2013-2014 Loan Processing Update
"When will my loan be disbursed?"
This is the number one inquiry we have received over the past month.
Some students have been provided with the standard reply that funds will be disbursed no earlier than ten (10) days before the first day of class. While this response is correct in most years, this current year is unique due to the effects of sequestration. The standard reply remains valid for students in some programs, however it will not apply to students in programs scheduled to begin on or after June 1, 2013.
As a result of the change in the required loan origination fees for the Unsubsidized Federal Direct Stafford and the Federal Direct Graduate PLUS loans, loan processing for any program scheduled to begin on or after June 1, 2013, will begin on Monday, July 8, 2013. The new origination fees are 1.051% for the Unsubsidized Federal Direct Stafford Loan and 4.204% for the Federal Direct Graduate PLUS Loan.
Students: If you have accepted your award and completed and submitted your Borrower Disclosure Form, your loans will be processed on July 8, 2013 and transmitted to the Federal Direct Loan Program for approval.
The normal timeframe from submission of our processing request to the approval and then disbursement of funds to the institution is three (3) business days.
We apologize for this delay, however, we must follow the directions of the Federal Direct Loan Program to remain in compliance with the U.S. Department of Education.