I started this thread for this question, which has been popping up a lot in the past couple days:
When do I get my Financial Aid?
The quick answer is that they can begin disbursing it right now (technically "the end of July." The true answer is that it often takes a lot longer, and usually appears between the week before classes start to the week after classes have started assuming everything is in order (loans have been accepted, MPNs submitted and processed, there are no holds, etc.).
You will not be considered "Registered" until after the Minimum Payment has been received, but your official status matters very little in the opening weeks of the semester; your financial aid will process long before penalties for student status would kick in.
On that note, the deadline for payment -- August 15 -- is irrelevant to those who are receiving enough financial aid to cover the cost of fees charged to CARS. Financial aid will not penalize you if it takes them after August 15th to credit your account, and they generally do not penalize anyone until September 15th anyway.
Again, please check with the FAO directly if you have any questions.