Getting Started: Undergraduate
Obtaining Your Funding
After receiving the award letter, the student must Accept or Reject the Financial Aid awards through WebAdvisor. Only those students who were selected for Verification are required to submit all completed Verification documents to the Financial Aid Office before their awards are disbursed.
In addition, if the student has accepted a Federal Stafford Loan they will need to complete the loan process by the July 1 priority deadline. The loan process consists of the completing Stafford Loan Entrance Counseling and a Master Promissory Note.
If the student has accepted a Federal Parent PLUS Loan, the parent will need to complete a loan application. The loan application requires a credit check. If approved, the parent will then need to complete a Master Promissory Note.
The Business Office will assess charges after the last day to add/drop a class. At this point, all of the student’s financial aid awards will be credited to the Student Account as long as the student meets the eligibility requirements (such as being enrolled full time) and has completed all necessary documentation. If there is an excess credit on the student’s account after all Financial Aid has been credited, the student may receive a refund from the Business Office. CLU is required to issue refunds when loans are part of the credit; otherwise, the student can request the refund. Any time loan funds are disbursed and credited to a Student Account, the student will receive a disbursement notification from the lender. It is recommended that students keep all disbursement notifications for their records.
A Federal Work-Study (FWS) award will not be automatically credited to the Student Account at the beginning of the semester. The student must first get an on-campus job. Once students begin working, they receive paychecks for hours worked. Their paychecks can be used for personal and miscellaneous expenses not billed by the University. Students have the option to sign over their checks to CLU so that their earnings are credited toward their student account balance.
Interest will begin to accrue on any portion of the student account balance that remains unpaid at the beginning of the semester. This includes unearned FWS. Students should strongly consider paying the FWS award amount in advance in order to avoid interest accruing. Then, as the semester progresses, their paychecks can, in effect, "pay them back."
