Disbursement = Money is applied to your student account
Refund = Excess financial aid sent to you
When Federal aid disburses to oyur my financial center, it is used to pay certain charges before you will recieve a refund. Tuition and fees take a piece of the pie, international study programs take a piece of the pie. Housing takes a piece of the pie. Dining takes a piece of the pie and i get whatever is left after all those other sections are taken.