Federal Loan Disbursement Information
Federal Direct Loan (Subsidized & Unsubsidized) and Federal Parent Loan for Undergraduate Students (PLUS)
If you have been awarded a loan, your loan amount is indicated in e-Services under “Financial Aid Status by Year.” The U.S. Department of Education will deduct a 1.068 percent (%) origination fee from your approved loan amount. PLUS loans will have a total of 4.272 percent (%) deducted. The U.S. Department of Education will send you additional information regarding your loan.
Loan funds for students who have been approved for Federal student loan funds at Jackson College as follows:
|Semester||Earliest Date Loan Funds Applied to your JC Account||Second Date Loan Funds Applied to your JC Account
(for a one semester loan)
The dates listed above are estimated disbursement dates for the standard academic year. The actual date of your loan funds will vary depending upon your registration in late start classes. If you accept your loan after the semester began, you will have a later disbursement date. As indicated above, loans that are for fall semester only, winter semester only or spring semester only will have two disbursement dates.
You will be notified by the JC Financial Aid Office when your loan funds have been applied to your JC account. If you are due a refund, the JC Business Office will mail a check directly to your home or you may sign up for e-Checks (direct deposit) through your JC e-Services account. The JC Business Office generally processes refunds the week following the date your loan funds are applied to your student account. Please contact the cashier’s office at 517.796.8420, for further information regarding refund time lines and e-Checks. Find further information regarding refund time lines.
You must be enrolled in a minimum of six (6) credit hours to receive any loan funds. You are also required to maintain satisfactory academic progress. Your loan eligibility may also be reduced if you receive any additional financial aid and/or other educational resources.
Arrangements will be made to allow you to register for classes pending disbursement of your loan funds. If funds will be remaining after your tuition and fee charges, you will be given credit to purchase your books at the JC Bookstore approximately one month before the start of classes.
* YOU HAVE THE RIGHT TO CANCEL ALL OR A PORTION OF YOUR LOAN. *