| When Do
I Receive the Money? |
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It is a federal regulation that all
loan funds are disbursed in a minimum of two disbursements. If you
apply for a loan for two or more semesters, one disbursement will
come for each semester. If you apply for a loan for only one
semester, the loan will come to the college in two separate
disbursements within the semester. The second disbursement will be
issued after half of the semester has been completed. For first
year, first time borrowers, federal regulations require that
disbursements of loan funds not be issued until 30 days after the
start of classes.
Many
lenders will send
your loan funds by electronic funds transfer (EFT). Funds sent by
EFT will automatically be applied to your Stark State College
account balance. Any amount remaining after tuition and fees have
been paid can be mailed to you in a check from the Bursar's Office
within 14 days of the credit balance.
If you choose a lender who does not
send funds by electronic funds transfer, a check will be mailed to
the college co-payable to both you and Stark State College. If you
have a balance with the college, you must come to the Bursar's
office and sign the check over to the college so that it may be
applied to your account. A refund of any remaining proceeds can be
mailed to you by the Bursar's Office.
If you decide to cancel all or a
part of your loan, contact the Financial Aid Office.
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