Student Financial Services Information for Undergraduates
Expecting a refund or need to give someone access to view and pay your bill?
Direct Deposit is required to receive a refund from Student Financial Services. Read our FAQ's about the Refund Policy and Direct Deposit.
Proxy access can be set up through the student portal. Here, the student can grant access to view or pay the student's bill. If authorized, Proxies will
also receive copies of all billing statement notifications. Click here
for instructions on how to set up a Proxy.
Other Helpful Resources and Links
Frequently Asked Questions ... from Undergraduate Students
Below are the top five questions we hear most often from undergraduate students. For answers to more frequently asked questions, please visit our FAQ section.
- When do I receive my financial aid award?
Incoming students will receive notification of a completed financial aid award beginning in late March, after any requested documentation has been received and reviewed by Student Financial Services. If you have not returned required information by mid-April you will receive notification of a tentative financial aid award, which is an estimated financial aid award package based upon information submitted on the FAFSA. A tentative award is an estimate only and will not be finalized until all required information has been submitted and reviewed.
Returning students will receive notification of a completed financial aid award beginning in mid-June, after any requested documentation has been received and reviewed Student Financial Services. Students will need to login to the student portal to view the award and accept or decline any offered financial aid.
- Does living off-campus affect my financial aid?
There is not a significant difference in financial aid eligibility between living on-campus or off-campus (but not at home with parents). Financial aid eligibility is based, in part, on the total cost of attendance or financial aid budget. The financial aid budget consists of
estimates for tuition, fees, room & board, transportation, books, loan fees, and miscellaneous expenses. These components are estimated equally for on- and off-campus students, except that the transportation component is a bit higher for those living off campus. The
amounts used for each budget component cannot be individualized for a student's actual expenses.
Living at home with parents does impact financial aid. The financial aid budget for students living at home with parents includes reduced amounts for housing and food. As housing and food expenses are reduced for students living at home, the maximum financial aid a student living at home can receive is likewise reduced.
For any student living off campus, financial aid is available for housing and meal expenses only if the student accepts enough aid for these expenses. A student needing funds for housing and meals should accept enough aid to cover the tuition and fees, and any other expenses on the student account, plus the amount that is needed
for housing and meals. When aid disburses, it will first be applied to all charges on the student account. If the aid overpays the account, creating a credit balance, that credit will be released to the student and/or parent as a refund. Refunds can be used for any education-related expenses, such as books, meals, housing, and supplies. For
information on who will receive the refund, please visit our Refund Policy and Direct Deposit FAQ section.
- I'm expecting a financial aid refund. When will it arrive?
If a student has a credit balance at the beginning of a semester, the refund will be generated no earlier than 10 days before classes start for that semester. Refunds can only be generated if enough aid has paid to the account to create an actual credit balance. Outstanding requirements may delay the disbursement of aid, and thus delay refund processing. Students should be sure to submit all requested documentation as soon as possible to avoid delays.
Direct deposit is required to receive your financial aid refund. To set up direct deposit, have your bank account information handy (account and routing numbers), and log into your myUVM portal (myUVM). On the student tab, in the Student Fiancial Services menu, click on "Set Up Direct Deposit for Refund". Follow the steps indicated to set up your account.
During the year, if federal aid that pay to a student's account and generates a credit balance, the refund should be processed within 1-2 weeks. If a student has overpaid the account using methods other than federal aid, it may take longer for the refund to be processed. Any student who notices a credit balance on their student account may send an email to firstname.lastname@example.org to request that a refund be processed.
For student accounts with a TMS plan paying all or part of the semester charges, refunds are generally not issued until after the payment plan is completed for each semester.
- Why do I have a financial hold on my student account?
Generally, a financial hold on a student account means that there is a balance due and/or there are outstanding requirements to be completed. Students with a financial hold should check their account balance and financial aid requirements through the student portal. A financial hold cannot be released until the student account is paid in full.
- What is the difference between viewing my billing statement and current account balance?
Your billing statement is a snap-shot in time and reflects only transactions which occurred prior to the statement date. Your billing statement does not reflect transactions or payments which posted after the statement date. Current Account Balance reflects recent account activity, including transactions which posted after your last statement was generated. If you just made a payment and want to verify the transaction, select the Current Account Balance option.
Also, please keep in mind that your statement may include pending financial aid (financial aid which we expect to pay to your account) while your current account balance only reflects financial aid that has actually disbursed (paid) to your account.
Your billing statement and current account balance can be found by logging in through the student portal, or by
using the Proxy login. Payments can also be made through the Guest Payer login, however billing information is not visible.
Last modified September 03 2015 09:28 AM