The Office of Student Account Services sends bills out approximately two months prior to the beginning of classes each term. It is the student's responsibility to ensure that they have made the necessary arrangements to cover their balance. Whether it's from federal funding, scholarship, or a payment arrangement with the Office of Student Account Services, students must show that they have enough funds to cover their bills in order to be considered financially registered.
Loan proceed are requested from the Department of Education once the student has completed all the necessary steps to secure the loan. The funds are received via Electronic Funds Transfer (EFT) and applied directly to the student's account in the Office of Student Account Services, minus origination fees. If a student has selected a private lender who disburses loan funds via paper checks to the university, the student must go to the cashier's office to endorse them for deposit into their student account.
Students who have applied for loans and who have received an award notification indicating eligibility for those loans, will be automatically deferred for payment, if they have requested and been approved for enough loan funds to cover the balance of their bill. Students must have completed all mandatory steps to secure the loan in order for the deferment to post as a place holder until their actual loan funds have been received by the university. This deferment will not be subject to finance charges until after the "deferment due date," allowing several weeks for funds to arrive without additional penalty to the student.
The Office of Student Account Services will begin releasing overages for students who have funds in excess of what is owed on their student account. This is an on-going process that begins on the first day of classes each term. The funds are either released via check, which must be picked-up at the Check Distribution Window in the Ashe Building, or via EFT, to the student's personal banking account if the student has completed the process on CaneLink (formerly myUM).
Students may obtain short term loans, on a case by case basis, if their loan proceeds, in excess of any outstanding balance, have not arrived. These short-term loans are interest-free for up to a maximum of 90 days and must be repaid within that time frame or they will accrue interest. If during this period the student receives their loan funds, the outstanding short term loan will be deducted from the financial aid funds prior to the student receiving an overage. In the event a student receives an overage and their short term loan has not been repaid, the student is responsible for paying the short term loan back to the university. No additional emergency loan funds will be approved if the student still owes on a previous short-term loan. The amount of the loan will depend on the availability of funds, but is generally limited to $1000.
The University assesses finance charges on unpaid student account balances after a "deferment due date."