Disbursement of Funds
Upon completion of your Master Promissory Note (MPN), your lender will send your loan funds electronically to College of DuPage according to the dates listed on your Notice of Guarantee (NOG). Student must complete the MPN online at www.studentloans.gov . Failure to complete your MPN will delay the disbursement of your loan funds.
Your loan funds will be disbursed in two equal installments within the semester.
To receive your Federal Stafford Loans you need to be registered in a minimum of 6 semester hours each semester. Your Federal Stafford Loan funds will post to your account based upon the start date of each class. If you are registered for late start classes it may delay the posting of your Federal Stafford Loans. For example, you may be registered for 6 credit hours for the semester (see example below) but the Federal Stafford Loans will not reflect the 6 credit hours enrolled until the late start class has begun, at which time you are considered enrolled 6 credit hours for financial aid purposes.
16 week class - English 1101 (3 Semester hours) – 8/20/12 to 12/14/12
2nd 8 week class - Humanities 1101 (3 Semester hours) - 10/17/12 to 12/14/12
Any remaining loan funds in excess of your educational costs will be mailed to your address within approximately 14 business days of being placed on your account. It is the student's responsibility to keep the Registration office up-to-date with a current address. If you have signed up for the Debit Card then the excess funds will be placed on the Debit Card within 14 business days.
After the loan funds have been placed on your student account, your myAccess account will be updated by the Cashiers Office. This will serve as your notification of funds on your account. If you wish to have your loan canceled, you must notify the Office of Student Financial Assistance in writing within 14 days from receipt of the notification.
If you are a first-time Stafford Loan borrower at College of DuPage, disbursement of your loan funds will be delayed until 30 days after the start of the term. Any loan funds in excess of your educational costs will be mailed to your address within approximately 14 days of being placed on your account. It is the student's responsibility to keep the Registration office up-to-date with a current address.
According to the Federal Refund Policy, if you withdraw from all your classes prior to completing 60 percent of the term, you could owe a refund of grant and/or loan funds to College of DuPage and to the Federal Government. The amount owed is based upon your grant and/or loan eligibility.
Federal Financial Aid is paid based upon attendance in class. If you receive a failing grade or are withdrawn from a class for failure to attend, you may owe a portion or all of your grant and/or loan funds to College of DuPage and the federal government. The date of your last participation in an academically-related course determines the period used for identifying your final award.
As always, contact the Office of Student Financial Assistance prior to dropping classes.
Office of Student Financial Assistance
Student Services Center (SSC), Room 2220, (630) 942-2251
Fax: (630) 942-2151
Mondays to Thursdays, 8 a.m. to 6 p.m.;
Fridays, 8 a.m. to 5 p.m.