All grants, loans and scholarships are available for a student’s tuition, fees, and bookstore charges when their financial aid file is complete and the awards have been posted to their Vernon College account. The amount of financial aid a student receives is based on their enrollment status, and awards will be adjusted accordingly. A course’s eligibility for financial aid purposes is based on its start date, i.e. a Fall II, Spring II, or Summer II course will not be included in a student’s enrollment status until that particular course begins. Therefore, a student’s enrollment status can change throughout the 16 week semester and their grants will be adjusted accordingly. Students who fail to establish eligibility (do not begin attendance in each class or do not attend classes through the official count day) will have their financial assistance reduced or cancelled. Students who completely withdraw before 60% of the semester is completed may also have their aid reduced.
All financial aid awards will first be applied to the balance due Vernon College before being issued to the student. Financial aid balances will be disbursed to the student’s Chaparral ID Card unless the student has designated a different direct deposit account. Students who do not have a Chaparral ID Card or who do not designate a direct deposit account will be mailed a check to the address on record with Vernon College.
As per federal regulations, Direct Loans are issued to students in a multiple disbursements. Generally this means you will receive equal portions of your loan each semester, except if your loan is only one semester in length. If one semester, then generally the loan will be split into two disbursements in that semester. Also, as per federal regulations, the first disbursement of a student loan to a first-year, first-time borrower, must be held for at least 30 days. Therefore, disbursements will be processed and should be available on the following dates.
Please allow 24-48 hours for your direct disbursement to process to your account.
Summer
August 7, 2020- Summer II loans for first year, first time borrowers will be disbursed
Fall
September 18, 2020- All Fall and Fall I loans (excluding first year, first time borrowers), grants and scholarships will be disbursed
September 25, 2020- All Fall and Fall I loans for first year, first time borrowers will be disbursed
October 22, 2020- Semester Only loans second disbursement
November 6, 2020 Fall II loans (excluding first year, first time borrowers), grants, and scholarships will be disbursed
November 19, 2020- Fall II loans for first year, first time borrowers will be disbursed
December 18, 2020- December Mini loans, grants, and scholarships will be disbursed