General Loan FAQs
Q: What if I have a prior defaulted loan? Does it matter if it's paid off or if it is currently in default status?
Student's currently in default on a prior student loan are not eligible for Federal or State Financial Aid, including new student loans. If you have paid off or are making satisfactory repayment on your defaulted loan, YOU MUST SUBMIT WRITTEN PROOF OF DEFAULT CLEARANCE.
Q: When will my loan be processed?
To have your loan processed, you must complete the following steps:
- Your Financial Aid Application file must be complete and all information must be accurate.
- You must be sent an official award notification by our office.
- You must be enrolled, for at least half-time status.
- You must have completed a loan entrance counseling session
Q: I've done all that. What happens next?
We will electronically transmit your loan eligibility information to the Department of Education. You must complete a Master Promissory Note through the Department of Education website, using e-signature.
Q: How is my loan paid?
We should receive your first loan disbursement a week before school starts from the Department of Education. Once our office receives it, the disbursement will be posted to your student account and the Financial Services will then deduct any owed fees, housing charges, etc. At the next regularly scheduled financial aid payout, the balance of your loan disbursement will then be issued either by direct deposit.pdf or by check mailed to your current mailing address on file with the Enrollment Services Office. Direct loans will not be disbursed to students enrolled less-than-halftime.
Q: What about my second disbursement?
If your loan is for the entire academic year, your second disbursement should be direct deposit or mailed to you upon a regularly scheduled Spring term payout date. If you have changed your enrollment plans, and receiving additional grant or scholarship funding, or have not fully maintained satisfactory academic progress, your loan proceeds may be significantly reduced or delayed. Any reduced amount will be returned to your lender for cancellation.