Graduate Financial Aid

You filled out your applications on time. You have submitted and signed your documentation. You have dotted your i’s and crossed your t’s so what in the world is taking so long with your loan disbursement

There are a number of reasons student loan processing is going a bit slower than in previous years. Scandals in the student loan industry have made many students leery of their school’s preferred lender lists and have prompted them to seek their own lenders, mostly online. On the other hand, schools have had to scramble to get new processes in place, update website and financial aid collateral to reflect the changes in the industry and inform borrowers of their right to choose a lender. Schools, lenders and guarantors have had to certify those loans in various different ways. Historically, schools have had processes in place that while expediting the process, limited borrower choice. The result has been longer than expected processing times and later than usual disbursement dates.

If you are waiting for loan funds to come in, here are some tips to expediting the process:

1) The best way to get information on your loan is to speak with the lender you applied with. Your lender will be able to tell you if your loan is complete and if a certification request was sent to your school.
2) Be sure you have completed all of your loan documentation. Don’t just assume that you are done. Ensure that if you have signed and returned your Master Promissory Note and that it has been sent to your school for certification.
3) Double check with your school to verify they have received a certification request from your lender or guarantor.
4) If your school states that they have not received a certification request and your lender and or guarantor states that one was sent, verify the date and how the certification was requested. Then ask your school’s financial aid office to contact your lender to get the certification processed. If your lender states that the certification request was faxed, verify the fax number with the lender and the school. This will help speed up the process of getting your funds.
5) Lastly, double check your school’s preferred disbursement date. Your loan may be ready to be disbursed but your school ultimately decides when the funds are to be credited to your account. Knowing when your disbursement date is helpful especially if you are expecting a refund from your school.

It is a challenging year for everyone in the student loan industry but we are all committed to ensuring borrowers have choice and ease of process. For more information on the student loan process, please visit our website at www.GradLoans.com.