With financial aid refunds starting to come in, now is a good time for some friendly reminders on how financial aid works.
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IS FINANCIAL AID AVAILABLE THROUGHOUT THE SEMESTER?
No. Financial aid is only available for a limited time during each semester. The Cashier’s Office opens financial aid several weeks before the start of classes so that students may purchase their textbooks and other necessary items. After several weeks into the semester have passed and students have been given ample time to get what they need, the Cashier’s Office closes financial aid so that students may receive whatever leftover money they are owed.
WHY DID YOU ASK ME IF I WAS A B-BLOCK STUDENT WHEN I PURCHASED MY TEXTBOOKS?
B-block classes are shorter classes OTC offers that begin partway through the semester. Financial aid can be used after the regular cutoff date ONLY for students taking these B-block classes. We ask whether you are taking such a class so that we can verify that you are allowed to use financial aid to pay for your materials.
WHY CAN’T WE USE FINANCIAL AID YEAR-ROUND, ANYWAY?
As said, financial aid eventually needs to be closed so that the Cashier’s Office can deposit any refund money into a bank account of your choosing. Usually refunds are deposited into bank accounts around 2 or 3 weeks (?) after financial aid closes. And you’re always welcome to come back to the bookstore and use your refund money to purchase any other supplies you need. Just think of it as a brief “transition” period.
HOW DOES MY SMART CARD RELATE TO FINANCIAL AID?
Many students are under the misconception that everything they purchase in the bookstore is done so with their OTC Smart Card. During the busy season, we ask to see your Smart Card simply for identification purposes. We can access and utilize your financial aid by looking up your name in our database.
Once your financial aid has paid for all of your charges for the semester, you have two options for receiving your refund money. It can either be deposited into your own personal bank account, or a new bank account that you create through Higher One, the company that we partner with to create the Smart Cards. If you go the latter route, then, and ONLY THEN, can the Smart Card also act as a debit card. Use it as you would any other debit card, wherever you go, including the OTC Bookstore.
IF I HAVE MY FINANCIAL AID REFUND DEPOSITED INTO A HIGHER ONE BANK ACCOUNT, HOW CAN I WITHDRAW MONEY FROM IT?
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IS FINANCIAL AID AVAILABLE THROUGHOUT THE SEMESTER?
No. Financial aid is only available for a limited time during each semester. The Cashier’s Office opens financial aid several weeks before the start of classes so that students may purchase their textbooks and other necessary items. After several weeks into the semester have passed and students have been given ample time to get what they need, the Cashier’s Office closes financial aid so that students may receive whatever leftover money they are owed.
WHY DID YOU ASK ME IF I WAS A B-BLOCK STUDENT WHEN I PURCHASED MY TEXTBOOKS?
B-block classes are shorter classes OTC offers that begin partway through the semester. Financial aid can be used after the regular cutoff date ONLY for students taking these B-block classes. We ask whether you are taking such a class so that we can verify that you are allowed to use financial aid to pay for your materials.
WHY CAN’T WE USE FINANCIAL AID YEAR-ROUND, ANYWAY?
As said, financial aid eventually needs to be closed so that the Cashier’s Office can deposit any refund money into a bank account of your choosing. Usually refunds are deposited into bank accounts around 2 or 3 weeks (?) after financial aid closes. And you’re always welcome to come back to the bookstore and use your refund money to purchase any other supplies you need. Just think of it as a brief “transition” period.
HOW DOES MY SMART CARD RELATE TO FINANCIAL AID?
Many students are under the misconception that everything they purchase in the bookstore is done so with their OTC Smart Card. During the busy season, we ask to see your Smart Card simply for identification purposes. We can access and utilize your financial aid by looking up your name in our database.
Once your financial aid has paid for all of your charges for the semester, you have two options for receiving your refund money. It can either be deposited into your own personal bank account, or a new bank account that you create through Higher One, the company that we partner with to create the Smart Cards. If you go the latter route, then, and ONLY THEN, can the Smart Card also act as a debit card. Use it as you would any other debit card, wherever you go, including the OTC Bookstore.
IF I HAVE MY FINANCIAL AID REFUND DEPOSITED INTO A HIGHER ONE BANK ACCOUNT, HOW CAN I WITHDRAW MONEY FROM IT?
OTC has two Higher One ATMs located around the campus, one in the OTC Bookstore, the other in front of the Cashier’s Office in Information Commons. Standard ATM rules apply. Please note that you can only withdraw $500 per day.
Please also note that when refunds start coming in, students will be scrambling like mad to get to the ATMs as soon as possible, so if you don’t want to wait in line or risk the ATMs running out of cash before you get there, withdraw early!
Please also note that when refunds start coming in, students will be scrambling like mad to get to the ATMs as soon as possible, so if you don’t want to wait in line or risk the ATMs running out of cash before you get there, withdraw early!
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These are just the main questions we receive at the OTC Bookstore regarding financial aid, but there are many, many more. For a bevy of other financial aid-related info, check out OTC's Financial Aid page.
These are just the main questions we receive at the OTC Bookstore regarding financial aid, but there are many, many more. For a bevy of other financial aid-related info, check out OTC's Financial Aid page.
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