How are funds disbursed?
Federal Stafford loan and alternative loan funds are normally received at Saybrook electronically at the beginning of each semester or two to three weeks after submission of the loan request whichever is later. Federal Perkins Loan funds are disbursed to the student account after the Federal Perkins Loan Promissory note is signed for each semester’s advance. Loans are disbursed in equal amounts for each semester included in the loan period. Refund of any resulting credit balance after deduction of tuition and fees is available at the Orientation for new students who are timely applicants and is issued to continuing students who are timely applicants no later than the 14th day of the semester or 14 days from date of application of funds to the student account whichever is later.
After the loan has been certified, the funds will be disbursed directly to your school. If funding is sent by check, the check will be made co-payable to the school and student and the student will be asked to endorse the check for deposit into their student account. Deposits for funds sent electronically are handled directly by your school. If there are excess funds after your direct school-related costs are paid, the school will issue a refund to you so you may buy books or pay for other education expenses (such as off-campus room & board).
