FINANCIAL AID DEADLINE: Funding for need-based assistance cannot be guaranteed to students who apply after the deadline. Students whose application is incomplete or received AFTER April 16th (for only loans OR need-based assistance) will experience a delaying in receiving his/her financial aid award letter AND a delay in receiving his/her refund. Please keep in mind, a tax extension from the Internal Revenue Service is not an extension from the school as far as meeting financial aid deadlines.
Refunds—New Policy implemented by the Student Payment Center
(Why Direct Deposit will ensure a more timely refund)
The Student Payment Center has advised our office that refund checks will be sent much later than in previous years. Basically, if students do not have a Direct Deposit profile in PittPAY and the Student Payment Center needs to send them money for any reason (such as a refund), they will not have a check mailed until at least the second week in September (which is after the University add/drop period). The message that we are receiving from the Student Payment Center is that it will be a LONG TIME for a student to receive a refund via check—compared to students who have direct deposit.
To sign up for Direct Deposit:
- Log onto www.my.pitt.edu and select Student Services then select PittPAY.
- Select Direct Deposit from the PittPAY menu and follow the instructions. (You will need your bank account information such as routing number and account number in front of you to complete the process – which will take less than three minutes).
- If anyone needs assistance, contact the Student Payment Center at payments@bc.pitt.edu.
Steps you should follow after receiving your financial aid award letter
Sign Your Award Letter: Your signature is required on the attached award letter. Please review the attached “Terms and Conditions” and then provide our office with a signed award letter. YOUR STAFFORD LOANS CAN NOT BE CERTIFIED WITHOUT YOUR SIGNATURE ON THE AWARD LETTER.
Loan Reductions: If you wish to reduce loans, please make the changes to the amounts on the award letter before signing and returning the letter to us. Our office can then be sure to have your lender send the University only the funds you wish to receive.
Graduate PLUS/Alternative Loans: If you are interested in accepting any Graduate PLUS/Alternative loans amounts listed on your award letter, remember that you must complete loan applications for these loans. A copy of the completed Master Promissory Note (loan application) should be provided to our office so that we know which lender you have selected for this loan.
Thank You letters: Any student receiving any need-based scholarship assistance is required to provide our office with a thank you letter for the scholarship before these funds will be applied to your student account. Therefore, if you do not provide our office with a signed thank you note, you will not be able to receive your refund. (Please see the attached document regarding guidelines for writing these thank you letters.)
Stafford MPN and Entrance Counseling:
- New Borrowers will receive additional details regarding applying for Federal Stafford loans. You will need to visit www.aesSuccess.org to complete Entrance Counseling. Also, you will need to provide our office with a copy of the Master Promissory Note so that we know which lender you have selected. Our office will provide additional guidance in late June/early July regarding some things to consider and some possible lenders.
- Serial Borrowers – Please be advised that some Federal Stafford lenders are no longer participating in Federal Stafford loans. Therefore, you may be required to complete a new Stafford Master Promissory Note. Students who have used Access, Sallie Mae, or THE do not need to complete a new Stafford Master Promissory Note. Some students who have used a lender serviced by AES may need to complete a new Stafford Master Promissory Note. If you need to complete a new Stafford Master Promissory Note, you will be notified via a separate email. If you have concerns about whether your lender is still participating in Federal Stafford loans, you can contact your lender or contact our office.
Direct Deposit: See above.