Step 5: Paying your Bill with Financial Aid
When does my Financial Aid pay for my courses?
The entire Financial Aid process must be complete in order for your award to pay for your courses. This would include:
Applying online at FAFSA.ed.gov
Gateway received your FAFSA and there are no errors or corrections
Completing the verification process (if selected for verification of information)
You received your Financial Aid award (via myCommNet)
Since the College’s automated process to update the amount of your award is performed nightly, in most cases, you won’t be able to see the impact of today’s registration activity on MyCommNet until tomorrow morning. Any adjustments done on student accounts usually take 24 hours to reflect the change.
How do I know I know I have completed the process?
You can check the status of your Financial Aid online at http://my.commnet.edu.
How do I know if my Financial Aid will pay for all my courses?
You will need to compare the amount of your award against the cost of tuition and fees for the semester. For instance, if you are eligible for the full Federal Pell Grant, you would receive $2,822.50 for the semester ($5,645 for the year) as a full time student. Tuition and fees for the semester equal $1,893 as a full time student. Thus, there would be remaining money to use to purchase books with your Financial Aid.
As long as the amount of your authorized financial aid or loan is higher than your account charges you will not be dropped from your courses for non-payment.
You are responsible for paying any portion of your bill that is NOT covered by your financial aid authorization or loan. Additionally, you will be held immediately responsible for full payment of the total balance due regardless of when the change occurs for the following reasons:
If your financial aid is not awarded;
If your financial aid authorization amount is lessened for any reason, including reducing your course load; or
If your authorization is later rescinded.
If you are unable to adhere to the payment deadlines, please contact the Bursar’s Office immediately to avoid being dropped.
What if my Financial Aid is not complete when I register for courses?
If you have not completed the full Financial Aid process and have not received your Award by the time you register for courses then you must be prepared to make payments.
If it is before the tuition due date, you will be required to cover the fees for courses to hold your classes. Once your Financial Aid is complete, you would receive a refund of your fees if your award covers the cost of your courses
If it is after the tuition due date, you will be required to cover the entire cost of tuition and fees to hold your classes, or sign up for an installment plan. Once your Financial Aid is complete, you would receive a refund of your fees if your award covers the cost of your courses
What Happens if I Add or Drop Classes?
Please keep in mind that the formula for calculating your authorization amount takes into account the number of credits you are registered for and the authorization amount will be recalculated if you change your course load. Since it is not uncommon for a financial aid student to actually owe money to the college after dropping a course, you are also strongly advised to contact the Financial Aid Office before doing so.
A FINANCIAL AID or LOAN APPLICATION DOES NOT GUARANTEE THAT YOU ARE ELIGIBLE FOR A FINANCIAL AID AWARD OR LOAN, NOR DOES IT EXEMPT YOU FROM PAYMENT.