First Day of Classes

Most financial aid checks will be mailed and direct deposits made four to six weeks after the first day of classes. Direct deposits can take three to five business days. Disbursements will continue until commitments are fulfilled.

If you have Express Schedule classes or classes that started later in the semester, your disbursement may be delayed and you may not receive part of your disbursement until after the drop-with-refund date for those classes. We will work to disburse those as soon as possible.

Sign Up for Direct Deposit to Get Your Disbursement Sooner

You can sign up, or “elect,” to receive your disbursement by direct deposit, which is often quicker than receiving a check via postal mail. However, electing direct deposit does not place you at the front of the line. It simply saves a few days, though it can take up to five business days for some banks to process direct deposits.

To elect direct deposit:

1. Log into MyPioneerPortal.
2. Click on the Menu button and enter Workday.
3. Click the “Finances” worklet (for the app) or the Menu button and “Student Financials Hub” (for desktop).
4. Click “Set up Payment Elections” on the far right side of the screen (for the app) or click on “Overview” and “Payment Elections” (for desktop).
5. Click “Add.”
6. Enter your account information and click “Ok.”

If you are a first-time borrower, you cannot receive your disbursement for at least 30 days from the first day of classes. Additionally, your disbursement will be split in half, and the two halves will be sent separately. The first disbursement will be sent 30 days after the start of classes, and the second disbursement will be sent 30 days after the first disbursement. (This applies only to student loans, not to other grants or awards). If you have a class that starts later in the semester, this will delay your disbursement, and you won’t receive a disbursement for that class until after it has started.

If disbursements have already started when you elect direct deposit, whether you get a check or a direct deposit will depend on whether your disbursement has already been processed or not. You can check your account to see if your disbursement has already gone through before making the change. (Disbursement dates are no longer available in Workday.)

Paying for Tuition, Fees and Books

After the drop period has ended each semester, your awards are updated, as needed, based on the number of hours you have enrolled in for the semester. Your courses must count toward your degree program. Disbursement of financial aid typically begins approximately four weeks after the drop period ends and continues each week throughout the semester.

If you have been awarded financial aid, your fees will be deferred until disbursement is made. Once disbursement is made, fees and books are paid and any residual balance is directly deposited to your account (within one to three business days) or mailed to you at the address on file with Enrollment and Student Services. Please be sure to check that the address we have on file is correct to ensure you receive your check. 

If your financial aid award is not enough to fully cover your fees, you must pay the balance due before the end of the drop period. Housing deferments may be granted (for on-campus housing) if there is enough financial aid to fully cover the amount of tuition and fees and housing costs for the semester. Check with the Indian River State College Foundation for more information on housing deferments.

If, for any reason, your award is taken away for ineligibility reasons, tuition and fees will become your responsibility to pay. If you are registered for classes but decide not to attend Indian River State College, you must officially drop your classes by the end of the drop period. Students are obligated to pay all charges owed to the college. Keep in mind that your award may change if your classes do not count toward your program.

Indian River State College Cashier

Payment for classes may be made online through your MyPioneerPortal account or in person at any Indian River State College campus. We accept cash, checks, money orders and all major credit cards.

Cashier Office Hours

Fall and Spring Semesters:
Monday to Thursday: 8:00 a.m.–6:30 p.m.
Friday: 8:00 a.m.–5:00 p.m.

Summer Semester:
Monday to Thursday: 8:00 a.m.–6:30 p.m., closed Friday

Payment Plans

Indian River State College offers a no-interest monthly tuition installment plan through Nelnet Corporation/FACTS Tuition Pay Plan. The plan breaks your tuition balance into affordable monthly payments and automatically deducts that payment from your bank account (ACH) or charges a credit or debit card. The FACTS Tuition Pay Plan offers flexible payment options and affordable set-up fees.

If Your Family’s Situation Changes

If changes in your family occur—such as unemployment, divorce, or the death of a parent—contact the Financial Aid Office. A financial aid advisor will work with you to determine if your situation changes your financial aid eligibility. They will let you know of any forms or additional information you might need to provide and let you know if your aid must be recalculated.

Standards of Satisfactory Academic Progress Policy

Satisfactory Academic Progress (SAP) ensures that financial aid recipients are moving through their academic program of study at a reasonable rate and are making progress toward their degree. Federal regulations require that the student meet basic standards of academic progress to receive federal student aid. This policy applies to all applicants/recipients of federal student aid. 

Evaluation of Satisfactory Academic Progress

Satisfactory Academic Progress is evaluated at the end of every semester to determine financial aid eligibility for the upcoming semester. You must meet the following three SAP criteria to be eligible to receive federal financial aid:

1. Cumulative GPA

The student must maintain a minimum cumulative Grade Point Average (GPA) dependent upon the number of credit hours the student has attempted. This includes all coursework the student has taken at Indian River State College or transfer credits from any college or university (this includes college-level classes taken during high school), even if the student did not receive financial aid for those classes. If failed courses are repeated and passed, only the passed grade will be factored into the cumulative GPA. See Academic Forgiveness.

Minimum Attempted Credit Hours	Maximum Attempted Credit Hours	Minimum GPA
0	15	1.5
16	30	1.7
31	999	2.0

2. Completion Rate

The student must successfully complete at least 67 percent of all of the classes in which the student has taken. This includes all credit hours attempted at Indian River State College, credit earned during dual enrollment, developmental courses, credits transferred from other schools, and courses the student failed or withdrew from, even if the student did not receive financial aid for those classes.   

This includes those attempted credits transferred from other schools, and also includes F’s, W’s or repeated courses.

Completion Rate Calculation:  Total Units Earned divided by Total Units Attempted. 

3. Total Attempted Hours (Maximum Time Frame)

The student must complete their degree within a 150 percent time frame. Example: An Associate degree that takes 60 credits/units to complete must be completed within 90 credits/units; while a bachelor’s degree that takes 120 credits/units to complete must be completed within 180 credits/units.   

The total credits counted include those attempted credits transferred from other schools, and also includes F’s, W’s or repeated courses, even if financial aid was not received for those classes. Students who have reached the maximum time frame and have not earned the degree they were pursuing will not be eligible to receive financial aid, even if they meet the minimum GPA requirement and the minimum completion rate requirement.

SAP Status

There are three SAP statuses, and at the end of each term, SAP will be calculated and the student will be assigned one of the following statuses:

1. Passed

If the student is “passed” that means the student met the minimum GPA requirement and the minimum Completion Rate requirement and has not exceeded the maximum time frame (attempted more than 150 percent of the normal credits) required for the student’s degree or certificate program and will have continued financial aid eligibility for the next term of enrollment. 

2. Warning

The first time that the student’s cumulative GPA and/or cumulative Completion Rate fall below the standards of SAP, the student will be placed on one term of financial aid “Warning”. During the warning period, the student can still receive financial aid. At the end of that term, the student must meet the minimum standard of SAP to have continued financial aid eligibility. 

3. Failed

While on warning, if the student does not meet the minimum GPA and/or the cumulative Completion Rate requirements at the end of the student’s “warning” semester, the student will be placed on failed status. The student will no longer be eligible for financial aid until the student raises their cumulative GPA and completion rate to meet the above standards. This does not apply to the Promise Program. 

The student will also go to “failed” status if the student has attempted more than 150 percent of the student program, even if the student has met the minimum GPA and the cumulative completion rate.

Appeals (Petition)

The student who does not meet SAP due to an extraordinary (mitigating/extenuating) circumstance beyond their control may appeal to the Indian River State College Financial Aid and Scholarship Committee for consideration of restoration of financial aid eligibility. A student must complete an appeal form and MUST supply documentation of the extraordinary circumstance. The documentatio nmust align with the semester in which the student lost financial aid eligibility. The committee will review the information supplied by the student and will render a final decision. The committee’s decision is not open to further appeal. Examples of extraordinary circumstances include serious illness, hospitalization, or a death in the student’s immediate family; however, these are not the only circumstances for which students can file an appeal. If approved, the student must follow a financial aid plan until their SAP is “Passed.”

Other Information on Satisfactory Academic Progress

Academic Grade Forgiveness

Courses that have been retaken, (with the same course ID number) only the passing course will be included in the Financial Aid GPA (academic forgiveness); however, all course attempts including failed, withdrawn, and passing courses will be included in the student’s completion rate.

Transfer Students

All transfer students have a Transfer Hold that prevents their financial aid from being processed. Their transcripts will be evaluated to determine if they meet Indian River State College’s Satisfactory Academic Progress before awarding.

Students that have had their transcripts evaluated prior to Summer 2024 and have had their Transcript Evaluation Hold removed did not have their SAP reviewed prior to this rule going into effect. If these students are not meeting Indian River State College’s SAP policy, they will have one semester of Warning, and at the end of their first semester receiving aid will have their SAP reviewed. 

Second Degree Override

Students who have exceeded the Maximum Time Frame (are Over the Credit Limit) but are pursuing a second degree or certificate may request to have their financial aid eligibility reviewed for a Second-Degree Override.  Exceptions may apply; see the Financial Aid Office for more details.

Promise Students

Students who receive Promise Funding must adhere to the initial three components of the SAP rules: Cumulative GPA, Cumulative Completion Rate, and Maximum Time Frame.

If a student becomes ineligible for the Promise Program, they can regain eligibility only through an appeal process, reserved for exceptional circumstances beyond the student’s control.

Promise funding received prior to the 2025-2026 school year will cover credits until the completion of the student’s first Associate Degree. Once a student completes their first Associate degree funded by Promise, they will no longer be eligible for Promise funding or the second-degree override. Starting in the 2025-2026 school year, funding will cover two years only. 

Withdrawal and Return of Aid

Students must attend classes at least 60 percent of the semester in order to be eligible to keep the financial aid they have received. Students who totally withdraw from classes prior to the dates indicated on the academic calendar may be required to repay funds. Special registration classes (classes that do not start on the regular term start date every semester) may have a different 60 percent date cutoff. If you are unsure, check with the Office of Financial Aid before withdrawing.

Program Objective Enrollment Compliance (POEC)

If a student ceases attendance (drops or withdraws) from all his or her Title IV eligible courses in a payment period or period of enrollment, the student must be considered a withdrawal for Title IV purposes. Regardless of the student’s continued attendance in courses for which the student may not receive Title IV program assistance during that period, the student is, for Title IV purposes, no longer attending an eligible program.

Federal regulations require Title IV financial aid funds (grants or loans) to be awarded under the assumption that a student will attend the institution for the entire period in which federal assistance was awarded. Federal Student Aid is awarded for ONLY Title IV eligible courses—coursework that is taken for academic credit required for a financial-aid eligible degree program. When a student withdraws from all Title IV eligible courses for any reason, including medical withdrawals, he/she may no longer be eligible for the full amount of Title IV funds that he/she was originally scheduled to receive. The return of funds is based upon the premise that students earn their financial aid in proportion to the amount of time in which they are enrolled. A pro-rated schedule is used to determine the amount of federal student aid funds he/she will have earned at the time of the withdrawal. Once 60 percent of the semester is completed, a student is considered to have earned all of his/her financial aid and will not be required to return any funds.

A student’s withdrawal date is determined based on the following:

• The date the student officially withdraws from all classes
• The date the student unofficially withdraws (by stop attending and receive grades of I, F, W or U’s)
• The student’s last date of attendance at a documented academically related activity

The percentage of Title IV Aid earned is calculated as follows: Number of days completed divided by the total number of days in the session enrolled is equal to the percentage of aid earned. Using this formula, the percentage of the semester completed is considered as the percentage of aid earned. The amount of financial aid earned will be applied toward your tuition and fees.

Unearned Aid

The student is responsible for repaying the amount of aid returned by Indian River State College. Unearned aid must be returned within 45 days from the date of determination for official withdrawals and 30 days from the end of the payment period (the semester/term or special registration period) for unofficial withdrawals. Unearned Title IV aid will be returned to the following programs in the following order (if applicable):

• Direct Loan (Unsubsidized)
• Direct Loan (Subsidized)
• Direct PLUS (Parent) Loan
• Pell Grant
• National SMART Grant
• FSEOG or TEACH Grant

Earned Aid

Any earned aid that has not been disbursed, will be disbursed within 7 to 10 days from when a student shows a credit balance.

Before withdrawing from class, all students are encouraged to speak with their assigned advisor, or to consult with Enrollment and Student Services or the Office of Financial Aid to see how their aid will be affected.

The Indian River State College tuition/fee refund policy is separate from the federal regulations to repay unearned aid. Whether or not a student receives a tuition/fee refund has no bearing on the amount he/she must repay to the federal aid programs.