Financial Aid Disbursement

The Office of Student Financial Aid, 2400 University Capitol Centre, is responsible for awarding financial aid. 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, room, and meal plan). Financial aid that has been applied to contract charges will be listed on the monthly U-Bill. If financial aid does not cover a 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 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 MyUI (select Financial Aid & Billing then click on the Bank Information-Refund Account link). 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. 

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 authorizes the University to utilize current session aid to pay prior session charges when signing the Billing & Payment Student Agreement. Even with student authorization, the maximum that may be applied towards previous session charges is $200. Please note that excess financial aid refunds will be delayed if charges from a previous semester remain unpaid. 

In addition, students should note that the University Billing Office does not withhold federal loan funds to pay for charges other than contract charges. If the student would like federal loan funds to pay for current session miscellaneous charges on their U-Bill, the student should authorize this use of funds when signing the Billing & Payment Student Agreement. This authorization will remain in effect for as long as the student is enrolled at the University of Iowa. This authorization can be rescinded by contacting the University Billing Office.