Cost & Aid Deadlines

Dates of Importance

Financial Aid Calendar – Academic Year for 2023-2024 Important Dates

IMPORTANT: Refunds to BMTX, Inc. are completed by the end of the day on the listed date and may not be available earlier in the day.

The FAFSA opens October 1, 2022 for the 2023-2024 school year.

Filling out the FAFSA is a critical first step in receiving Federal student aid (including grants, loans and work study) for the 2023-2024 school year. Because FAFSA funds are distributed on a first -come, first- serve basis you will want to complete the form as soon as possible.

Financial aid credits must count toward the completion of your program to be eligible for financial aid as outlined in the MATC course catalog (Degree Audit). After registration, students will be notified when a course(s) is not eligible to be paid for by financial aid funds and will need to check with their Pathway advisor regarding required courses for degree completion. This information/indications should also be displayed under Advising and Student Finance - Account Activity on the MATC self-service portal. (Note: It may take 1-2 days after any registration activity for this to be updated online.)

Financial Aid Census Date (Pell Recalculation Date)
Financial aid payments will be disbursed to your student account based on the number of credits that you are enrolled in on your census date. After this date, adjustments will not be made if you add credits. You are highly encouraged to register for all classes for the semester prior to your census date as no award adjustments will be made to your financial aid if you add courses after the census date. Your census date is determined by your latest starting class as there are multiple census dates in each term based on modules. There is a separate census date for 16 week and 1^st 8 week classes, 12 week classes and 2^nd 8 week classes.

Pell Grant Enrollment Status is specified by federal regulations and awarded at full-time status. If you are attending classes for fewer than 12 credits (100%), your Federal Pell Grant award will be reduced according to the number of credits for which you are enrolled (12+ credits 100%, 9-11 Credits 75%, 6-8 credits 50% and 1-5 credits 25%).

Your financial aid award will be recalculated for any class that is recorded as "dropped" (D/DI) or "withdrawn" (W) and the reason is "never attended." You may be required to repay the financial aid that you receive if you drop a class, your instructor drops your class, you never attend a class and/or if you discontinue attending a class. Students are advised to confirm their enrollment status in each of their courses prior to the financial aid census date.

Financial Aid Disbursements & Refunds
A disbursement happens when your financial aid funds are placed on your student account. A refund occurs when all charges have been paid and there are excess funds on your account. Refunds are generally paid to students 7-10 days after they are disbursed onto a student account via BankMobile Disbursements, a technology solution, powered by BMTX, Inc..

Initial grants, scholarships and loan disbursements/refunds begin approximately 4-8 weeks after the start of a term. (Grants disburse first and then loans in two equal installments.) Any funds that are remaining after all your charges have been paid will be refunded to you. If financial aid does not cover the entire amount owed to MATC, you are responsible to pay any remaining balance. If you have a prior academic year outstanding balance, only $200.00 can be deducted from your current academic year refund. Please pay any remaining outstanding balances immediately.

Late Starting Classes Impact Financial Aid Disbursements & Refunds
Students who are enrolled in late starting classes (classes that begin after the official start date of the term) will have their aid disbursed to their student account 7-13 days after the start date of the late starting course and attendance in the course has been verified by the instructor. Therefore, if you have a class that begins several weeks into the term, you will not be paid financial aid for that class until your attendance has been verified. A student's financial aid eligibility for any late starting classes will still be authorized and available to pay for tuition, fees, books, and supplies. However, the financial aid for the late starting course will not be applied to a student's account until the course has started and attendance has been verified. You will be refunded via BankMobile Disbursements, a technology solution, powered by BMTX, Inc. any funds that exceed your student account balance 7-10 days after it has been applied to your student account.

Example: If you are registered for 12 credits (6 starting at the beginning of the term and 6 starting in the middle of the term, your grant funds will be disbursed to your student account in 2 installments. The first installment would be disbursed when the funds are first transmitted for the term and the second installment (for the 6 credits starting in the middle of the term) would be disbursed 7-13 days after the class start date in the middle of the term. If the first installment exceeds your charges, you will be refunded the difference. If not, then after the second installment is disbursed and it exceeds your balance, you will be refunded the difference. All other grant funds and direct loans will be disbursed once you meet the credit requirement for those specific funds (most funds generally require a minimum of 6 credits and the classes need to have started and been verified prior to disbursement).

Financial Aid End of the 60% point of each class/semester (will vary based on individual class schedule)
If you withdraw or your instructor withdraws you from all of your classes before the 60% point of your class/term, you may be required to repay a portion of the financial aid funds you received. Total withdrawal after this date will not require repayment, unless the withdrawal reason was "never attended" or the last date the instructor reports you attended the course was prior to the financial aid census date or prior to the end of your 60% attendance for the class/term.

¹ Dates are subject to change without notice
² Note that loans will be paid in two equal payments each term