A disbursement is a set of funds paid out to your Capella billing account from either the Department of Education (lenders) or Capella University. While the exact timing can vary from quarter to quarter, loan or grant disbursements typically take place during the third or fourth week of courses and once all eligibility requirements have been met.

After applying your financial aid to your outstanding balance, Capella will refund any remaining federal funding to you in the form of a check or direct deposit. These funds are referred to as a refund at Capella (though some institutions call this as a “credit balance”).

Review more information on disbursements and refunds.