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Memoed Aid: This means the financial aid has been officially noted, or "memoed," on a student's billing statement as a credit, but the funds have not yet been paid out. It is an anticipated or temporary credit that reduces the student's overall balance until the actual funds arrive.
How memoed aid works
- Awarding: After you have completed your financial aid application (such as a FAFSA) and met all initial requirements, the university's financial aid office will determine your awards.
- Memoed on bill: Your financial aid awards—which may include grants, scholarships, and loans—are then posted to your account in the Banner system as "memoed" or "pending" aid.
- Appears as credit: This creates a temporary credit on your student bill, lowering your current balance owed even though the money has not actually been received by the school.
- Disbursement: A school's financial aid system is legally or procedurally required to wait until a specific date—often just before the start of classes—to officially disburse, or pay out, the funds.
- Payment: Once disbursed, the "memoed aid" is converted to a "payment" or "current payment" on your bill. The funds are applied to any outstanding tuition, fees, and other charges.
Reasons aid may be in a "memo" status
The following reasons might cause a delay in your aid being disbursed from memo status:
- Disbursement date not met: Many financial aid funds, especially federal loans, cannot be officially paid out until 10 days before the start of the semester. Then we go into a weekly disbursement schedule.
- Missing requirements: Your financial aid office might still be waiting for you to complete certain tasks, such as accepting the loan online or completing a Master Promissory Note.
- Enrollment: Some scholarships require specific hours like being in full-time status. They would need to contact the issuing college or department.
- External funding: If the aid is from an outside source (like an external scholarship), it remains in memo status until the university receives the funds from that third party.