Your loan(s) will show as estimated financial aid on your student account and will be ready for the scheduled disbursement day (usually after drop/add has ended) after all of the following steps have been complete:
- Loans have been accepted on your award letter - Student.
- Stafford Entrance Interview has been completed - Student.
- Loans have been sent to the Department of Education - Financial Aid Office.
- Notification sent to student to complete MPN - Financial Aid Office.
- Master Promissory Note (MPN) has been completed - Student.
Louisiana Tech will disburse your loan in equal amounts for each quarter. You must be enrolled at least half-time (4 undergraduate hours as an undergraduate student or 3 graduate hours as a graduate student) to be eligible for your disbursement for the quarter.
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, you'll receive the amount as a check or direct deposit to your checking account. Any remaining loan funds must be used for your education expenses.
Note: If you change your mind, a loan can be canceled, even if the MPN agreeing to the loan terms has already been signed. Louisiana Tech will notify you whenever it credits your account with your Stafford Loan funds. You may cancel all or a portion of your loan if you inform Louisiana Tech within 14 days after the date Louisiana Tech sends you this notice, or by the first day of your payment period, whichever is later. If you have received funds from the loan by check or direct deposit, you will have to return the funds to the school.