Disbursement of Funds
The disbursement of funds is as follows:
Beginning with the 2nd week of school, if you:
- are enrolled at least half-time in eligible courses
- are academically eligible and maintaining Satisfactory Academic Progress
- are without a previous IAIA Student Account balance (not to exeed $300)
- have been awarded aid before the first day of courses (and not in any type of loan default)
Then disbursement of funds will occur as follows:
- Grants and most scholarships automatically credit to your student account in the IAIA Student Accounts Office.
- Funds are applied to charges owed.
- If your credit amount exceeds what you owe IAIA, a refund check will be available on Friday of that 2nd week after 3pm in the Student Accounts office.
Work-study awards are not applied directly to charges owed. You may apply for jobs listed at on the IAIA Blackboard website. Once hired, you will receive bi-weekly payments for your work. You have 30 days from the beginning of the semester to find a work-study job, otherwise funds may be re-allotted. If you encounter difficulty finding a position, make an appointment to visit the Financial Aid staff for guidance.
Students who have Financial Aid and/or Scholarship awards (with the exception of work-study) and meet disbursement criteria will have awards disbursed to their student accounts at the start of the semester (beginning after the last day to add/drop and every Friday thereafter within the term). Enrollment is verified daily and adjustments to financial aid may result based on award criteria.
A maximum amount of $300 can be applied to institutional charges from a previous academic year. Excess financial aid funds that remain after institutional charges have been paid will be refunded to the students.
Students who are enrolled but do not plan on attending must officially withdraw from IAIA. To officially withdraw, please visit the IAIA Registrar’s office.
Financial aid and most scholarships will not pay for audit courses. Undergraduate students may receive Title IV aid for only one repeat of a previously passed course.
Students must notify the IAIA Financial Aid Office of any/all additional resources: scholarships, tuition waivers, DVR, state or federal program awards, and others which may be received, so as not to jeopardize the financial aid award. All financial aid offers are subject to revision due to changes in policy, law, regulation, errors, or funding. The student is responsible to repay excess funds disbursed due to any of these reasons.
Students who receive grants or other aid and withdraw or stop attending classes within the first 60% of the semester will be required to repay a portion of aid received, per the Department of Education’s Return of Title IV regulations. For more information, visit the Return of Title IV Funds page.
Students whose financial aid files are incomplete must make payments according to an established IAIA Student Accounts payment plan without the assistance of financial aid. Students should visit with Financial Aid staff to review file status and to make arrangements to complete their files. Financial aid cannot be disbursed until a student’s file is complete. To avoid delays, students should complete their financial aid early and accurately. In addition, Satisfactory Academic Progress will be monitored to determine eligibility for financial aid. Satisfactory Academic Progress includes maintaining a cumulative grade average of a 2.0 for undergraduate students; satisfactory completion of credit hours attempted; and a maximum time frame to complete degree. Please see Financial Aid staff for details.