DIVISION OF STUDENT FINANCIAL AID

Federal Stafford Loan
Disbursements

Your school will disburse your loan in at least two equal installments, and no installment will be greater than half the loan amount.

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.

Can I cancel the loan if I change my mind, even if I've signed the MPN agreeing to the loan terms?

•   Yes.  Your school must notify whenever it credits your account with your Stafford Loan funds.  You may cancel all or a portion of your loan if you inform your school within 14 days after the date your school 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.