Student Name: _____________________________ Student ID



Student Name: ________________________________________________ Student ID# ____________________________

The Florida A&M University (FAMU)

DISBURSEMENT AUTHORIZATION STATEMENT (DAS)

FOR FINANCIAL AID AWARDS: SCHOLARSHIPS, GRANTS, AND OR LOANS

FAMU is a national leader in the delivery of financial aid to students. You have the option of receiving financial aid award disbursements either by direct deposit to your personal bank account or by a refund check sent to you through the mail. A refund check or direct deposit disbursement means FAMU has deducted University charges from your Financial Aid award.

FAMU’s preferred method is to disburse financial aid award refunds / proceeds by direct deposit to your personal bank account of choice. Currently, FAMU banks with Wachovia and you may receive you funds faster if your account is also with Wachovia. This method provides a speedy and secure delivery to you and will be more efficient, thus utilizing your tuition and tax dollars in the best way possible. Your financial aid can be deposited directly into your account, saving you time and avoiding the need to wait for the mail to arrive and then make a trip to the bank to deposit or cash your refund check. Per Federal guidelines schools are required to disburse credit balances of Title IV funds to students as soon as possible, but no later than 14 days. However, schools do not have to disburse Federal Student Aid credit balances of less than $1.00.

You Must Check One Method of Receiving Your Refund:

_____ I authorize FAMU to use direct deposit to deposit my refund of financial aid proceeds into my personal account, including loans. I authorize FAMU to process financial aid received electronically and to endorse any award checks for deposit into FAMU’s bank clearing account on my behalf, to deduct all current charges and educationally related fees and disburse a refund direct deposit transactions to my personal account. I understand that I will be notified when these transactions occur via Our FAMU or mail. Direct Deposit set up must be completed by me via famu.edu OurFAMU.

_____ I authorize FAMU to mail a refund check to me for my financial aid refund / proceeds including loans. I authorize FAMU to process financial aid received electronically and to endorse any award checks for deposit in FAMU’s bank clearing account on my behalf, to deduct all current charges and educationally related fees and disburse a refund check to me. I understand that my refund check will be mailed to my current address on file at time of disbursement, and that I must keep my address records current with the University Registrar. If my refund check is lost, stolen, or for whatever reason never received by me, I understand that I must wait a minimum of 14 days from the date the original refund check was sent out before I can complete an AFFIDAVIT FOR REPLACEMENT REFUND CHECK form to submit to Student Financial Services. The replacement check will take approximately one week to be reissued after I have completed an AFFIDAVIT FOR REPLACEMENT REFUND CHECK form and submitted to Student Financial Services.

By signing below I acknowledge my following Rights and Responsibilities and I hereby agree as follows:

• I understand that my Federal financial aid disbursement will not cover prior term charges. It is my responsibility to either pay or make arrangements to satisfy all University debts, which may exceed my Federal financial aid, on or before the tuition payment deadline as published in the University Calendar. Failure to do so will suspend my academic progress such as receiving a transcript and/or diploma and registering for future terms.

• I understand this authorization will cover the entire period that I am enrolled at FAMU and that I can modify or rescind it any time, and this form must be returned to FAMU before my financial aid can be released.

• I understand that if there is a hold on my financial aid award requiring clearance, I am required to clear the hold.

• I understand my signature on this DAS incurs the liability as my endorsement on a bank check and therefore, I hold harmless those financial institutions for accepting this authorization and acting on the instructions of FAMU.

• I have the right to cancel all or a portion of my Federal Family Education Loan(s) and Federal Perkins Loan(s) disbursements within fourteen days from the date that the cancellation notice is sent by completing the paperwork required by FAMU for cancellation.

• If I am receiving a loan, I am obligated to repay the amount of my loan in accordance with the terms outlined in my Promissory Note and Notice of Loan Guarantee.

• If I am receiving a federal loan, I am required to have an exit interview prior to my graduation, or leaving the University or dropping below half-time in enrolled hours.

• I authorize FAMU to utilize financial aid awards to cover current charges to include University fines and miscellaneous charges if necessary to satisfy my account balance.

• I understand that Student Financial Services will be sending me email notifications to my FAMU email account, which I can forward to an email account of my choice, and that I need to check my email from FAMU at least weekly.

SIGNATURE _________________________________________________ DATE ______________________________

Please sign and return this form to the Office of Student Financial Services, FHAC / G7 or mail this form to Controller’s Office FHAC 201 Florida A&M University Tallahassee FL 32307. Please make a copy for your records.

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