Loan Disbursement Process
- The loan amount displayed on your Award Letter is the amount which is disbursed to the school. Some loans have additional fees which are kept by the lender before the loan is disbursed. These fees increase the amount you are borrowing. Examples of loans with additional fees are Federal Direct Stafford loans (net 1%) and Federal Direct PLUS loans (net 4%).
- The amount listed on the Award Letter is the amount available to be applied toward the University charges. If the total amount of available financial aid exceeds the University charges, your Award Letter will display the amount of cash you will receive to use toward your educational expenses, such as books, and other living expenses.
- We will provide instructions to you about which loan forms are required and where they are submitted. We will also contact you if any additional information or clarification is required.
- After you have registered and begun attending classes, we will activate the disbursements, if you have completed all the other financial aid requirements, and credit the funds to Student Accounts, where your University charges and your disbursed financial aid is itemized.
- If your Award Letter says “Refund after payment of charges,” this is the amount you are scheduled to receive after all the financial aid has been disbursed. If your Award Letter says “Payment by student,” then you must make tuition payments, and your financial aid package will not provide funds for books or other living expenses.
- If there is a credit balance after the disbursement of all the semester financial aid, you will receive those funds according to the schedule outlined in the Financial Aid Refund Schedule.
- You will arrange for your refund to be direct deposited to your bank account. You will provide your banking information using the instructions in the Financial Aid Refund Schedule.
- Scheduled refund dates are also in the Financial Aid Refund Schedule. The refund date cycle is complex, involving many factors and multiple offices. It is important that you notify us promptly if your scheduled refund is not delivered when you expect it, so we can make the needed adjustment.
- Your federal student loans will be reported to, and tracked by, the National Student Loan Data System (NSLDS) which is accessible to you. Your access is through the use of your FAFSA PIN.
Maharishi International University maintains a Code of Conduct regarding student loans.