Loan Disbursement Procedures
Unless otherwise noted, the amount(s) listed on the Award Letter are yearly awards with one-half applicable to the Fall semester and one-half to the Spring semester.
Federal Perkins Loan (Perkins Loans) are funded by the federal government. The University of Tulsa (TU) adds a matching share plus repayments from alumni. The amount of the Perkins Loan awarded to you depends on your financial need and the availability of funds at TU. Since Perkins loan funds are limited, it is important you accept or decline your Perkins loan in a timely fashion. You can do so by electronically accepting your award on WebAdvisor. TU’s Perkins loan e-signature process is administered through University Accounting Services (UAS is TU’s billing processor) for borrowers to e-sign their Perkins Master Promissory Note (MPN) and complete loan counseling. A new borrower will be required to e-sign a MPN and complete loan counseling. NOTE: You will complete the MPN only once, but you will be required to complete loan counseling each academic year. After you electronically accept your award on WebAdvisor, you will receive an email from SignMyLoan@signmyloan.com . You will not be able to e-sign your MPN or complete loan counseling until you receive an email from SignMyLoan providing completion instructions. The TU Bursar’s Office will review weekly all signed MPNs from SignMyLoan. When the TU Bursar’s Office receives notification you have e-signed your MPN and completed loan counseling, then your Perkins loan funds will be posted to your student account in the TU Bursar’s Office no earlier than the first day of class. If you e-sign your MPN after the first day of class, the TU Bursar’s Office will review weekly all signed MPNs and post your Perkins loan funds once they receive notification you e-signed your MPN and completed loan counseling. If an MPN is not signed before the end of the semester, the Perkins loan will be cancelled. Mid-year borrowers will follow the same process as stated above. NOTE: TU reserves the right to rescind Perkins loan eligibility.
Direct Subsidized/Unsubsidized Loans are estimated on a student's award letter when we receive a FAFSA. The loans are then processed through Direct Loans once the student electronically accepts their award indicating they wish to accept the loans. The funds are credited to the student's account once the entrance counseling and Master Promissory Note are completed at studentloans.gov. Both items must be completed before funds are received at TU. The U.S. Department of Education electronically sends TU notification of both completed documents, then the loan funds are credited to the student's account no earlier than the first day of class each semester. A disbursement funds letter indicating the type of loan(s) and amount(s) will be emailed to the student's TU email when funds credit. A student has the right to cancel all or any portion of the loan within 14 days of the loan crediting their account. It is the student's responsibility to notify the Office of Student Financial Services, in writing, if they wish to reduce or cancel their student loan(s).
Refunds due students as a result of financial aid funds exceeding TU charges will be processed by the TU Bursar's Office. Students should have personal funds to meet necessary initial expenses such as books and supplies. Many families make funds available by establishing a checking account at a local bank.