Disbursement of Financial Aid

Once your financial aid eligibility has been determined, you will sign an award letter listing the types of aid for which you qualify and the amount of your award for each of the terms you are expected to enroll during the academic year. Most financial aid funds are divided by the semesters you will attend during the year and disbursed equally each semester.

After you have accepted your awards and signed your award letter, your awards will be set up for disbursement to pay your tuition and fees. If the amount of your financial aid for the semester exceeds the charges on your student account, the difference will be disbursed to you in a financial aid refund. If it does not exceed you will be billed for the difference. The balance must be paid in full before you are allowed to register for the next semester.

You must meet the following requirements in order for your awards to be disbursed:

1. Pay any past due charges on your student account to the Office of Finance.
2. Register for classes.
3. Complete pre-loan counseling if you are a new loan borrower.

The method and time of disbursement varies depending on the type of financial aid that you are receiving. If the balance of the amount disbursed is greater than the amount of your current charges, the Office of Finance will issue you a refund at the end of the 2nd week of classes for continuing students, and at the end of 30 days of classes for 1st time borrowers.

Grants
Federal Pell Grants, Cal Grants, Seog Grants are credited to your student account beginning the 2nd week of classes. First time recipients will have their account credited 30 days after classes begin.

Loans
Federal Perkins Loan borrowers must complete and sign the promissory note and Truth in Lending/Loan Responsibility Statement given to them by the Financial Aid Office. All first time borrowers must complete pre-loan counseling before loan funds will be disbursed. Your Federal Perkins Loan will be disbursed to your student account beginning the 2nd week of classes for continuing students and at the end of the 30th day of classes for 1st time borrowers once you have completed all loan requirements.

Federal Student Loan recipients who are first time borrowers must also complete pre-loan counseling. A three-percent (3%) loan origination fee will be deducted from the amount of your Federal Student Loan, and the balance will be disbursed to your student account 30 days after classes begin.

Charles Drew University Scholarships
Scholarships administered by the Charles Drew University Financial Aid Office are credited to your student account beginning the 2nd week of classes. These awards will be disbursed to your student account.

Outside Scholarships
Students who are receiving outside scholarships from their high school or other organization should arrange to have their scholarship funds sent to the Charles Drew University of Medicine & Science Financial Aid Office at:

Charles Drew University of Medicine & Science
Financial Aid Office
1731 E. 120th Street
Los Angeles, CA 90059

Charles Drew University will verify your enrollment and disburse your award according to the instructions of the donor.

Federal Work-Study
If you are eligible for Federal-Work Study, you will be given a list of locations that you will be able to work at. Students employed in on campus Work-Study positions must submit a time card to the financial aid office on the 15th and the 30th of each month. On the last working day prior to the weekend in order to receive a paycheck for the hours worked the preceding month. Students employed in off campus Work-Study positions must submit their signed time cards to the Financial Aid Office by the same deadlines.

Federal PLUS Loans
PLUS Loan funds are generally applied to your student account. However, if your parents prefer, they may request direct payment by check. PLUS Loan funds made directly payable to the parent borrower are not available to pay fees or other institutional charges, which must be paid from personal resources or other funds. Information regarding the process to request direct payment is included with the PLUS Loan application. This disbursement process may result in delays in receipt of loan funds.

Financial Aid Refunds
Once you tuition has been paid all remaining funds will be refunded to you by the university. You may pick up your refund in the Office of Finance on Friday’s after 10:00a.m.