Financial Aid Disbursement Information
Students have two options for receiving their financial aid funds; 1. By direct deposit into their bank account. 2. By mail. Students who choose direct deposit will receive their financial aid funds earlier than those who opt for a mailed check. All students who want to receive their financial aid funds through direct deposit must enter their bank account information in myCNM. Students who choose not to use direct deposit will have their financial aid funds mailed to them and need to make sure their address on file with CNM is correct.
To enter your bank account information for direct deposit, log on to myCNM and click on the “Registration/Grades” tab at the top of the page. Then click on the “Pay Here/View Account Details” link in the top right corner of the page. Read important information on the page and then click on the “Student Account Center” button. Then click on the “eRefunds” link in the menu bar across the top of the page and set up your account.
CNM has a major disbursement four weeks into the term. After that point, financial aid is disbursed each Friday. Students will receive their aid money once their financial aid file is complete and eligibility has been established.
Once you register for your classes, you can print a copy of your schedule with tuition and fee details (myCNM > Registration/Grades tab) to view your financial aid for the term. If you have aid listed on this schedule at the bottom in the Memo Balance, it is a good indicator that your financial aid file is complete.
Generally, only students who have received a Financial Aid award letter will receive aid. An award letter is a good indication that your file is certified, and you are scheduled to receive aid as long as you:
- Are enrolled in an eligible program and in eligible courses; there are limits on Pell Grant and Loan funds received for Preparatory coursework (classes below 1000).
- Are making Satisfactory Academic Progress.
- Do not have requirements on your account that have not been met