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Disbursement and Payment Procedures

DISBURSEMENT AND PAYMENT PROCEDURES

 

Financial aid that has been awarded to on-time applicants will be disbursed mid-October for the Fall semester and mid-February for the Spring semester. All other financial aid will be disbursed bi-weekly as applicant files are completed. Notices will be mailed from the Bursar’s Office notifying on-time and late applicants of when funds are disbursed. Disbursements are made each semester for that semester’s portion of the award.

 

Federal, State and Institutional Grants disbursements are made each semester for the semester’s portion of awards. Disbursements are made to the Bursar’s Office and credited to the student’s account.

 

Federal College Work-Study Program wages are paid directly to students for hours actually worked; paychecks are issued biweekly. Federal Work Study awards

are not credited to the student’s account.

 

Federal Perkins Loan disbursements are made each semester for the semester’s portion of the award. First time borrowers must complete loan counseling and sign a Master Promissory Note before payment will be credited to the student’s account. Disbursements are made to the Bursar’s Office and credited to the student’s account.

 

Federal Subsidized and Unsubsidized Stafford Loan disbursements are made by the lender, who notifies the student of the approximate date the loan check or Electronic Funds Transfer (EFT) will be mailed to the College. First time borrowers must complete loan counseling and sign a Master Promissory Note before payment will be credited to the student’s account.

 

Federal Parent Loans for Undergraduate Students (PLUS) disbursements are made by the lender directly to the Bursar’s Office to be credited to the student’s account.

 

Massachusetts No Interest Loan (MNIL) disbursements are made after a student has signed the promissory note for the academic year. Students must maintain full-time status and meet all eligibility and residency requirements. Disbursements are made to the Bursar’s Office and credited to the student’s account.

Last modified at 8/5/2009 11:00 AM  by Chhoeuk, Sopheap