Disbursment schedule for financial aid
Disbursement of financial aid funds begins following the drop/add period each quarter. The following information is important to the disbursement of financial aid, is in compliance with federal and state regulations and is subject to change.
To be eligible for financial aid funds, students must be enrolled in a degree program and must be enrolled at least half-time (some exceptions may apply). Before disbursement of financial aid funds, eligibility is reviewed and necessary adjustments are made based on enrollment, class level, and program-specific eligibility requirements. Program specific requirements include:
- Attendance in all registered classes is verified before financial aid is disbursed.
- SCAD academic and achievement scholarships are prorated by the number of credit hours in which the student is enrolled, require a cumulative grade point average of 3.0 for undergraduate students or 3.25 for graduate students, and may be subject to reduction if living off-campus.
- HOPE scholarship (Georgia state aid) is prorated by the number of credit hours in which the student is enrolled through the drop/add period.
- GTEG (Georgia state aid) requires full-time enrollment.
- Federal grants are prorated by enrollment and may require half-time enrollment.
- Federal loans require at least half-time enrollment. All required documentation, including FAFSA results, must be completed and approval received by SCAD before the loan(s) is disbursed. Specific program requirements include the following.
- Direct Loan: acceptance through MySCAD; master promissory note; entrance loan counseling.
- Graduate PLUS Loan: positive credit check; approved loan application and master promissory note; entrance loan counseling.
- Parent PLUS Loan: positive credit check; approved loan application and master promissory note.
- Detailed information is available at studentloans.gov. Loan proceeds are reduced by the required government fee. Students without access to the Internet can schedule an appointment with their adviser to complete loan entrance counseling and discuss the paper application process.
- Alternative loans (or private loans) require a positive credit check and generally require at least half-time enrollment (exceptions are program-specific).
Adjustments made when funds are disbursed, or anytime thereafter, can create a balance due on the student's account which is immediately payable.
Funds are credited to the student account to pay for educational charges incurred. Parent Plus loans are the last funds to be credited to the student's account and credit balances resulting from Parent Plus loan proceeds are refunded to the parent borrower or student if authorization is received.