2008-2009 Bank Loan Disbursement Schedule

Lender Disbursements

A Lender disbursement is a loan (Stafford, Un-Subsidized, Alternative) issued directly to the University by an outside source. These funds can be received in either paper form (check), or electronically transferred. Electronically transferred funds are first applied to any outstanding student account balance. If there is a residual, it will be immediately available in the Cashier’s Office. Paper checks received by the University are two party checks. A paper check loan recipient is responsible for coming to the Cashier’s Office to endorse the check. Any outstanding student account balance must be satisfied prior to disbursement of funds. If there is a residual once this transaction is complete, those funds will be made payable to the recipient and immediately available.

Loan Return

If a loan disbursement recipient wishes to return any funds previously disbursed by an outside source, the recipient may forward the funds directly to the lender or have the funds returned by the University on his or her behalf. If the entire disbursement is being returned by the University on the recipient's behalf within the lender’s specified grace period, no origination fees will be assessed.

Refunds

A refund is a credit that appears on a student's account that must be processed and funded through the State of Maryland. A refund is mailed to the student approximately ten (10) to fifteen (15) business days from the date that it is ordered. Refunds are generated directly through the mail to the following hierarchy of addresses (refund, mailing, permanent).