DISBURSEMENT
PROCEDURES
Federal Perkins
Loan are credited to the student's account once the entrance
interview and signature on the master promissory note are complete.
Perkins sessions will be held during orientation in August and during
the first two weeks of school for the fall semester. Contact the
Business Office for exact dates and times. If the master promissory
note is not signed before the end of a semester, the loan will be
canceled. Midyear recipients should contact the Business Office
to schedule the entrance interview.
Federal Stafford
Loans (subsidized and unsubsidized) are credited to the student's
account once the Electronic Funds Transfer (EFT) or check(s) is
received (check must be endorsed by the student). A notification
will be mailed to the student's local address when funds are received.
If the notification is marked that a check was received, please stop
at the Business Office to endorse your check(s) immediately.
Checks can be held only for 30 days before they are returned to the
lender and the loan canceled. If your funds are sent by EFT, the
loan will be credited to the student's account at the time the EFT is
received in the Business Office. Entrance loan counseling
should be completed before funds are received at TU. Failure
to compete an entrance interview within 10 days of the funds being
received at TU, will necessitate the funds being returned to the
lender. A student has the right to cancel all or any portion of
the loan within 14 days of the loan crediting the account. A
lender will not disburse funding unless there is record of a MPN on
file.
University Awards
will credit to the student's account no earlier than the first day of
classes when the award notification is accepted and returned to the
Office of Student Financial Services and all required documents are
received.
Other Scholarship
Awards from sources outside the University will credit to the
student's account no earlier than the first day of classes upon
receipt of the funds. In the event that you are receiving a
full-tuition scholarship from TU, we reserve the right to apply all
outside scholarships first toward tuition, then we will award the
difference up to full-tuition. It is necessary to report
to the Office of Student Financial Services any change in
circumstances, including outside scholarship awards not considered
in the offer of assistance. By law, the Office of Student
Financial Services must make adjustments to prevent or correct "over
awards" that may result from the receipt of these outside sources of
financial assistance. Adjustments will be in both gift aid
(grants/scholarships) and self-help aid (work/loans). If outside
aid is terminated, the Financial Aid Committee will reevaluate your
financial assistance upon request.
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.
How Student Loans Are
Processed
If the student indicated
on the FAFSA that they are interested in student loans, the loans are
being processed through the lender at the time the award letter is
mailed to the student. 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. You will receive a
Master Promissory Note (MPN) from the lender that you selected. If
you wish to change your lender, you will need to notify the Office of
Student Financial Services in writing.
