Federal Loan Disbursement Information
Federal Loan Disbursement Information Albany State University participates into the Federal Direct Loan Program, which include the Federal Direct Subsidized Loans, Unsubsidized Loans, Grad PLUS Loans, and Parent PLUS Loans. Students must complete the complimentary Application for Federal Scholar Aid (FAFSA) to qualify for federal loans. PROCESSING TIMELINE: Direct Subsidized and Unsubsidized Loans:Once a pupil accepts his/her loans in Banner internet, normally it takes between 5-7 business days for processing. This processing time permits the educational college to submit the student’s approval of loans towards the Department of Education for official certification. A student must additionally complete Loan Entrance Counseling and a Master Promissory Note (MPN) before any loan funds may be authorized or paid up to a student’s account. The business that is 5-7 processing schedule will not mirror actual disbursement dates/timelines. Loans are disbursed prior to federal disbursement rules in addition to school’s disbursement schedule for every single term. Grad PLUS Loans & Parent PLUS Loans:Once a student/parent is applicable for a bonus loan at www.studentloans.gov, normally it takes between 5-7 company days when it comes to information become gotten by the school and action taken fully to adjust a student’s financial aid package/awards. A student/parent must complete a Loan also Agreement for the PLUS Loan (MPN) before any loan funds may be authorized or compensated up to a student’s account. More information can be required because of the college to verify details about the borrower/endorser ahead of processing or disbursement regarding the loan. The 5-7 business day processing schedule will not mirror real disbursement timelines. Loans are disbursed prior to federal disbursement guidelines therefore the school’s disbursement schedule for every term. Federal loan demands are processed into the purchase they truly are gotten and/or accepted.