With EFT, you do not have to stand in a long line to negotiate a check. The money is applied directly to your account against any outstanding balance. Any excess funds will be are refunded to you. The second method of disbursement occurs if the lender mails a manual check to the school. In this case, you must report to the Cashier's Window of Rosenwald Hall to negotiate the check.
Most funds arrive two to three weeks after the application has been mailed to the lender.
Except for first-time borrowers, Stafford Loan borrowers are disbursed funds on the first day of registration, if the money has arrived at the school. Your check must be negotiated within 45 days of receipt or it will be returned to the lender. If you drop below half-time or withdraw from school during a semester in which you have received money from a student loan, your lender will be notified and future proceeds may be returned to the lender. Your six month grace period will begin. Loan repayment begins six months after you graduate, leave school, or drop below half-time status.