Delivery of Funds

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, the funds will be delivered in a single disbursement. 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 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, 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 a two weeks after the official census day of the semester.

Fees

The lender will hold out an origination fee (up to 3%) from your loan disbursement. This fee is charged by the federal government for processing the loan.