Financial Aid Disbursement

The Office of Student Financial Aid, 208 Calvin Hall, is responsible for the awarding of financial aid funds. Contact the Office of Student Financial Aid with questions regarding the application or awarding process.

All financial aid (with the exception of 'work-study') is disbursed through the University Billing Office. Students receiving financial aid (except in the case of certain scholarships), will have all funds directly applied towards their contract charges, (contract charges include tuition/fees, and room/board assessments). Financial aid applied to contract charges will be listed on the monthly bill. If financial aid does not cover any contract charge in full, the net amount will be due to the University, (see Payment Options).

Financial aid that has not been received, but has been approved by the time of the billing will be estimated on the billing statement. Any financial aid funds still remaining after contract charges have been paid will be refunded to students beginning the first day of classes, and will be sent by direct deposit to the student's savings or checking account. In order to avoid delays in receiving financial aid refunds, students need to have their excess funds deposited directly into a bank account by authorizing direct deposit via ISIS (under the Student Records/Bank Information category). This process allows a more timely receipt of refunds, click here for more information. It is the responsibility of the student to check with the University Billing Office to be certain all aid has been disbursed. If any financial aid can not be applied or disbursed, students will be notified by mail to contact the University Billing Office, or the Office of Financial Aid.

It is important to note that federal loan funds can only be used to pay for charges incurred during the semester for which the financial aid was approved, unless the student signs a one-time authorization which allows the University Billing Office to apply loan funds towards charges dating from a previous session. If the student signs this authorization, the maximum that may be applied towards previous session charges is $200.00. Any remaining unpaid charges from a previous term must be paid in full before excess financial aid funds can be refunded for the current semester. Students may sign this authorization at the University Billing Office, Room 5, Calvin Hall.

In addition, students should note that the University Billing Office does not withhold federal loan funds to pay for any charges other than contract charges. If the student would like federal loan funds to pay for miscellaneous charges on their university billing account, a Miscellaneous Charges Authorization should be signed by the student, (or the student's parent in the case of a Parent Plus Loan). This authorization will remain in effect for as long as the student is enrolled at the University of Iowa. This authorization can be rescinded at any time by contacting the University Billing Office.