For multi-semester loans, your loan disbursements are made via electronic funds transfer to Rensselaer in essentially equal disbursements (one for each academic term of your loan period) immediately following the add/drop period as stated in each term's schedule. Loan fees totaling 1% (one%) of your approved loan amount will be proportionately deducted from each disbursement.

During each term, your enrollment status will be verified on two separate occasions for compliance--on the first day of the term and the day after the add/drop deadline. If, on the day following the add/drop deadline, you are enrolled for at least six credit hours and you have maintained satisfactory academic progress, you will be eligible to receive the loan disbursement.

You are responsible for notifying the Financial Aid Office if your enrollment drops below half-time status anytime during the term. If you are not registered for the required six credit hours and/or have not maintained satisfactory academic progress, the disbursement is returned to the federal government and your enrollment status is updated on the National Student Loan Data System (NSLDS).

Once confirmation is made that your loan funds have been received, they will be posted to your student account within three business days. You will receive a written confirmation from the Supervisor of Student Accounts--which details the amount of loan funds received on your behalf and the date the school received them--within 30 days of posting the disbursement to your account. The amount of the disbursement in excess of the term's tuition will be released to you via check within 14 business days of receipt of those funds.

If you decide you would like to cancel/decline or reduce the amount of a particular disbursement, you can do so by notifying the Financial Aid Office in writing and by returning the funds within the following timeframes:

  • If Rensselaer has credited the loan funds to your student account, you may cancel all or a portion of the loan by informing the Financial Aid Office within 14 days after the date of our written confirmation to you.

 

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Updated: 2014-03-03, 16:09