When the loan application has been processed and sent to the lender the Federal Direct Stafford is placed on the tuition account as a memo, which means the aid is pending. The memo credit is taken off and replaced with an actual payment only after the Federal Direct Stafford loan disbursement is received. Federal direct Stafford Loan funds are sent by the lender to the University Office of Student Financial Aid, usually within 5 days of when the application was processed. Note: If the loan application is certified prior to the start of the term, funds will be requested for disbursement 10 days prior to the start of the term to allow sufficient time to deposit the funds to your tuition account and issue any applicable refund.
It is important to note that a few additional steps are required when the Stafford funding is received in the Financial Aid Office. Students' records are reviewed for completion of verification and the Entrance Interview requirement as well as confirmation of registration and Satisfactory Academic Progress. If the student's record has been finalized and all academic requirements have been met, then the funds are sent to the Tuition/Cashier's Office within three days of receipt.
Federal Direct Stafford Loan funds received by Electronic Funds Transfer (EFT) do not require student's signature and will be immediately deposited as a payment to the student's tuition account.
Outside, private scholarships and loans funds (e.g. National Merit Scholarship, William Goldman Foundation, Pennsylvania Medical Society)
Funding from outside agencies is usually sent directly to the University Office of Student Financial Aid. The Financial Aid Office logs these funds to your financial aid record, checks to ensure that an overaward is not created, and sends the funds to the Tuition/Cashier's Office within 4 days of receipt.
In most cases, these funds are sent in the form of a check and the student's signature is required. The Tuition/Cashier's Office will notify you of this requirement. Once the check is signed, the funds are deposited to your tuition account as a payment.
(Note: Memo credits for outside funds are not usually placed on student accounts.)
Military and National Health Service Corp (NHSC) Scholarships
Upon receiving a full-tuition scholarship of this type, submit official notification to the Financial Aid Office. Only by doing this can your funds be paid to the Tuition/Cashier's office.
The Financial Aid Office will record your military or NHSC scholarship on your financial aid record and transmit this information to the Tuition/Cashier's Office. Typically in October and again in January, the Tuition Office will send invoices to these agencies requesting funds for all students that have been recorded as a recipient. The first half of the scholarship is usually sent to the Tuition/Cashier's Office within six weeks of receipt of the invoice.
The second half of the scholarship is usually sent in January of the spring semester.