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When is Financial Aid disbursed?

Last Updated: Mar 02, 2016  |  24 Views

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Due to federal regulations, the Department of Education is requiring students in the following situations to have their loans released at a later date in the semester. These changes are effective this spring 2014 semester and apply to loans only.

1. First-time Federal Direct Stafford Loan borrowers will have their loans released in two payments, the first payment being 30 days after the semester begins.  

  • Payment #1: 30 days after semester begins.
  • Payment #2: Midpoint of semester.

Example: If you are using a $1000 Subsidized Stafford Loan for the spring semester, you would receive $500 30 days after the semester begins (around March 10) and $500 at the midpoint of the semester (around March 15). Refunds will begin processing 3-5 business days after funds have been released to NWTC.

2. Single semester loans will be released by the Department of Education in two payments.  

  • Payment #1: Two weeks after the semester begins.
  • Payment #2: Midpoint of semester.

Example: If you are using a $1000 Subsidized Stafford Loan for the spring semester, you would receive $500 two weeks after the semester begins (around February 10) and $500 at the midpoint of the semester (around March 15). Refunds will begin processing 3-5 business days after funds have been released to NWTC.

Click here for step by step instructions on how to view your estimated disbursement date!

Answered by Carole ParishBookmark and Share

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