Loan Disbursement

Monthly Payment | Scholarship Resources|
Family Program | Basic Eligibility | Stafford Loan |
Repayment | Rights & Responsibilities | Related Policies |
Database Match | Private Loan Programs | Tax Benefits |
Postscript - Using Home Equity Loans |

For multi-semester loans, your loan disbursements are made via electronic funds transfer to Rensselaer in essentially equal disbursements (one for each academic term of your loan period) immediately following the add/drop period as stated in each term's schedule. If your loan period is for one semester only, the loan is made in two equal disbursements, one following the drop period and one after the midpoint of the semester. If your loan is comprised of both subsidized and unsubsidized funds, disbursements from both loans are made simultaneously. Depending on which lender you choose, loan fees totaling 3% of your approved loan amount may be proportionately deducted from each disbursement.

During each term, your enrollment status will be verified on two separate occasions for compliance--on the first day of the term and the day after the add/drop deadline. If, on the day following the add/drop deadline, you are enrolled for at least six credit hours and you have maintained satisfactory academic progress, you will be eligible to receive the loan disbursement.

You are responsible for notifying the Financial Aid Office if your enrollment drops below half-time status anytime during the term. If you are not registered for the required six credit hours and/or have not maintained satisfactory academic progress, the disbursement is returned to the federal government and your enrollment status is updated on the National Student Loan Data System (NSLDS).

Once confirmation is made that your loan funds have been received, they will be posted to your student account within three business days. You will receive a written confirmation from the Supervisor of Student Accounts--which details the amount of loan funds received on your behalf and the date the school received them--within 30 days of posting the disbursement to your account. The amount of the disbursement in excess of the term's tuition will be released to you via check within 14 days of receipt of those funds.

If you decide you would like to cancel/decline or reduce the amount of a particular disbursement, you can do so by notifying the Financial Aid Office in writing and by returning the funds within the following timeframes:

• If Rensselaer has credited the loan funds to your student account, you may cancel all or a portion of the loan by informing the Financial Aid Office within 14 days after the date of our written confirmation to you.
• Any funds you decide to return must be received by the Financial Aid Office within 120 days after disbursement. The check should be made out to Rensselaer at Hartford. Loan fee plus any interest charges that have accrued on the unsubsidized portion will be reduced or eliminated in proportion to the amount of the disbursement returned.
  

Back to top