Guidelines for Student Loan Disbursement

You have jumped through all of the hoops and have covered all of your school costs with the perfect combination of loans, grants, and scholarships, but how do you get your student loan from the bank to the tuition bill?

If you are a first-year student or a starting at a new university, you will also be required to take loan entrance counseling. This is a short educational process to help you understand the impact of accepting loans to fund your education. Entrance loan counseling can either be completed online or through your school's financial aid office. You will be required to take a multiple choice exam when you've finished the counseling, but you are allowed several attempts to pass the exam.

In most cases, your student loans will be automatically disbursed to your college or university and will post to your account. Any additional funds will appear as a credit and it will be your school's responsibility to issue the excess funds to you for your other expenses. However, in order to ensure that everything happens as smoothly as possible, be sure you sign the acceptance forms from your school's financial aid office as soon as they arrive, because unless you accept your financial aid, it will not be disbursed to your account.

 


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