LOAN DELIVERY PROCEDURES
Loan funds are released according to borrower status and the receipt of loan funds. Loan funds are disbursed in two installments: usually early in the fall and early in the spring. If a student is awarded a loan that covers both fall and spring semesters, funds will be split evenly between semesters. If a loan is awarded for a single semester, funds will be disbursed in two installments as well: approximately ½ of the funds will be delivered early in the semester, the other midway through the semester.
Returning TVCC student:
If a loan has been awarded and funds are received during registration, those funds should be available at registration to be charged against for tuition, fees, books, room and board, if applicable. If a non-1st time TVCC student’s loan is available at regular registration to be charged against, the remainder will be direct-deposited to her or his bank account within 3 business days after the end of regular registration, BUT ONLY IF THE STUDENT HAS SIGNED UP FOR DIRECT DEPOSIT. For the student who does not have direct deposit, the student who registers late OR whose loan funds have not been received before regular registration, funds will be available about two weeks after the official census day of the semester.
1st year student:
A 1st year student's loan funds will be received, released and/or delivered no earlier than 30 days after the first official class day. Delivery includes crediting proceeds to the student’s account as well as delivering proceeds directly to the student. Therefore, loan funds for a 1st year student will not be available to use for registration expenses. Students must pay their tuition/fees and books up front and then receive reimbursement after 30 days or make arrangements with the Financial Aid Office for a temporary loan to cover expenses until direct loan funds can be disbursed.
Please remember that in addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct Loan that you receive. This fee helps reduce the cost of making these low-interest loans. The fee is deducted before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.
IMPORTANT!!! You must be registered as at least a half-time student at the time your loan disbursement arrives at the TVCC in order for your funds to post to your account in the Business Office. Registering after your scheduled disbursement date may cause a delay in the release of your funds.