2009-2010 Disbursement Information
Federal Stafford 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”. Your lender may deduct up to a 0.5% origination fee & 1% default fee (Federal Stafford Loan) from the approved amount before the funds are sent to Jackson Community College. PLUS loans may have a total of 4% deducted. Your lender will send you additional information regarding your loan.
Lenders will process loan funds for students who have been approved for Federal student loan funds at Jackson Community College as follows:
| Semester | Earliest Disbursement Dates from Lender to JCC |
|---|---|
| Fall 2009 | 09/15/09 |
| Winter 2010 | 02/02/10 |
| Spring 2010 | 06/08/10 |
The dates listed above are estimated disbursement dates for the standard academic year. The actual date your loan funds are sent from your lender will vary. If you loan request was forwarded to your lender after the semester began, you will have a later disbursement date (approximately two weeks).
You will be notified by the JCC Financial Aid Office when your loan funds have been received from your lender. If your loan funds are received by electronic funds transfer (EFT), the funds will be applied to your student account at JCC. Any remaining balance will be mailed directly to your home in approximately five business days. If your loan funds are received as a check from your lender, you will be required to come to the Jackson campus to endorse your loan check. Your loan proceeds will then be mailed directly to your home in approximately ten business days. You may also sign up for e-Checks (direct deposit) through your JCC e-Services account. Please contact the JCC Cashiers Office at 517-796-8420 for further information regarding e-Checks.
Your loan request was processed based on the anticipated enrollment information you provided. If your enrollment status changes for any reason, your loan may be reduced or cancelled. You must be enrolled in a minimum of 6 credit hours to receive any loan funds. You are also required to maintain satisfactory academic progress. Please refer to the informational page “Making the Grade to Keep Financial Aid”. Your loan eligibility may also be reduced if you receive any additional financial aid resources.
Arrangements will be made to allow you to register for classes pending disbursement of your loan funds from your lender. If funds will be remaining after your tuition and fee charges, you will be given credit to purchase your books at the JCC Bookstore approximately one week before the start of classes.
****** You have the right to cancel all or a portion of your loan. ******
