How are loan funds from a private, credit-based lender disbursed?
Loan funds may be sent by electronic fund transfer (eft) or via postal mail to Columbia College on or after the loan disbursement date. Checks sent by the private lender to Columbia College will be made out to Columbia College and the borrower. Checks will have to be endorsed before funds can be credited to the student’s account. Once the check is received, the student will be contacted (via phone or mail depending on campus location) to endorse the check. The check will then be sent to the Accounting Office to have funds credited to the student’s account. Loan funds sent from the private lender by electronic fund transfer will be refunded on or after the loan disbursement date. Private loan funds that are sent by electronic funds transfer are credited to the student’s account within 3 business days of receiving the funds (unless the student has been notified of a problem). Funds received electronically do not have to be endorsed to disburse to a student’s account.
