Excess Funds Disbursement
- For students on Direct Deposit: Excess for Spring will be released to our bank on Friday, January 30, 2015. (This is the date we release the file to our bank. It may take an additional 1 - 2 business days for your bank to post the funds to your account).
- For students receiving a check: Excess for Spring will be mailed to your address on Monday, February 2, 2015. (For students living on campus, checks will be placed in the student's VSU mail box. Otherwise, the checks are mailed to the current address on record in Banner.)
Excess is the term we use to refer to remaining money left over on a student account after all charges to the account have been paid.
After all funds are posted to student accounts and student attendance is verified by faculty, any remaining Excess is remitted to the student by one of the following methods:
- Direct Deposit. For more information, please visit the following page: Direct Deposit of Excess Funds.
- FLEX account transfer by the student through Banner Web
- Check mailed via USPS. The mailing date for each semester is published on the Bursary calendar or in the Registration Guide located on the Banner Registration website. Excess checks are payable to the student and mailed to a local address if one is available. If your excess check has been mailed but you have not received it, it may be necessary to complete a stop payment request. Ten days must pass from the day the excess refund check was mailed before a stop payment request can be made. Come to the Bursary with your student ID and fill out a stop payment form OR if you are out of town, mail/fax a request. Be sure to include your name, your student ID number, address, phone number and your signature.
Department of Education regulations require that a student must attend at least 1 day of class to be eligible for federal financial aid (including loans). Therefore, the University must review proof roll attendance for students receiving federal financial aid prior to distributing excess funds.
After the initial excess disbursement for each semester, excess funds are generally disbursed each week (exceptions to this schedule occur due to system down time, holiday conflicts, or the first week of each month for closing of the previous month's records). Subsequent excess disbursements depend on the date financial aid funds are paid to the student account. Generally, any loans posted Monday thru Friday to a student’s account will be processed for excess disbursement the following week (pending noted exceptions).
Important Notice about Parent Plus Loan Excess: Funds may be disbursed to either the parent or to the student, depending on the selections made during the Parent Plus loan application submission. Disbursements to the parent will be made via paper check mailed to the parent's address as recorded in the loan application record. Disbursements to the student may be made via paper check mailed to the student's address as shown in Banner, or direct deposit (if direct deposit is established in the Online Student Account Center). For questions about how you have established your Parent Plus loan disbursement or to change the disbursement option you selected, please contact the Financial Aid office at 1-800-618-1878 option #2.
If you have any questions, please email Neal Culbreth or call the University Bursary at 229-333-5718, 229-333-5719, 229-333-5725 or 1-800-618-1878 (option 6).