Awards, Disbursements, Refunds

Financial aid disbursement occurs on the 11th class day of each semester

If your financial aid awards exceed your tuition, fee, book, and equipment charges for the semester, any excess funds will be awarded to you in the form of a financial aid disbursement on the 11th day of the semester. After this initial award date, financial aid disbursements are prepared each week and are awarded to students every Thursday of the semester. 

We have partnered with BankMobile to deliver your financial aid refund. For more information about BankMobile, visit this link: http://bankmobiledisbursements.com/refundchoices/

The student will receive information on selecting a refund preference with Bankmobile, by letter or email, after completing their FAFSA.

If your charges exceed your financial aid awards, you must make arrangements to pay the balance of your tuition and fees by the 11th day of the semester. The Business Office will accept cash, check, credit cards, or a payment plan.  Students may also look at a private loan.  Students will not be able to register for additional classes if they have unpaid charges on their account.

Students maintain their financial aid eligibility by remaining enrolled and attending their classes on a regular basis. Never attending classes without notifying the school to drop the class, will cause financial aid to be reduced and the student will be required to return funds, the student will receive a "FN" (Failure for Non-Attendance) grade for any affected class.  Students must remain enrolled in at least six credits each semester to maintain Federal Direct Loan eligibility.

To avoid financial aid overpayments (which must be repaid immediately) and overcharges on your account, you must drop your classes by the end of business on the fifth day of the semester if you decide not to attend Riverland for the semester.

Financial Aid Adjustments

If you decide to add a course after the tenth day of the semester, Pell and State Grant awards cannot be adjusted for the increase in credits. All enrollment changes must be made by the tenth day of the semester, your class schedule should be firm  to avoid loss or reduction of financial aid awards. If one of your classes is dropped from your schedule due to low enrollment, your financial aid awards will be adjusted, usually with a loss of financial aid. If you do not attend a course that was included in your enrollment level for determining financial aid, your financial aid awards will be adjusted and you will be required to return funds.

Financial Aid Refunds

If a student who receives Federal financial aid officially withdraws from their class(es) or merely stops attending class(es) before 60 percent of the term is completed, the student will be required to repay a portion of their financial aid. The student's last date of attendance is determined by the date on the Drop/Add/Withdraw form. If a student starts attending classes and then stops attending without notifying the college they wish to withdraw, the student will receive "FW" (Failure to Withdraw) grades for all affected classes.  The student's last date of attendance will be reported by the students' instructors.

View our institution's contract with BankMobile, a Division of Customer Bank, 

FEDERAL CODE

002335

Federal School Code for FAFSA & Direct Loans

 

CONTACTS

Phone Number
(507) 433-0600 or
1-800-247-5039

Fax Number
(507) 433-0515

Address
1900 8th Ave. NW
Austin, MN 55912

Office Hours
Mon — Thurs, 7:30 am to 4:30 pm
Fri, 7:30 am to 4:00 pm