The date that you see on the Financial Aid web site for loans is when the loan information is disbursed from the loan corporation. This is not the actual date that we receive the information in the Business Office.
The loan information is received in the Financial Aid department where the counselors must audit each transaction to make sure it was disbursed to the correct student, in the correct amount and that the student is eligible for the disbursement. There are usually over 1000 transactions on these rosters. Once this has been completed, the Financial Aid department sends this information to the bookkeeper who then verifies that the information is correct.
Once that has been completed, it is released to the Business Office to post to students' accounts. Therefore, we can't give an exact date of when the loans will actually post. Just keep checking your account on the LC Portal to see when it posts. If you are charged for, 12 hours or more you will receive the full loan disbursements for the semester on the scheduled disbursement date for each loan. If you are only charged for 6 hours, you will receive only one of the loan disbursements. If you are charged for less than 6 hours, you will not receive any of your loan disbursements and must pay the balance you owe.
If you are issued a refund then you should show a transaction on your account listed as "A/R Refund Check". This is a default coding used in our system. Your refund will be issued to your preferred method that you have chosen with Higher One on the refund disbursement date listed on the refund schedule. Due to the Privacy Act we cannot tell you if you are going to receive a refund. You will need to check your information in the LC Portal.
EACH ACCOUNT IS AUDITED FOR ACCURACY BEFORE REFUNDS ARE ISSUED. IF THERE IS A QUESTION CONCERNING THE ACCURACY OF YOUR REFUND WE MUST PULL THAT ACCOUNT UNTIL WE RECEIVE VERIFICATION CONCERNING THIS FROM THE APPROPRIATE DEPARTMENT. ONCE THE BUSINESS OFFICE HAS BEEN NOTIFIED FROM THE DEPARTMENT THAT THE REFUND AMOUNT IS CORRECT YOUR REFUND WILL BE ISSUED AS SOON AS POSSIBLE. IF YOU HAVE HAD ALL DISBURSEMENTS RELEASED TO YOUR ACCOUNT AND REFUNDED FOR THE SEMESTER YOU WILL BE RESPONSIBLE FOR ANY ADDITIONAL CHARGES APPLIED TO YOUR ACCOUNT.
***Effective July 1, 2008 Parent Plus loan refunds will go directly to the parent not to the student***