MBA Finances

Federal Loans FAQ's

How do I receive my loan funds?

Federal financial aid funds are applied directly to your account on CARS (Campus Account Receivables System), and will be applied towards any outstanding registration fees and tuition charges for the current semester. If your fees and tuition have already been paid by scholarship or other personal payment, the loan funds wil be processed as a refund to you. Refunds are processed three times per week--Monday, Wednesday, and Friday--and take three business days from the date the refund begins processing for it to be available to the student.

You are strongly encouraged to sign up for EFT so that any refunds from the university can be deposited directly to your personal checking or savings account (deposits cannot be issued to accounts held at investment banks; additionally, any account designated to receive an EFT deposit must be located within the United States). It takes up to seven days for the EFT to be activated; EFT activation can be confirmed on BearFacts (choose the CARS menu, and then select "Electronic Fund Transfer"). Once set-up, refunds will continue to go to your designated bank account until you either cancel your authorization or edit your bank account information online.

If you do not set up an EFT account, or if there is a registration block on your account, your refund will be issued as a paper check, which will not be mailed out. To pick up a paper check, you must go to Billing & Payment Services at 140 University Hall (corner of Addison and Oxford streets); their office hours are from 8:30 am - 4 pm, Monday - Friday.