Some of the banks that distribute student loans charge 3% to process these funds.  It is the

students' responsibility to find out if the bank you use charges a 3% fee.  This charge will

come out of the amount that you borrow.  The example below depicts a 3% charge.

Example:  $2625.00 - Your Loan Award    $2546.25 - Actual amount you will receive. 

You will not receive all of your loan funds at one time.  SPC is required to distribute the loan

funds in multiple disbursements.  This is usually two disbursements per semester. 

If you have less than 1 year in your program of study and are a new borrower, then you are required

by government regulation to wait 30 calendar days before you are eligible to receive any loan funds. 

Even if the Financial Aid Office has awarded you a loan, the Business Office requires payment for

your classes by the deadline date for the particular semester you are enrolled in.  You must go on

installment contract if you are not able to pay your balance in full.  Please go to the the Business

Office Home page and click on Payment Details for your payment options and contract details.  Your

loan award letter from the Financial Aid Office will have an enclosure if you are a 30 day hold. Any

questions concerning this status should be directed to the Financial Aid office.

If you are a previous Stafford borrower or your parent has a PLUS loan for the current semester your

loan will be scheduled to credit your account the week before the first day of the semester that you

enroll in.  This applies only if you have received an award letter from the Financial Aid Office for the

semester you are enrolled in.   You will not receive all of your loan funds at one time.  SPC is required

to distribute the loan funds in multiple disbursements.  If you attend school at least 6 hours the entire

academic year your loan will be divided into four disbursements. The example below shows a full

loan with no fees applied.  If your bank charges 3% to process your loan these amounts will change.

                                   Example:$2625.00  - Loan award for the 2006-2007  academic year.

                                   First disbursement: $656.00 -  Post the week before first class day of Fall

                                   Second disbursement: $656.00 -  Post after 50% of semester has passed.

                                   Third disbursement: $656.00 -  Post the week before first day of Spring

                                   Fourth disbursement: $657.00 -  Post after 50% of semester has passed.

Since the loan funds are distributed in disbursements it is imperative to make sure that your first

loan disbursement will cover the charges on your account for the classes you enrolled in by the

deadline date.                    Example: $1240.00  Your account balance for classes

                                                        $  656.00  Your first loan disbursement.

                                                        $  584.00  Amount you need to pay before deadline date

If you do not have a zero balance or if you are NOT on installment contract and have not paid at least half of your balance by the semester deadline, your schedule will be cancelled.  If you choose to go on contract using your first loan disbursement you are still required to sign a contract in person.  You can read more about Installment Contracts under Payment Details on the Business Office Home page. 

Please call the Business Office if you are not sure about your loan disbursement or

the balance on your account for the classes you enrolled in.