Consumer Information
Loan Disbursement Process
- The loan amount displayed on your Award Letter is the amount which is disbursed to the school. Some loans have additional fees which are kept by the lender before the loan is disbursed. These fees increase the amount you are borrowing. Examples of loans with additional fees are Federal Direct Stafford loans (0.5%) and Federal Direct PLUS loans (2.5%).
- The amount listed on the award letter is the amount available to be applied toward the University charges. If the total amount of available financial aid exceeds the University charges, your award letter will display the amount of cash you will receive to use toward your educational expenses, such as books and other expenses.
- We will provide instructions to you about which loan forms are required and where they are submitted. We will also contact you if any additional information or clarification is required.
- After you have registered and begun attending classes, we will activate the disbursements, if you have completed all the other financial aid requirements, and credit the funds to Student Accounts, where your University charges and your disbursed financial aid is itemized.
- If your award letter says “Refund after payment of charges,” this is the amount you are scheduled to receive after all the financial aid has been disbursed. If your award letter says “Payment by student,” then you must make tuition payments, and you will not have loan funds for books or other living expenses.
- It usually takes two weeks after your initial semester registration for the semester financial aid to be disbursed to Student Accounts, provided you have already met all the financial aid requirements which we have asked of you.
- If there is a credit balance after the disbursement of all the semester financial aid, a check made out to you will be usually be available at the end of your first course (50% of your expected refund). The remaining 50% of your expected refund is avaialble after you have started attending courses totalling at least 12 units (full time).
- You may pick up your refund check at the Enrollment Center.
- Your federal student loans will be reported to, and tracked by, the National Student Loan Data System (NSLDS) which is accessable to you, guaranty agencies, eligible lenders, and eligible institutions of higher education as authorized users of NSLDS. Your access is through the use of your FAFSA pin, at www.nslds.ed.gov.