Now that you have completed all the steps necessary to apply for and finalize your financial aid, learn about how you will receive your funds and how to maintain your eligibility. You are responsible for making sure that your tuition bill is paid on time each semester, so you should check your account on the Student Portal frequently.
Understanding Your Marine Trades Institute Bill
The Operations Office will bill you for each semester’s tuition and fees approximately two months before the start of the semester. Bills are due one month prior to the start of the semester. You will be notified by email to check your bill on the Student Portal. Your bill can be viewed (and paid) from the Financials/Billing Detail Summary or the Financials/Estimated Tuition Worksheet.
Be aware that all offered financial aid is shown as pending aid, even if you have not yet accepted the aid or completed the necessary steps to receive it. If you do not complete the necessary steps, the pending aid will be removed from your bill and you will be responsible to pay the revised balance.
Payment of Financial Aid
If you have completed all the necessary steps to receive your financial aid, your aid will be disbursed (applied) to your account on the third day of each semester. You must be in attendance for your aid to be disbursed. If you are a first-time borrower of federal loans, your fall semester federal loans will not be disbursed until you have been in attendance at Marine Trades Institute for 30 days.
Your financial aid funds will be applied to your account to pay tuition, fees, and other campus expenses. Your signature on the Financial Aid Offer Letter, or your acceptance of your financial aid offer through the Student Portal, authorizes Marine Trades Institute to retain funds on account to cover other charges such as books, late fees, and fines.
Payment of Costs Not Covered by Financial Aid
It is your responsibility to pay any balance due by the published deadline dates. Payments can be made online through the Student Portal or at the Marine Trades Institute Operations Office.
Refund Checks
Scholarships, grants and all other aid are disbursed after the 100% refund period (first three days of each semester). Your financial aid disbursement may result in a refund that can be used to pay for expenses listed in your Cost of Attendance. Credits on your account will be refunded according to the school’s refund policy. Financial Aid refunds will be issued in the form of a check or Direct Deposit. Excess federal funds are refunded within two weeks of being disbursed to the student account. Note: if you are a first-time student loan borrower, your Fall semester federal student loans will disburse 30 days after school starts. You might not receive a refund until all funds have been disbursed to your account.
Canceling Aid
You have the right to cancel all or a portion of your federal loans within 14 days of the date of disbursement. Contact the Financial Aid Office in writing. Students must personally decline or reduce their funding; parents cannot do this for a student. Parents of dependent students who have a Federal Direct PLUS Loan may send an email or letter to our office asking to have the PLUS loan reduced or canceled.
Federal loans that have not been disbursed may be canceled or modified in writing by you (or your parent in the case of a parent PLUS loan) and submitted to the Marine Trades Institute Operations Office. A cancellation or modification is not retroactive.
Book Funds
If you are unable to purchase your textbooks for fall semester prior to the start of classes and your federal financial aid is in excess of your charges for fall, you may request a cost advance against your pending financial aid. To apply, notify the Financial Aid Office of your need for an early release of excess aid (up to $150), by completing and submitting a Request for Early Release of Excess Aid form for a review of your potential for funds. Checks will be available for qualifying students during the first week of fall semester within three days of receipt of the written request.
Federal Work Study
If you have a campus work study job, your earnings will be paid to you directly in the form of a bi-weekly ACH payment.
Satisfactory Academic Progress
Satisfactory Academic Progress, or SAP, is a federal regulation requiring the Marine Trades Institute Financial Aid Office to monitor the progress of each student who receives financial aid. If you fall behind in your coursework, fail to achieve minimum standards, or fail to complete classes in a maximum time frame, you may lose eligibility for aid administered by our office. Read the full SAP Policy.
Withdrawal from Marine Trades Institute
If you are thinking about withdrawing from Marine Trades Institute, it’s important to understand the financial implications before you make the decision. The federal government mandates that students who withdraw from all classes may keep only aid earned up to the time of withdrawal. Withdrawing may also affect the timeline on repayment of your college loans. Your federal loans will go into repayment six months after you graduate or leave school.
We highly recommend reaching out to the Financial Aid Office before beginning the withdrawal process so we can help explain how this will impact you. Read the full Withdrawal and Return to Title IV Policy.
Exit Counseling
The United States Department of Education requires all students who have received a Direct Loan while at Marine Trades Institute to complete Exit Loan Counseling. You must complete Exit Loan Counseling when you exit the school, drop to less than half time enrollment status or graduate. Exit Loan Counseling informs you of your rights and responsibilities regarding the repayment process, and assists you as you prepare to begin repayment of your loans and offers money management tips.
