FINANCIAL AID
School of Adult and Extended Learning (SAEL) - Loan Disbursements and Origination Fee
Your loan funds are received by the school electronically and credited to your
account on Tuesdays only. You will receive a refund only if your account balance is
paid in full before your loan funds come in, or if you have monies left over after your
account is paid off by your loan.
If you are due a refund, you should receive a refund check within ten business
days after your loan funds are credited to your account. Loan refunds are processed
by the University’s Business Office. If you are eligible for a refund, your check will be
mailed to you. You should contact Anita Miskell, S.A.E.L. Business Coordinator, to
ensure the Business Office has your current address. Most importantly—please
do not spend your student loan monies before you receive them.
If you are a first time borrower, the Department of Education mandates that you must attend classes for 30 days before your first loan disbursement will be released to the school.
Loans funds are released electronically to the school in multiple disbursements.
| Enrollment date |
Disbursement #1 |
Disbursement #2 |
| Beginning of fall semester to the end of spring semester |
Fall Semester* |
Spring Semester |
| Beginning of spring semester to the end of spring semester |
Beginning of loan period* |
Midway through enrollment period |
| Beginning of summer semester to the end of summer semester |
Beginning of loan period* |
Midway through enrollment period |
*Note that loan disbursements dates are estimated dates.
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PLEASE NOTE: The Department of Education will reduce your loan funds by 2 percent. This is for an origination fee all borrowers are required to pay which goes to the Direct Loan Program. Also, the Department gives an up-front interest rebate amount of 1.5 percent.
Origination Fee……..2% minus Up-Front Rebate…………1.5% equals .5%
Borrowers can expect to have .5% deducted from their requested loan amount. This information is for Subsidized and Unsubsidized Direct Loans only.
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