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DISBURSEMENTS
The Student Financial Aid Office disburses institutional
and federal funds directly to Student Financial Services at least
weekly. Funds are credited to student accounts electronically. Student
records must be complete, enrollment status must be correct, and awards
must be accepted before funds will disburse to student accounts. Loan
funds are applied to student accounts weekly by electronic fund transfer.
If a student chooses a nonelectronic lender, loan funds are applied
to their account as soon as the loan check arrives at the Student
Financial Aid Office. Paper checks may require the endorsement of
the student.
Students must complete a Refund Request Form from
Student
Financial Services before any excess financial
aid is paid directly to them.
LOAN INTEREST RATES
Federal Stafford Loans
For loans disbursed between
July 1, 1998, and June 30, 2006, the variable Stafford loan rate from
July 1, 2008, through June 30, 2009, is 3.61% while a student is enrolled
at least half-time, and 4.21% in repayment.
A fixed rate of 6.8% went
into effect on July 1, 2006 for loans disbursed on or after July 1,
2006. Effective July 1, 2008, the interest rate for new subsidized Stafford Loans to undergraduates is reduced to 6.0%.
Federal PLUS Loans
For loans disbursed between July 1, 1998,
and June 30, 2006, the variable PLUS interest rate from July 1, 2008,
through June 30, 2009, is 5.01%.
A fixed rate of 8.5% went into effect on
July 1, 2006 for loans disbursed on or after July 1, 2006.
 Stafford
Loan Instructions
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