The funds are then applied directly to your tuition account. If you are not registered for the quarter or you have a Financial Aid hold on your records, your funds will not be transferred to your tuition account. If a credit balance remains on your tuition account, you will receive a refund check from the Bursar's office. After the first week of the quarter, refund checks are mailed to a student's local address. Students who have borrowed from a lender who does not use Electronic Funds Transfer will receive a paper loan check.
Federal regulations require that lenders mail loan funds directly to the school.
After a loan check arrives at the University of Chicago, a notice is sent to the student. The student must pick up his or her loan check in the Student Loan Administration office, at 970 E. 58th St., Room 411, Bookstore Bldg. In order to have loan funds disbursed, you must be registered for the current quarter. Federal regulations limit the time an institution may hold Stafford loan funds before they are disbursed to the student. Funds sent by EFT may be held 3 days.