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Loan Disbursement Policy
Lenders
will disburse loan proceeds using two different methods:
A.
If you have a valid Master Promissory Note on file and your lender
participates in Electronic Funds Transfer (EFT), this amount will be credited
to your student account no earlier than the first day of class
and only if you registered for the hours anticipated, meet all other federal requirements, and have all paperwork in the Office of Financial
Aid.
B.
In rare instances, if your loan fund amounts are being revised or your
lender is not a participatory lender in EFT, your lender will usually disburse
loan proceeds in one of two ways:
-
Check
is made jointly payable to the student and the university; or,
-
Check
is made payable to the student only.
For the Fall/Spring loan period, the
first disbursement will occur no earlier than the
first class day
of the fall semester and the second disbursement no earlier than the
mid-point of the
loan
period, which is no earlier than the first class
day of the Spring semester.
If one semester remains in an academic year
prior to a student's graduation, the loan will be prorated
according to the student's enrollment status and can be disbursed in one
disbursement.
For
EFT loan disbursements:
Upon receipt of the loan funds, the Office of Financial Aid will conduct
necessary edit checks to verify student eligibility and will
certify the loan
disbursement to the student’s UHV account. If a credit balance results after
the disbursement, a refund check will be
mailed to the address of record in the Office of Admissions and Records.
Students will be notified that their loan funds have been credited to their
UHV student account. If the student is not eligible for
the funds at the point in time that the student's file is reviewed, loan funds
may be returned to the lender or adjusted accordingly.
For
paper check disbursements: Upon receipt of a paper check, the Office of Financial Aid
will notify students when and where to sign a check release form and pick up the
loan check. A recipient must be registered for at least the minimum time
enrollment (six hours all classifications except Graduate, which is four hours),
and meet other federal requirements before a check will be
released.
Prior to releasing a Stafford/PLUS loan disbursement,
at least half of the amount due as shown on the fee bill must have been paid
during the fall and spring semesters (100% during summer sessions). If
a paper check is received the student must come in person to sign for his/her check(s)
and have a $0.00 balance at UHV.
You
have the right to cancel all or a portion of the loan(s) by
contacting our office within 14 days of the date the student
was notified of his/her loan disbursement. The funds will be returned to your lender by either
electronic funds transfer (EFT) or check.
Other Disbursement Information
Stafford/PLUS
loan funds are not available earlier than the first day of the
loan period for which the loan was certified.
The Finance Office will not apply Stafford/PLUS funds against any prior
year unpaid
university charges unless the balance is less than $100 and
the student signs a written statement approving the payment of the debt.
If the debt is more than $100, a student can complete and
submit a
Authorization to Apply Financial Aid to Prior Year Charges form.
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