Why is Electronic Funds Transfer (EFT) so important to choose when selecting a lender?
If you choose a lender who does not participate in EFT, your student loan will be disbursed in paper checks each quarter. The paper checks will be mailed to you (unendorsed by McGregor) to sign and return to the Student Accounts Office. The check will then be applied to your account. If you are expecting an overage check, this process could delay the overage check by several weeks. EFT is disbursed directly to McGregor. Once Satisfactory progress and enrollment are checked, the money is applied directly to the Student s Account. This occurs within a 3 day time frame from receipt of the money.
