Disbursement & Refund

At ICOM, the amount charged for tuition and fees is split between each term in an academic year. Therefore, student loans and other aid are also split across the terms for an academic year.

Paying for classes with financial aid

Please notify the Office of Financial Aid about your plan to cover tuition and fee charges for the year at least two months prior to the academic year start date. This includes documentation about any sources of outside aid you may be receiving, the amount, and when ICOM should expect to receive the funds.

If you are planning to pay out of pocket or need more information to provide to an outside source of aid provider, please refer to the Student Accounts page for information on payment types accepted and where to send payment. 

How do I pay for my classes using my financial aid?

ICOM will certify your approved private student medical loan and disburse those funds to your student account on the first day of each semester* to pay your tuition, fees, and other allowable charges (if applicable, such as student insurance or other fees charged through the school).  

IMPORTANT: The entire financial aid process must be completed ahead of the semester start date in order for your financial aid to be disbursed to your student account.

The completed process for loans includes:

  • Applying for a loan through the lender of your choice (if using loan funds)
  • Completing all additional documentation requirements for the loan to be approved
  • Accepting the loan terms and conditions

The completed process for other aid includes:

  • If you are receiving other aid, you must send documentation to the Office of Financial Aid that certifies you will be receiving funds (scholarship, VA, Vocational Rehabilitation, Health Professions Scholarship Program, or any other outside source) and detail the fund amount
  • If you are a military veteran or dependent seeking to utilize VA education benefits, more information can be found on the Registrar webpage, here.

When will my financial aid pay for my classes?

With few exceptions, financial aid will be disbursed – i.e. credited to your student account to pay for your ICOM charges (tuition, fees, other allowable charges) on the first day of classes each semester. If your financial aid exceeds your charges for the semester, a refund will be issued soon after — typically by the end of the same week.

FALL 2024

July 1, 2024 — First day of fall courses for OMSIII and OMSIV students — First possible financial aid disbursement for Fall semester.

July 29, 2024 — First day of fall courses for OMSI and OMSII students — First possible financial aid disbursement for Fall semester.

SPRING 2025

December 16, 2024 — First day of spring courses for OMSIII and OMSIV students — First possible financial aid disbursement for Spring semester.

January 6, 2025 — First day of spring courses for OMSI and OMSII students — First possible financial aid disbursement for Spring semester.

* Financial aid disbursement refers to the process of crediting financial aid to your student account to pay for your tuition, fees, and other charges (if applicable). Once your disbursement has been made, ICOM then determines if you are owed a refund. Depending on the refund method you selected through the student portal, you will receive a financial aid refund one to seven days AFTER your aid has paid for your ICOM charges.

  • If I didn’t apply, complete my required documentation, or otherwise finalize my loan, when can I expect my financial aid disbursement/refund?

    If you apply for aid or complete your required financial aid documentation less than two weeks prior to the first day of class, you should expect your disbursement/refund to occur AFTER the first scheduled disbursement/refund date each semester.

    Once the first scheduled disbursement/refund date has passed for each semester, financial aid funds are processed and disbursed to student accounts each day, excluding federal holidays and college closures. Check with the Office of Financial Aid or your lender for a specific date.

    Refunds are also issued within a few short days following financial aid disbursements, excluding holidays and college closures.

  • Viewing your charges, financial aid, and potential refund in the Sonis Student Portal

    Once logged into the Sonis Student Portal, go to Financial > Billing, select school year and semester and click here to view a statement. 

    • Charges show under the Charges section of the bill. Directly above this section you can see if you have a prior balance owing and due to ICOM.
    • Aid that is ready to be disbursed, but not yet credited to your student account is listed under the  Anticipated* section of the bill.
       *If you have anticipated aid that is sufficient to pay all of your charges, you do not need to make other payment arrangements.
    • Aid that has been credited to your student account to pay for your charges is listed under the Payment/Adjustment/Credits section of the bill. This section also shows any payments that have been received or refunds that have been issued.
    • If a refund has not been issued yet, but you are expecting a refund, you can see the amount as a balance due and surrounded by parentheses, for example Balance Due: ($10,000). If this line shows as Balance Due: $10,000, you still owe this amount to ICOM and need to notify ICOM how you plan to cover this balance.

    Selecting Ledger under the Financial tab will provide a running snapshot of credits and charges on your student account.

    Selecting Transact under the Financial tab and clicking on login to Transact will take you to the screen where you can select your refund preference and enter your bank information for a direct deposit of your refund.

  • Receiving a financial aid refund

    Once your financial aid funds have been credited to your student account, your financial aid will first be used pay your current tuition, fees, and other charges (if applicable). If your financial aid exceeds your total current charges, your student account will show a credit balance and ICOM will refund the remaining amount to you.

My financial aid is more than my ICOM charges — when will I receive a refund?

Once your financial aid has paid for your tuition, fees, other allowable charges, any remaining financial aid will be refunded to you according to the refund preference you select – direct deposit (ACH) or paper check. Depending on the refund method you select, you will receive a financial aid refund one to seven days AFTER your aid has paid for your ICOM charges.

Cancelling your loan?

ICOM encourages you to borrow wisely and avoid student loan debt whenever possible. You have the right to cancel all or a portion of a student loan(s)* at any time before disbursement or within 120 days of the disbursement date to have the loan funds credited back to your student account and returned to the lender. If you choose to cancel your loan but you receive a refund, you must bring the voided refund check or other payment of the refunded amount to the ICOM Business Office. If you wish to return loan funds after 120 days from disbursement, contact the Office of Financial Aid to discuss your options and determine next best steps.

*Please note that while you have the right to cancel all or a portion of your loan(s), this does not release you from your financial obligation to ICOM to pay for your charges as outlined in the catalog, other student resources, and the accepted student signed statement.