Student Loans
Policy
Students interested in the Federal Direct Subsidized or Unsubsidized Lean programs must confirm eligibility through the Office of Financial Aid. If eligible, steps to request federal loans will be provided.
Students who apply for a Direct Loan and are receiving institutional need-based aid may have the institutional aid rescinded and the loan funds will replace the institutional aid.
Exceptions to the Student Loan Policy will be made at the discretion of the Director of Financial Aid. Students may appeal the decision of the Director of Financial Aid to the Chief Financial Officer.
Disclosures & Disbursement
Loan disbursements will start between week 6 and week 8 during fall and spring semesters. Enrollment requirements state a student must be in at least six (6) credit hours. Attendance will be checked each time a disbursement is received. Attendance will be reviewed by the Financial Aid office online. If your attendance cannot be verified online, a class attendance sheet will be mailed to the student to be completed by the instructor and returned to the Financial Aid Office.
Loan disbursements will be used to pay charges to the student’s account to include tuition, fees, books, and other incurred charges prior to a refund being issued. The disbursement date is not the day students will receive refunds. After funds have been released to the college, student enrollment and attendance will be verified by the Financial Aid Office and then student loan funds will be credited to Donnelly College student accounts.
Students will be notified when loan disbursements are credited to their account. Students have the right to cancel or decline the loan funds. The Financial Aid Office will verify attendance and enrollment for each disbursement. The Student Billing Office will not release any remaining funds without prior approval from the Financial Aid Office.
The Student Billing Office will deliver any excess funds to the student. It is the student’s responsibility to provide current address information for timely correspondence.
The College recommends keeping a file of student loan records. Please be a responsible borrower. Students are encouraged to keep copies of loan correspondence.