Eliminate Disbursement Delays
If You Receive Financial Aid
For each quarter that you receive financial aid, your financial aid funds are credited to your Cal Poly student account where they automatically pay your charges - like registration and course fees. (Your financial aid will also pay your on campus housing, and possibly your meal plan - if the amount of your financial aid award is great enough, and prior arrangements have been made.) Any remaining financial aid is disbursed to you to pay for books, rent, and living expenses. Direct Deposit means that your financial aid disbursement is electronically deposited into your bank account. It eliminates the inconvenience of waiting for your financial aid check to arrive by mail, and making a special trip to your bank or ATM to deposit that check. By enrolling in Direct Deposit, the following could become YOUR reality: On the first day of each quarter you can have the satisfaction of knowing your financial aid funds have already been deposited into your personal bank account and are available to you for books, supplies, rent, even lunch!
In order to receive a direct deposit, you must have a financial aid award greater than tuition and fees. You must have accepted your awards via your portal, submitted all required documents on your 'To Do' list, cleared all holds, completed the required pre-loan counseling, and be enrolled in the units necessary for financial aid to disburse.
A Change in Parent (PLUS) Loan Disbursement Processing
As of the 2006/2007 school year, federal regulation requires Cal Poly to obtain the parent's written authorization for excess Parent PLUS loan funds to be disbursed to the student (via direct deposit or check). In the absence of the parent's written authorization, excess Parent PLUS loan funds will be mailed to the parent each quarter - using the mailing address provided on the Parent PLUS loan application. Please use one of the following options to expedite the Parent PLUS loan disbursement:
- Parents who want the excess Parent PLUS loan funds to go to the student each quarter should either 1) check appropriate refund box (to the student) on the Parent PLUS loan application form or 2) after the application is submitted and want to change the refund option, download, complete, and fax the Authorization Form to the Student Accounts Office: fax (805) 756-2774.
- Parents who want the excess Parent PLUS loan funds to be mailed back to them each quarter (sorry, direct deposit is not available for these types of transactions) to an address that is different than the mailing address provided on the Parent PLUS loan application should contact the Cal Poly Financial Aid Office with their change of mailing address.
How You Enroll In Direct Deposit
- Go to the 'Money Matters' tab on the mycalpoly portal.
- On the 'Financial Links' channel, click on 'Direct Deposit' link.
- Input your bank account information. (Note: You will need your bank's 9 digit routing number. Please call your bank if you are not sure what number to use.)
- Click 'submit'.
Your Direct Deposit Authorization will be honored throughout your Cal Poly career. It does not need to be renewed, unless your bank account information changes. If your bank account information changes, PLEASE remember to change your banking information online. Failure to do so will cause an unnecessary disbursement delay!
If you need to open a bank account, it may help you to know that these banking facilities are available for you on the Cal Poly campus:
- Bank of America ATM
- Golden 1 ATM
- Chase ATM & Branch on Campus
- Wells Fargo ATM
Note: You may open an account with ANY branch of Bank of America, Golden 1, Chase, or Wells Fargo and still be able to use the ATM facilities on campus.
If You Have Overpaid on Your Student Account and Need to Request a Refund
If you are eligible for a refund of overpayment on your student account, the funds can be disbursed to you by Direct Deposit, provided you are signed up. See Refund Instructions.
For questions regarding your Direct Deposit request, call the Student
Accounts Office at
(805) 756-1428 or email firstname.lastname@example.org.