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I received an award letter from Penn College stating that I will receive $2,750 from my Federal Stafford Loan for the first semester. Why does my student eBill only show a credit of $2,695?

April 26, 2017award Federal letter loan penn college received Stafford stating

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I received an award letter from Penn College stating that I will receive $2,750 from my Federal Stafford Loan for the first semester. Why does my student eBill only show a credit of $2,695?

1 Answer

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Stafford Loan lenders may charge a processing fee, up to 2%, which is deducted from each loan disbursement. We do not always know which lenders withhold this fee. Therefore, when your Federal Stafford Loan funds are received by the College and posted to your eBill, the Stafford Loan amount may be adjusted accordingly.