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After the guarantee agency receives the completed PLUS Master Promissory Note, normal delivery of funds is approximately 10-14 days.  If the Promissory Note is received prior to the requested disbursement date, the delivery of funds should occur on the requested date.

When a loan disbursement is received at the school, a student must continue to meet all eligibility requirements in order to receive the funds. Some of the requirements are being enrolled half-time in an eligible degree program and meeting the Satisfactory Academic Progress Requirements.  If any of the requirements are not met, we are required to return your funds to the lender immediately.  Due to new Federal regulations, we now have only 3 days from the date of disbursement to return funds for which students do not qualify.  We will not be able to hold funds for students attempting to meet qualifications; so all students should make sure that they are eligible for their loan funds by the scheduled disbursement date.

A PLUS Loan borrowed by a parent for a dependent undergraduate student selects a lender who:

• participates in the Electronic Funds Transfer (EFT) process, student loan proceeds will be credited to your student account upon receipt of funds.  The funds will first be applied to your tuition, fees, room and board, and other school charges on your student account.  If any loan funds remain, a refund check for the amount of the credit balance will be mailed to the parent by the Comptroller’s Office unless the parent provides a written statement to the Comptroller’s Office requesting the student receive the refund check.  Any remaining loan funds must be used for your educational expenses. 

• does not participate in the EFT process, a manual check will be issued payable to the parent and Louisiana Tech.  If the student has a balance due to the university when the check is received, the Financial Aid Office will mail the check to the parent for endorsement.  The parent must then return the check to the university so the funds may be credited to the student’s account.  If this produces a credit balance, a refund check for the amount of the credit balance will be mailed to the parent by the Comptroller’s Office unless the parent provides a written statement to the Comptroller’s Office requesting the student receive the refund check.  If the student has no balance due to the university when the check is received, Louisiana Tech will endorse the check and mail it to the parent for his or her own use.