If you are found to be eligible for a late disbursement of loan funds, the College will contact you prior to making any disbursements.
If you are eligible, you will be sent a late disbursement letter. This letter must be completed and returned within 30 days for funds to be disbursed.
If you accept the loan, you can choose to borrow an amount to cover open charges or an additional amount, if eligible. Borrowing only no credit check payday loans Burbank IL for open charges will result in the disbursement of just enough loan funds to pay any balances due on your account.
Borrowing an additional amount of student loan will result in all funds being disbursed and any amount in excess of the account balance being sent to you as a refund.
When a student withdraws from the College, he or she generally becomes ineligible for future disbursements of federal financial aid. In some cases, however, funds earned prior to withdrawal can be offered to the student through a post-withdrawal disbursement (PWD).
A PWD is offered to you – or your parent in the case of a Parent PLUS loan – if, prior to withdrawing, you earned more federal financial aid than was disbursed
- Second or subsequent disbursements of Direct Loan funds unless you’ve successfully completed your loan period.
- A PWD of Pell funds for a subsequent payment period if you have not completed the earlier payment period.
The College is required to contact students eligible for a PWD prior to making any disbursements. You have the opportunity to accept or decline federal financial aid as part of a PWD.
We will contact you by letter, and that letter must be completed and returned within 14 days for federal financial aid to be processed.
If a loan is part of a PWD, you can choose to accept only an amount for the balance due to the College or, if eligible, to accept a larger amount that will result in excess funds being returned to you.