DISBURSEMENT OF FEDERAL AID
Financial aid awards are divided into two equal disbursements and sent directly to the school by electronic funds transfer. Applicable loan fees such as origination fees are deducted from each disbursement and the net amount is sent to the school. Make-up Designory qualifies for loan disbursement benefits due to having low default rates. The first disbursement of federal grants and loans is received approximately one week after the program start date. The second disbursement of federal grants and loans is received after the student has completed half of the program hours and weeks and it has been determined that they are meeting Satisfactory Academic Progress (SAP).
Disbursement notifications are sent to students and parents as applicable. Borrowers have the right to cancel all or a portion of their loan disbursement and have the loan proceeds returned to the U.S. Department of Education by notifying the Financial Aid Office in writing within 14 days of receipt of the disbursement notice. Canceling the loan does not relieve the borrower of the obligation to pay outstanding tuition or any other institutional costs balance.
Institutional charges owed to MUD (tuition, fees, supplies, housing, etc.) will be automatically deducted from financial aid disbursements before determining a credit balance refund. Refunds are paid to students and parents by way of paper checks and are issued no later than fourteen days after the credit balance on account for the payment period.
Make-Up Designory qualifies for loan disbursement benefits due to having low default rates. Students who are considered transfer students for financial aid purposes may have a loan period of not more than four months and may receive loan disbursements at the same time rather than half at the beginning of their program and the remaining half after their midpoint. Pell disbursements for transfer students may be made in one disbursement when the remaining period is less than a standard payment period.
Loan(s), including accrued interest and fees, must be repaid whether or not the student successfully completes the program, obtains employment, or is satisfied with his or her education.
Students must maintain financial aid eligibility requirements to be eligible for financial aid funding. It is the student’s responsibility to review financial aid policies. Any questions related to disbursement or eligibility requirements should be directed to the Financial Aid Office at firstname.lastname@example.org.