Financial Aid Update: 2012 Summer Disbursements
Financial Aid Refunds will resume July 12, 2012. The fourth of July Holiday and end of year processing will suspend financial aid refunds for the week of July 1st through July 7th. Students who received their first Federal Direct Student Loan Disbursements for the summer term and continued to be enrolled or completed at least six credit hours can expect the second disbursement of their student loan to be issued in the form of a refund no earlier than July 12, 2012.
In addition, regulatory changes require any loan first disbursed after July 1, 2012 be assessed a 0% rebate. As a result, any loan not first disbursed prior to June 27th must be re-awarded a new loan. The financial aid office is in the process of reassigning these new loan fees and rebates to summer loans that have not been disbursed. This reassessment will affect all students whose loans did not refund by June 28th. This may affect include students who are attending for the first time subject to a delayed loan, students who have not signed a promissory note nor done entrance counseling or students whose originations have not been accepted by the Department of Education.
You may see a temporary suspension of your loan while they are being reassessed. This transition will take approximately a week to complete. If after July 6th your loan has not been re-awarded, contact your Student Financial Aid office to inquire about applying.