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 returning your Award Letter to the Office of Student Financial Services. Beginning Fall 2013, TU has implemented a Perkins Loan e-signature process with University Accounting Services (UAS--TU's billing processor) for borrowers to e-sign their Perkins Master Promissory Note (MPN) and complete entrance counseling. All borrowers (new and prior) will be required to e-sign, even if you have signed a MPN in the past, and complete entrance counseling. NOTE: You will complete the MPN only once, but you be required to complete entrance counseling each academic year. After you return your Award Letter accepting your Perkins Loan, you will receive an email from SignMyLoan@signmyloan.com. You will not be able to e-sign your MPN or complete entrance counseling until you receive an email from SignMyLoan providing completion instructions. TU will review weekly all signed MPNs from SignMyLoan. When TU receives notification that you have e-signed your MPN and completed entrance counseling, then your Perkins Loan funds will be posted to your student account in the TU Business Office. If an MPN is not signed before the end of the semester, the Perkins Loan will be canceled. Mid-year recipients will follow the same process as stated above. NOTE: TU reserves the right to rescind Perkins Loan eligibility.
Federal Stafford Loans (subsidized and 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 returns their award letter indicating they wish to accept the loans. The funds are credited to the student's account once the Entrance Loan Counseling and Master Promissory Note are completed with the Department of Education (DOE). The DOE electronically sends TU notice of both and the loan funds are credited to the student's account no earlier than the first day of class of each semester. Both items must be completed before funds are received at TU. A notification will be mailed to the student's preferred mailing address when funds are credited to their account indicating the type of loan and amounts for each. A student has the right to cancel all or any portion of the loan within 14 days of the loan crediting the account. It is the student's responsibility to notify the Office of Student Financial Services, in writing, if they wish to reduce or cancel the student loan.
Refunds due students as a result of financial aid funds exceeding TU charges will be processed by the Business 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.