This week’s Financial Aid Literacy topic is the word disbursement.
A disbursement is when financial aid funds, such as grants or loans, are paid into your student account. The financial aid department generally starts receiving and processing
disbursements for grants and Stafford Loans during the second week of the quarter and Alternative Student Loans during week three.
For most students the process goes very smoothly for the financial aid department, but
for a select few and for a multitude of reasons, a loan or grant disbursement may
not come in as planned. If that happens, the financial aid department researches why the disbursement didn’t come in and how they can correct any issues that are causing the delay.
When Stafford Loan disbursements come in you will get an email from the
school. This email states that your loan disbursement has been received and
that you have 14 days to cancel the loan. This is a standard email and we
are required by Federal Law to alert you when you Stafford Loans come in.
This is not reason to panic and is normal.
This is a good opportunity for me to remind you to read all of your emails and letters thoroughly too fully understand what is being said. Every quarter we field dozens of phone calls asking what the email means.
As always, if you have questions about loans or anything else related to financial aid, please never hesitate to contact us–we are here to help!