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Disbursement of Financial Aid
Harvard Loans and Scholarships
Federal and institutional loans are credited to the student term bill when the student signs the necessary promissory note(s). With the exceptions of the Federal Direct Subsidized and Unsubsidized Stafford/Ford Loans and Federal Perkins Loan, all loan programs require promissory notes to be signed twice a year, once in the fall and again in the spring. The Perkins Loan promissory note is signed just once, in the fall of each academic year. Federal Stafford Loans are originated using a master promissory note (MPN). Borrowers need only sign one MPN during their time at HMS; subsequent Stafford loans will be automatically disbursed once the borrower returns a signed copy of his/her financial aid award letter to the Financial Aid Office. Loan signing days are scheduled on the HMS campus at the start of each semester.
First-time borrowers at HMS must have entrance loan counseling and sign a certification as proof of such a consultation before their loans can be disbursed.
HMS scholarships are also disbursed in two installments, half in the fall and half in the spring. The scholarship is credited directly to the term bill and the student does not need to sign any documentation other than the financial aid award letter.
Outside Loans and Scholarships
Students who borrow an alternative loan through an outside lender will generally have these loans disbursed via a check made co-payable to the student and Harvard University. The loan check is mailed to the Financial Aid Office and the student is notified to come to the Office to endorse the check. The loan proceeds are then deposited to the student’s term bill account. Alternative loans are usually disbursed in two installments, half in the fall and half in the spring.
Disbursement procedures for outside scholarships vary widely from agency to agency. Sometimes the check is mailed to the Financial Aid Office, in which case the student will be notified to come to the Office to endorse the check. If the student’s term bill account shows an outstanding balance, then the scholarship will be credited to the term bill. If the agency sends a scholarship check directly to the student, then s/he is responsible for ensuring that the funds are used to pay any outstanding balance remaining on the term bill.
Federal Work-Study
Students should submit time cards each week in order to receive their pay checks the following week. For on-campus work-study, the time cards are submitted to the Payroll Office of the employing department. Off-campus work-study students turn in their time cards to the Harvard University Student Employment Office, Byerly Hall, 8 Garden Street, Cambridge MA 02138.
Both on-campus and off-campus work-study students indicate where they want to receive their checks by completing a Paycheck Address Form when starting employment. Students can elect to pick up the check at their on-campus places of employment, have them deposited directly into their bank accounts, or have them mailed to their home addresses.
Term Bill Refund Checks
The student term bill lists itemized charges and credits throughout the academic year. If the total amount of loan proceeds, scholarships, and payments exceeds the total charges on the term bill, the student may request a refund of the credit balance and use this refund to meet non-billed educational expenses such as books, supplies, food, etc..
Students who expect to have a credit balance once all anticipated aid is disbursed can apply for a cash advance against the future credit. Aid recipients can receive up to one advance per month, not to exceed the monthly living expense allowance included in the student budget.
To obtain a refund check, the student must complete a Refund Check Request Form, available in the HMS Financial Aid Office.
All refunds requests are processed by the Financial Aid Office staff within five business days. Checks are issued by the Student Billing Office and mailed to the address that the student indicates on the request form.
Students should plan carefully so that they don’t fall short of funds during the academic year. Financial aid funds are expected to last until the end of the academic year (June for entering and graduating students, August for all others). The student expense budget cannot be increased for students who find themselves out of money due to improper budgeting.
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